The most recent news from the US Department of Labor confirm that the labor market downturn is continuing, if not worsening.
The chart above shows how job loss has accelerated though this year. As of the latest report, over one million jobs have been lost since the start of the year (including downward revised figures for August and September). The national unemployment rate soared to 6.5%, the highest since 1994, with no let-up in lay-offs in sight. If current trends continue, we are headed for the worst labor market since the major recession of the early 80s.
The regional Pacific NW labor markets continue to be in better shape than the national one, but it is uncertain at this point if that will continue, based on recent events (WAMU's collapse, etc.).
To see what employers are currently doing to compensation their remaining employees, ask for a copy of our "special report" (see post below).
With all of the craziness and bad news lately in the economy, credit and financial markets, many companies are wondering what other organizations are doing (or planning to do) with merit budgets and related compensation matters for 2009.
Up until now, we at AHRS have been sharing our best predictions as to where things are heading for our clients and blog followers (see the below posts, for instance). Until just recently though, there hasn't been a lot of solid data as to what companies are actually doing.
Last week AHRS compiled brand new data from a few major studies that were just conducted in October, along with some general recommendations on key compensation-related decision points for these difficult times.
The data and recommendations are too lengthy for a blog posting, but if you would like to receive a free copy, please feel free to contact me directly at via at doug@appliedHRstrategies.com and request a copy of our "Special Report."
