There have been countless articles written lately debating whether or not the job market has bounced back. But, is the business world really getting back on its feet, or is it going to take more than a few years for the job market to recover?
A recent article in the Wall Street Journal claims “more companies are wanting to dance.” So who has the best moves?
Financial services companies and consulting firms seem to be the liveliest dancers in the job market. Hiring rates are getting close to their pre-recession levels at firms like Bain & Co. and Accenture PLC. In fact, Bain & Co. claims things are looking so good that it is now hiring more people than it did before the recession, due to a growing demand for services. Accenture has even hired a whopping 64,000 new employees, which is a record compared to the companies 25,000 new hires in 2008.
Providing context and corroboration for the WSJ article, the Graduate Management Admission Council announced that schools saw 39% more full-time job postings than they did last year. And 57% of full-time MBA students in the US had offers by mid-March this year.
Companies such as Goldman Sachs Group Inc. and Morgan Stanley are also dancing to a new tune. Goldman Sachs hired 25% more new employees this year then it did in 2008. Although their recruiting numbers are not as high as they were before the economy tanked, Morgan Stanley is also beginning to employ many more new graduates.
Now for the real exciting news: This new employment frenzy looks like it is causing a rise in salary. The estimated average MBA salary for this year is a robust $91,433, according to GMAC surveys.
So has the job market returned to its pre-recession heyday? Not exactly. But is the dance floor starting to heat up again? Most definitely.
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