What Does the Job Market Look Like for 2011

What Does the Job Market Look Like for 2011 Every year experts in their respective fields talk to employers, look at statistics and then take their best guess about what will happen in the job market. Of course 2011 is no different. People want to know if there will be more college graduates hired, will salaries go up or go down and is there a chance employees will see an increase in their performance reviews? According to available information the job market has begun to look up and there are hopeful signs everywhere. Unemployment rates have held steady at around 10 percent, so it’s good to see some kind of recovery start to take shape. Recent College Graduate Outlook The good news is that recent college graduates may have better luck finding jobs. The National Association of Colleges and Employers released their Job Outlook 2011 Fall Preview survey and employers expect to hire at least 13.5 percent more new college graduates from the 2011 graduating class compared to 2010 college graduates. Of the participating employers, nearly half of them expected to increase hiring, where about 40 percent expected to maintain the same level of new college hires. However, some college degrees still pay more than others. Particularly those college students with engineering degrees still have the highest level of being hired out of college. In fact, all engineering degrees are expected to see growth. Salary Projections and Increased Salaries For those that are not recent college grads, but still want to know their job prospects and salary projections for 2011, there is a small flicker of sunlight on the horizon. Projected salary increases for 2010 were thought to be around 2 to 3 percent and the outlook for 2011 is a little bit better. The projections for 2011 are that employers will be able to raise their budgets enough to work with a 3 percent increase in salary according to Plan Sponsor. That does not mean that each and every employee and job seeker will receive a 3 percent salary increase just because their employer’s budget increased, so don’t go in expecting the increase to hit suddenly. Annual salary increases usually work by creating a pool of cash, which is set aside for each independent department, so that it is the equivalent of 3 percent of that department’s salaries. The pool of money is then divided between employees based on seniority and role within the company. So as experts begin to predict growth for the 2011 job market there creates good news for soon to graduate college students and those who are still looking for work. Things are looking up but it still might take some time to fully recover. Rome wasn’t built in a day and your financial security and job prospects won’t be either. Keep your ear to the grindstone and start pounding out connections because you never know when that dream job will be right around the corner.