Labour Woes..

So ... Here's more bad news for those who were banking on a big raise to fund Christmas shopping!

The Globe & Mail is reporting that employers are going to be scaling back on salary increases, implementing hiring freezes and re-evaluating their compensation structure in an attempt to cut costs in response to the dismal economic forecast.

Some snippets from today’s article:

Employers that had initially planned to offer average annual salary increases of 3.9 per cent next year are now talking about average increases of 3 per cent, or lower, if economic conditions continue to deteriorate, Prem Benimadhu, the Conference Board's vice-president of governance and human resources management, said after presenting his revised compensation outlook at a conference in Toronto.

“The factors in the labour market that created pressure on the wage front are no longer there,” said Mr. Benimadhu, who predicts a reduction in turnover as employees sit tight.

“Many companies are concerned about the business environment …That is changing quite dramatically and deteriorating in many sectors like forestry, hospitality and manufacturing.”

“The lowest increases are expected in the beleaguered manufacturing sector, and in the communications and telecommunications industry.'

So, what does this mean for our Nerdy Girls in (and looking to enter) the workforce?

• If you have a job, keep it!
• If you are on the job hunt, bring your A-Game to the table
• PRACTICE, PRACTICE, PRACTICE your interviewing skills
• Get up to speed on the company’s profile and industry to demonstrate your knowledge and interest in the business
• Consider negotiating on vacation and other perks versus salary levels and wages

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Up next.. the Urban Financial Services Coalition tells us how to DRESS FOR SUCCESS!

Stay tuned!
xx