* Research results from Challenger, Gray & Christmas
The job market may be finally gearing up for growth, according to recent research from Challenger, Gray & Christmas. In the fourth quarter of 2004, managers and executives found jobs at a faster rate than they have in more than three years.
Among managers and executives hired in the fourth quarter, the median job search lasted only 3.3 months, according to Challenger’s Job Market Index, a quarterly survey of 3,000 discharged managers and executives. By contrast, it took 4.0 months for the same group to find work in the previous quarter (third quarter 2004).
The fourth quarter job search time is the shortest since the third quarter of 2001, when the median job search time was 3 months. By contrast, as recently as the first quarter of 2003, job searches were taking 4.2 months.
According to Challenger, fast hiring of managers and executives foretells accelerated job gains this year. “Employers are gearing up by adding strength and numbers to their management ranks. This build-up is often followed by increased hiring at lower levels of the corporate ladder and a shift in focus from workforce reduction to workforce retention,” says John Challenger, CEO of Challenger, Gray & Christmas.
Industries expected to add staff this year include financial services, healthcare, construction, engineering and certain areas of the technology and manufacturing sectors.
