How Will The FTC Noncompete Clause Effect Your Hiring?

After voting 3-1 last month, the Federal Trade Commission has proposed a rule to ban noncompete clauses in the U.S. The FTC has stated that they believe noncompete clauses harm innovation in business and suppress wages, ultimately violating the FTC’s fair trade laws. 

A ban on noncompete clauses could help the economy

1 in 5 workers are affected by noncompete clauses. By limiting workers ability to change jobs and achieve upward mobility we see a lack of healthy competition, something that drives our economy. 

Moving to ban noncompete clauses may increase wages

Economists also believe noncompete clauses are to blame for stagnant wages in recent years. The FTC estimates that by implementing this new rule, wages will increase by about $300 million yearly. By banning noncompete clauses in Oregon, a study in 2021 found that wages for low-wage workers rose by 2% to 3%. 

Noncompete clauses are very important for businesses that depend on trade secrets and their highly educated employees. Though the clauses make sense for high-level employees, many are suggesting regulation on their use among low-wage employees instead of eliminating them all together. 

Many assume non-competes to be non-negotiable

Some may argue that employees have the right to negotiate noncompetes in their contract or simply decline job offers that attempt to implement noncompete clauses, but many job seekers are not aware of these clauses until after being hired.

In 2015 The Journal of Law and Economics found that only 10% of employees negotiated over noncompete clauses in their contracts, assuming they had no say in the matter. 

FTC noncompete bans would affect current and future noncompete clauses

The FTC’s new proposal would not only make it illegal for employers to implement noncompete clauses, but it would also require employers to eliminate any current clauses and inform all employees of the change. 

Though we would not see this potential ban on noncompetes until late 2023, many employers will likely begin making changes to other confidentiality provisions in anticipation of this change.

Catalyst Career Group is committed to matching quality candidates with great companies all over the nation. We make it easy for job seekers with our friendly welcome orientation, informative event guides, and seminars specifically designed to help you advance your career at in-person and virtual job fairs.

And Private Recruiting Events allow you to meet with employers at their office, conference room, or virtually (over phone or video interview). While multi-company job fairs work well to meet many candidates for a broad range of positions, we’ll bring you directly to the door of the person who is hiring today.

Learn more about how Catalyst Career Group helps employers hire the right people for your position! >> https://catalystcareergroup.com/employers/

It’s 2023. When Is The Best Timing To Look For A Job?

Welcome to 2023! As the year begins, we continue to deal with the impact of inflation on the economy (and the job market). Job seekers may find it helpful to know when the best times to look for jobs is as the new year begins. As many organizations start a new fiscal year in January, you may find more openings are available in the comings months. 

Let’s take a look at the best timing as 2023 approaches for job seekers as well as some insider job search tips.

Always be open to looking for a job

For the best chances at securing a job offer, it is always best to consistently seek out and apply for jobs that fit your preferences, location, background, and skills. Knowing the best times to look for a job may help you expect a boost in openings and aid in your job search.

The best time of year to find a job

Catalyst Career Group Job Seeker 2023

Did you know that companies tend to hire most in January and February? This is mainly because of new hiring budgets that go into effect at the beginning of a new year. This is also the time of year that many corporate employees, including hiring managers, return from their holiday vacations. As work slows down during the winter months, more space is created for time-consuming projects like writing and posting job openings.

A seasonal guide to job searching

Every month has unique advantages and disadvantages for hiring. And here is what you can expect during the next quarter:

Winter

Historically, December is the slowest month for hiring. People tend to use the bulk of their vacation time during this month. This is because many travel out of state and make plans for the holidays. The office environment feels more relaxed and it is common for departments to notice employees working at a slower pace as they become involved in holiday activities.

Although January and February are known as the top months to get hired, you may experience slower than usual responses the first two weeks of January as employees return from vacations. However, if you’re looking to get hired, these are still the best months to go after job openings. The new year pushes hiring managers to accomplish the tasks they’ve been putting off due to updated budgets that allow managers to make important decisions, like hiring additional staff members.

These winter months are some of the best times to search for a job especially because workers are back in the office and working at their usual pace. Job listings posted in January produce a great number of candidates by February, which motivates employers to start scheduling interviews, and ultimately, hire new people.

Spring

Catalyst Career Group Job Seeker 2023

The months of March, April and May are the next best time for getting hired. Management positions feel pressure to train new hires before the summer before vacations kick off as well.

Pro Tip: One thing to keep in mind when applying for jobs during spring is that the competition may increase, especially if a listing has been up since January. That’s why it’s important to update your resume and highlight any valuable experiences you’ve had that show you’re the best fit for the position.

How to Increase Your Ties When You Have Small Networks

If you have limited connections, networking with new contacts and decision-makers will increase your chances of leveraging new opportunities. Job fairs and private recruiting events give a candidate a leg-up, as they provide easier access to hiring managers, in-person and in one place. This is true whether you’re looking for a new job or considering a career change.

Pro-Tip: job fairs or private recruiting events can act as a shortcut to meeting the decision maker right away.

Catalyst Career Group is committed to matching quality candidates with great companies all over the nation. We make it easy for jobseekers with our friendly welcome orientation, informative event guides, and seminars specifically designed to help you advance your career at in-person and virtual job fairs.

And Private Recruiting Events allow you to meet with employers at their office, conference room, or virtually (over phone or video interview). While multi-company job fairs work well to meet many candidates for a broad range of positions, we’ll bring you directly to the door of the person who is hiring today.

Job Swappers Finding it Harder to Make a Change

U.S. workers who are considering a career shift are facing a challenging market these days. In a recent Harris Poll, more than 70% of job seekers say are finding it more difficult to land a new job than they had anticipated. This is a shift from this time last year, when employees had more leverage.

According to the same poll, more than a third of employed Americans are looking to change roles right now. But about 72% of job seekers say that companies don’t show signs of the same hiring enthusiasm as last year’s Great Resignation hiring surge. Respondents say companies are ignoring applications and failing to scheduling interviews, which makes sense considering the news of belt tightening across industries

While the employment rate is still strong, recent fluctuations in the market are changing the jobs landscape. While some businesses reported strong hiring and wage increases, tech companies, in particular, have gone through massive, market-shaking layoffs. The job cuts have topped headlines as even giants like Facebook parent Meta (saw of nearly 11,000 layoffs), Twitter (up to 4,000 layoffs), Amazon (about 10,000 job cuts, with more on the way) – titans who have grown exponentially in the past few decades – are not immune to the world’s economic uncertainties.

Switches No Longer Promise Bigger Paychecks

One of the biggest reasons people look for new jobs is that it’s often the best way to gain a promotion or increase their take-home pay. That’s not as true now as it was in the recent past.

This is backed up by other data that shows job switches are not as lucrative as they once were, even compared to this past summer. In July, the average job switch gained a worker an 8.5% raise. By October, that average had dropped to a 6.4% increase.

Competitive Job Market Resembles Hot Housing Market

Similar to the housing search during the pandemic, where buyers were putting in multiple home offers to increase their chances, today’s job search has been long and daunting for many. More than 60% of seekers have searched for a new job for over six months, and nearly 50% have applied to more than 50 positions!

Why So Hard? Stayers and Seekers Cancel Each Other Out

Other data shows that more people are remaining in their current job (Job Stayers) than in the past. At the same time, more people want to switch than previous months (Job Seekers). Without the open positions created by Job Stayers, Job Seekers are finding less demand for their services. It makes for a business-friendly market.

How Job Seekers Can Boost Their Chances in a Tough Market

From this survey, two-thirds of those looking for a new job say they regret not starting their job search sooner. A similar percentage think it would have been easier to change roles a year or two ago. 

But there is hope. By attending job fairs, job seekers can increase their chances of catching the eye of a hiring manager. And because these job fairs are only hosted by actively seeking employers, you know that they are actually interested in making a hiring decision quickly.

Contact Catalyst Career Group today to learn more about how you can get a leg-up in this competitive job market.

Hybrid Work Is Up, But Remote Is Down

Hybrid work seems to be the trending word floating around corporate meetings rooms these days. As a flexible work model that supports a blend of in-office, remote, and on-the-go workers, it offers employees the ability to choose to work wherever and however they are most productive.

Working from home (WFH), telecommuting, and remote work however is a type of flexible working arrangement that allows an employee to work from an out-of-office location for the full scope of their job. Since the pandemic, most companies were forced to go remote and trying to get employees back into the office has proven difficult

Which begs a few big questions when it comes to the WFH arrangements:

  • Do we work better in the office or away? 
  • Can we be just as profitable of a company if we are never physically in the same room? 
  • Will companies that bring their employees back in person prove to have an earlier advantage over those that delay?

Trends are beginning to show that many companies that went fully remote during 2020 and 2021, are slowly easing into hybrid workplaces.

Some common types of hybrid workplace policies include:

  • Offering three days in and two days out 
  • Alternative working spaces onsite (cafe lounges for example)
  • Once-a-month onsite days that include town halls and reviews with manager

To support these trends, we’re seeing more than half of workers (52%) are back to working onsite and less than a third (28%) of workers are remote. Hybrid arrangements are gaining popularity, as 17% of workers report splitting their time between home and the office.

Also not surprisingly, hybrid is proving to be more popular among women. About 20% of women report splitting their time compared to 14% of men. A hybrid model is particularly attractive to working mothers and makes it possible for children to still be taken care of, especially when flu and colds keep children from attending school for longer periods of time. 

“One big trend we are seeing in the companies we hire for is the comfortability talent has for working remotely,” says Jeff Naugle, Co-Founder of Catalyst Career Group. “Job seekers are growing accustomed to working remotely and can afford to choose the position that allows them to do so.” 

Consider how job seekers are viewing hybrid and remote work for your company, How that can help you hire the right people in the right positions at the right price point? Ask us about our virtual job fairs or private hiring events and what job descriptions will draw out the right candidates to help you be successful during this season! Contact Catalyst Career Group today.

Top 6 Best Employee Benefits To Provide In A Recession

With whispers of a recession from increased economic inflation, many hiring managers are considering their benefits packages when sourcing talent. Companies require happy, competent, and healthy team members to be successful, while team members want a stable income, job satisfaction and professional development. The Society of Human Resource Management (SHRM) study shows that the average cost of a new hire is $4,129 per employee. With a cost this high, knowing how to keep employees while still spending the money to do so, takes planning.

Considering both the hiring sides, here are our top six best employee benefits to provide in a recession.

1. Financial wellness program

What does your financial wellness program consist of? Some retirement planning, investing, and also ongoing financial education related to taxes, budgeting, student loans, debt management, estate planning, and saving for college. This financial education will help your team know how finances affect their families and how to have more stability with their money.

A good financial wellness program will help increase your employees satisfaction,” says Jeff Naugle, Co-Owner of Catalyst Career Group. “It also helps them reduce their stress associated with the economy and top headlines of the day. Easing your team’s stress means they will be a happier and more content worker.

2. Short-term employee loans

In the chance that a financial emergency does take place in your team’s personal life, do you have support through your company for them? With most employees living paycheck to paycheck, if they are in need, instead of turning to a high-interest-rate payday loan, consider how your company can help. You can offer low-interest short-term employee loans in this case. Monthly payment can be deducted directly from the employee’s paycheck and can help resolve immediate emergencies without long-term debt consequences.

3. Mental health benefits

Speaking of financial needs, most employees have shown in surveys that financial stress contributes to their mental health issues. These statistics are staggering. 45 percent of U.S. adults depressed about their finances. Other studies show even higher numbers, which is why nine out of 10 companies now offer some sort of mental health benefit. Mental health benefits include EAPs, mental-health insurance coverage, substance abuse treatment benefits, and stress management.

4. Integrated savings accounts and/or savings matching

Once of the best ways to overcome the stress of finances is to help your team save money through a savings account. Accounts can be tied to the employee’s retirement account with payroll deductions.

“This will help your team save for short-term and long-term needs at the same time,” says Jeff Straub, Co-Owner of Catalyst Career Group “Having an emergency fund helps your team eliminate the stress that goes into the unexpected.”

5. Wellness apps

While your company already offers health insurance, you can also offer wellness apps. These may include Castlight, Virgin Pulse, and WebMD. These help your team to develop both their physical and emotional habits.

6. Student loan repayment assistance

Have you considered supporting your team’s student loan payments? You can offer resources to help them refinance or you can do matching contributions to bring down their balance. A SCORE survey found that 75 percent of those who had student loans wished their employers would offer some sort of student loan repayment benefit or refinancing option. If you are looking to keep younger talent, loan repayment support is exactly what those in their 20s-40s are looking for today.

So what is your take? Would any or all of these six benefits help your organization retain and attract top talent? Studies think so and that makes it worth exploring. Consider for your self how your company can be better equipped to retain employees during a recession, which will lessen the negative impact of a weak economy.

Consider how you can beat inflation for your organization and hire the right people in the right positions at the right price point. Ask us about our virtual job fairs or private hiring events and what job descriptions will draw out the right candidates to help you be successful during this season! Contact Catalyst Career Group today.