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Today's
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interbiznet presents the Bugler |
| June 20, 2003 |
Traffic Development
Read Electronic Recruiting News for insight and analysis by industry leader John Sumser.
Into The Mystic ... Donna's gypsy soul has beckoned. Her regular column will resume June 23.
Play Nice
A global study of unemployed professionals shows the average length of time to reemployment increases with age. Mature workers aged 57 and older are less likely than younger workers to return to the workforce with full-time employment. The study,
Career Choices and Challenges of Younger and Older Workers, was conducted by global human resources consulting firm Drake Beam Morin-Canada, and involved almost 10,000 professionals from 27 countries. Study highlights include:
- Generation X workers aged 21 to 37 took an average of 3.0 months to find new employment. Sixty-one per cent of respondents in this age group secured full-time employment. Twelve per cent chose self-employment following job loss.<>
- Mature workers aged 57 years and older took 4.4 months to find new employment, but only 38 per cent secured full-time employment. Thirty-five per cent of mature workers opted for self-employment, typically in consulting roles.
- Eighty-one per cent of mature workers switched industries to find new employment and 57 per cent took on a different job function. Sixty-eight per cent of younger workers found employment in different industries and 39 per cent changed their job function.
- Sixty per cent of younger workers polled found new positions at the same or higher salaries, but just 32 per cent of mature workers were able to relocate to new employment with the same or higher compensation.
Demands Will Be High
According to the Worldwide and U.S. Recruiting and Staffing Services Forecast, 2003–2007 report issued by consulting firm IDC, the worldwide market for recruiting and staffing services (RSS) is expected to increase to $85.5 billion by 2007, with an annual growth rate of 7.7 percent during the period. In 2002, the worldwide market for RSS stood at $58.9 billion, a decrease of 6.3 percent from the prior year. IDC expects the RSS market to continue to face soft hiring demand in 2003 before returning to historical growth levels by the end of 2004.
The greatest challenges facing RSS providers are the continued worldwide economic uncertainty and the threats of war and terrorism around the globe. A key obstacle impeding growth in hiring is the need for organizations to maximize their return on investments in the workforce. Yet the lack of generally accepted metrics and performance benchmarks inhibit the ability of HR organizations to maximize this return.
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