Middle Managers, Rejoice!

March 27th, 2008

middle managerFinally. Some encouraging news from the corporate trenches. Despite job cuts and rising unemployment rates, it seems that middle managers in several key industries are in short supply and companies are willing to pay higher salaries than ever for the right candidates.

In a recent survey, HR executives at both Fortune 500 and smaller firms said that they expect a shortage of mid- and senior-level managers in 2008 and estimate that they will pay 5 to 15 percent more in salary to fill manager slots in accounting, finance, marketing, sales, engineering, information technology, clinical, and midlevel management.

The survey, conducted by recruiting outsourcer Hyrian, also found that 78% of HR executives felt retention would be their most pressing business issue in 2008.

These results don’t seem to be make sense given the recent economic and job market headlines. However, the demand for talent in accounting, healthcare, and other industries is continuing to grow despite the unemployment rate. At the same time, many baby boomers are moving toward retirement and most companies have been neglecting succession planning and training and development because of budget demands. The result is a shortage of qualified managers in many cases.

This is definitely good news for middle managers. And how often does that happen?

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