PARSIPPANY, N.J.--(BUSINESS WIRE)-- --Individuals earning $100,000 and over took up to 63 percent longer to find new jobs in
1999 than in 1998, according to a recent national survey of 400 displaced workers.
Conducted by OI Partners, Inc., an international corporation of leading career consulting firms, the survey also revealed that downsizing continues to be the leading cause of termination.
Getting more selective
"This increase in landing time suggests that workers are taking advantage of the need for talent in today's tight job market and are more selective in the jobs they accept," said Ron Scott, president of OI Partners.
Bolstered by severance packages and refined job search skills, candidates are unlikely to accept the first offer. Outplacement programs are cited as being effective in teaching them how to evaluate job offers.
"Many companies may be laying off rapidly, but they're also hiring faster than usual. Qualified candidates are quickly absorbed into the workplace," Scott said.
Landing time in the $200,000 to $250,000 salary range increased by 63 percent, from 3.9 months in 1998 to 6.3 in 1999. In the $150,000 to $199,000 ranges, it increased by 42 percent, from 3.2 months in 1998 to 4.5 in 1999. From $100,000 to $149,000, landing time increased by 31 percent, from 4.1 months in 1998 to 5.4 in 1999.
In the survey, conducted by OI Partners and The College of Saint Rose, Albany, N.Y., 56 percent of the respondents switched industries, but selected a company of the same size as their previous jobs. Networking was the top source of job information for 60 percent and 73 percent did not have to relocate.
Both men and women landed jobs with the same salary as before. Many were cushioned by severance packages. In 1998, landing time for both men and women was 112 days. It took longer in 1999, with 124 days for women and 137 days for men. Also, older, more experienced workers are waiting longer as are those with a longer tenure with their previous employer.
Taking the opportunity to switch careers
"For many of these professionals, losing a job becomes an excellent opportunity to find new and often more stimulating challenges. We encourage them to regard their job search as a positive experience -- a chance to reinvent themselves."
To contact Ron Scott, president of OI Partners, call 403/225-1919.