Silicon Valley's Job Market Heats Up as the Job Talent Crunch IncreasesJul 27, 2015
SUNNYVALE, CA (July 27, 2015) – The findings of West Valley Staffing Group’s 2015 Quarter Three Economic Survey forecasts increasing hiring levels. Due to Silicon Valley’s talent crunch increase, companies need to find more creative ways to attract top talent.
Each quarter, West Valley Staffing Group (WVSG) surveys a range of Silicon Valley hiring managers about their upcoming hiring needs. The hiring managers come from several industries including high tech, manufacturing, electronics, finance, semiconductor, medical, aerospace, and alternative energy. Each participant is asked, "Do you expect your hiring needs to increase, remain steady, or decrease in the future?" This is the only economic survey uniquely exclusive to Silicon Valley!
Hundreds of hiring managers were surveyed this quarter, with 85% predicting that hiring will increase or remain steady during the third quarter of 2015, compared to 89% this time last year. Meanwhile, only 15% of hiring managers expect their needs to decrease.
According to the California Employment Development Department (EDD), “California’s unemployment rate decreased to 6.3 percent in June.” EDD also stated, “From June 2014 to June 2015, nonfarm payroll employment in California is up 3.0 percent, which is a 461,800 job increase.”
“Obtaining and retaining the right talent has always been the main focus for WVSG and all of our clients,” said Charlie Allport, Executive Vice President of WVSG. “To compete with all the companies in Silicon Valley, hiring managers need to attract top talent by offering competitive benefits and work perks.”
As the job market continues to heat up, employees are beginning to hold the upper hand in their career search. Top talents are being drawn to companies who can offer them the most beneficial employee packages. Employers are starting to offer enhanced packages such as 401K, medical, dental, retirement, life insurance, and investment options. Additionally, companies are also offering work perks such as daycare, gym memberships, complimentary meals, company family events, and even something as simple as celebrating an employee’s birthday. All of these benefits and perks become more attractive to candidates which will help companies obtain and retain top talent.
In today’s Silicon Valley’s talent crunch, a company needs to work twice as hard to creatively strategize ways to attract top talent in order to stay ahead of the competition as the job market continues to heat up.
For additional information about the economic data above, or to participate in future Silicon Valley Economic Surveys, call us at 408.735.1420 or visit us online at www.westvalley.com.
West Valley Staffing Group (WVSG), an independent and privately owned staffing agency, brings over 40 years of experience providing comprehensive staffing services and solutions - through four specialty companies. Established in 1968 as West Valley Engineering, the company was one of the first in the valley to offer temporary technical services to Silicon Valley companies. In 1984, Prostar Staffing was founded to provide clerical and administrative personnel to the growing number of companies in the area. In 1995, West Valley Technology and Accountants Now! were founded to satisfy the demand for specialized information technology and accounting professionals, respectively. Today, all four companies fall under the umbrella organization, WVSG, which has offices in Sunnyvale, Pleasanton, and beyond.
West Valley Staffing Group conducts extensive research on hiring and employment trends through our ongoing surveys of executives and hiring managers. Please contact Mary Tran for more information:
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