Bright Outlook for Job Seekers in 2016, Survey Finds

 

If you are looking for a new job this year, the timing may work in your favor, conjectures Victory State Bank. Staten Island’s only community-based business bank cites a recent survey that indicates small and mid-sized business owners are planning on increasing their workforce in 2016.

The Vistage CEO Confidence Index Survey found that among all firms surveyed, more than half (55 percent) planned to increase their workforce in 2016. Few firms reported that they planned cutbacks in their total employment, just 8 percent in the most recent survey.

The increased confidence shows that CEOs are feeling more stable overall. When asked about vacation time, CEOs reported taking nearly four weeks of vacation time each year. Almost every CEO surveyed (88 percent) works up to two hours a day while on vacation, with one-third mentioning their inability to confidently delegate tasks.

Other notable survey findings include:

  • Nearly three-fourths of survey respondents reported revenue gains in the year ahead. More than half of the firms also expected rising profits, between last quarter’s 56 percent and last year’s 62 percent. Only 10 percent anticipated lower profits in the year ahead, nearly identical to the number of respondents who expected declines in their selling prices.
  • When asked about planned increases in investments in news plants and equipment, 44 percent reported increased investment in both the third and fourth quarters of 2015, slightly less than last year’s 49 percent.
  • As CEOs continue to focus on expanding their workforce, the most significant challenge they face continues to be hiring, training and retaining staff members. With a tightened labor market, these challenges will inevitably lead to higher wages and increased benefits to secure key personnel.

 

 

 

About Victory State Bank

 

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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