Counselor Commentary: Ready For A Hiring Surge?
Manufacturing Spending Highest It's Been All Year
Hey, good news: All that cash that was burning holes in the proverbial pockets of American companies is getting kicked back into the economy these days. While many corporations went through much of 2012 and 2013 with record levels of cash on their books, spending is beginning to be noticed again.
Manufacturing activity in November was the highest it has been all year. Further, a new survey from The Business Roundtable shows that 40% of CEOs say they plan to increase their company’s capital spending in the next six months. And, in one of the most positive signs for the U.S. economy, payroll processor ADP said this week that private companies added 215,000 jobs in November, which is the strongest month of job growth this year.
Job growth and economic expansion is real right now, and it leads to both an opportunity, as well as a warning, for industry companies. First the opportunity: Now is a good time to hire additional staff – salespeople, customer service reps, factory workers – so that your company can increase capacity and capitalize on the expanding economy. If you’re simply moving along with a status quo employee base, then you’re certainly missing out on business from companies in your area that are increasing their marketing spend right now. The time is ripe to add new people to your staff. Take some of that cash off the sidelines like many companies are doing, and add new people – not only will it ensure that you’ll be able to take advantage of new business opportunities, but it will also add some new life to your organization.
Now, for the warning: With the job market becoming more plentiful, employees are certain to stray. Are you doing enough to ensure that they’re content working at your company? Find out. Ask them what the company is doing right, what could be better, and how you can ensure that they want to stay. Now is the time to nail down their loyalty – before it’s too late, because the burgeoning job market became too tempting.