Momentum from December 2013 should be used to help organizations plan for steady wage increases, innovative marketing campaigns and add fresh, new workers to help fulfill their companies’ mission in 2014. December marked the best month for hiring in the U.S. since November 2012, according to ADP’s National Employment Report, which found more than 238,000 private sector jobs were added in 2013’s last month alone, CNNMoney reported.
“Light switches have been going on in board rooms and CEOs are deciding to expand their businesses and hire more,” said Mark Zandi, chief economist of Moody’s Analytics, a firm that assisted ADP with compiling its findings, according to CNNMoney. “That’s showing up in the data.”
The number of jobs ADP reported surpassed the U.S. consensus’ economists’ expectations of 200,000 additional jobs for December, according to USA Today.
“It appears that businesses are growing more confident and increasing their hiring,” Zandi said.
If these economic trends are an indication of what is to be expected in the labor market in 2014, employers should consider utilizing compensation management software strategies to help alleviate pressure on payroll departments. As organizations plan to take on more new hires, HR managers and payroll services may need additional help in ensuring paychecks are distributed in a timely manner.
In addition to construction and transportation, the service industry continues to impress economists with a consistent, healthy increase in hiring that has helped to bolster consumer confidence, CNNMoney reported. When consumers believe the economy is strong, they are more likely to help fuel its momentum by purchasing more products. This adds an additional incentive for companies to implement dynamic, yet fun incentive sales strategies to re-energize brands and move their business forward, while providing an opportunity for employees to reach new financial goals.
