This morning,
Yoh released its quarterly
Index of Technology Wages.
The data shows a not-so-positive story for the economy, but a unique opportunity for employers.
In April, wages saw a 1.94 percent year-over-year increase, from to 31.27 to 31.88 percent. However, in May and June they declined, likely as a result of volatility in the stock market, increased concern over European debt, and the expiration of government stimulus spending.
As wages fell, overall demand for skilled technical workers increased. The inverted wage curve requires a willing workforce, which is where the opportunity for employers come in. While corporations increased their use of highly skilled temporary employees, the rate they were willing to pay for talent flat-lined, then fell.
With skilled
employees willing to work for less, employers have the opportunity to secure talent at opportunistic wages and rates. But why would employees be willing to work for less?
Employees agree to lower wages when they don't expect tomorrow's opportunities to have potential for increased pay. The loss of today's wages on the chance that tomorrow's job offer will come at an increased rate is not a risk many are willing to take.
In addition, long-term
unemployment has led to many highly trained professionals to accept a lower wage rate under temporary circumstances as a first entrance into the workforce. As temp employees are being added to the workforce in record numbers, conditions now exist that let employers hire talent at reduced fees, even as demand for talent is increasing with the strengthening economy.
Here are some recommendations on appealing to these highly skilled workers: