Hoosier Banker 29 4. National average starting salaries are up. For every job opening in 2008, there were 40 applicants. By 2016 that number had shriveled to 1.4, according to the Bureau of Labor Statistics Job Openings and Labor Survey. Two factors – increased demand for skilled workers and historically low inflation – are driving wage growth and, as a result, average starting salaries continue to rise. When skilled professionals are in high demand and short supply, employers have to remain open about compensation for new hires and stay informed about salary trends for their industry and geographic location. Failure to do so will mean losing top candidates to competitors. 5. More millennials will be moving into management roles. This year, more than 3.6 million executive leaders are set to retire, leaving room for younger professionals to ascend to managerial slots. As millennials move into leadership roles, their management style is expected to bring a striking change in corporate America, with a focus on collaboration and transparency. Where previous generations adopted the traditional top-down corporate structure, millennials tend toward a flatter structure, with fewer titled roles and a more democratic approach. Leadership will emerge in other forms, because millennials often view leadership as coming not from titles, but from heading projects and taking active team roles. 6. The uptick in boomerang workers continues. The boomerang employee, one who leaves a company on good terms but then returns later, is on the upswing. According to a study conducted by the Workforce Institute at Kronos, The Corporate Culture and Boomerang Employee Study, 85 percent of human resources professionals say they have received job applications from former employees, and 40 percent say their organizations hired about half of those former employees who applied. One reason for this trend is the fact that top professionals know how to effectively switch jobs within a short time. It is also easy for companies to keep in touch with former employees through social media. As the employment market continues to tighten, it will become increasingly difficult for employers to find quality, skilled candidates. An advantage to hiring boomerang workers is that they are already familiar with the company’s culture and do not require comprehensive orientation. The above six trends will continue to prevail. Many companies already are under "For an Objective Assessment of Your Challenges and Professional Execution of Your Opportunities" Michael A. Renninger Principal (317) 695-7939 mrenninger@renningerllc.com Securities offered through Ausdal Financial Partners, Inc., 5187 Utica Ridge Road Davenport, IA, 52807 (563)326-2064 Member: FINRA, SIPC. Renninger & Associates, LLC and Ausdal Financial Partners, Inc. are independently owned and operated. www.renningerllc.com unprecedented threat of disruption, due to shrinking talent pools and changing employee expectations. Employers must be extremely sensitive to these changes and be able to react more quickly than they have in the past. Understanding the trends that will profoundly affect the workplace in the years ahead is crucial not only to an organization’s success, but to its survival. HB
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