You did it. You’ve nailed your dream job in an industry you love but finding out what you should be earning in this new role could be a difficult task. A quick search on the internet will uncover numerous tools that provide salary ranges that differ from one site to another. To get a true sense of the beauty industry’s outlook on salaries and job market trends, 24 Seven and CEW have partnered for the fourth year on the Beauty 2016 Job Market Report. The report reveals beauty-industry specific compensation and benefits; employee mobility and engagement; sought-after employee skill sets; corporate culture connections and career development. Below are some highlights from the report, which was fielded among CEW’s 6,000-plus U.S. members (men and women) from more than 1,700 large and small companies, plus 24 Seven’s network of beauty professionals.
Job outlook looks bright: Total compensation is up 6 percent (versus 5 percent last year) for non-executives and is expected to increase by 10 percent in the coming year. Prospects are strong for job seekers, as 80 percent of hiring managers are looking for talent to fill both new and existing positions.
Money isn’t everything: Although salary continues to be the biggest driver of worker flight, employees are willing to accept soft benefits such as flex time or more vacation days in return for smaller wage increases. Eight out of 10 employees want tuition reimbursement/continuing education, but only four out of 10 receive it.
Employers need to focus on culture connection: A company can offer numerous soft benefits, however, according to the report, “fancy fixtures lose their luster when a company’s stance toward work-life balance, authenticity, and transparency are out of whack.” Only 8 percent of beauty workers strongly agree that the transparency level at their company is just right.
All of these findings and more will be revealed at CEW’s Career Development Series event, Beauty Job Market Watch on Monday, July 25 at Hearst Corporation in midtown Manhattan. Lisa Marie Ringus, EVP, Global Sales and Business Development, 24 Seven Inc. will unveil this year’s surprising insights and Richard Ferrara, VP, Global Human Resources Business Partner – Brands, The Estée Lauder Companies, will discuss what they mean for job seekers and employers alike. Attendees will gain a comprehensive look at today’s beauty market trends and learn how to put these learnings into action. Some topics to be discussed include salary dreams vs salary realities; in-demand skill sets; corporate culture connections, and, becoming, finding and keeping talent.
The event kicks off at 6 p.m. with a cocktails and networking session, followed by the program at 7 p.m. Individual CEW member tickets are $50 and nonmember tickets are $70. Seats at this exciting event are filling up quickly. To register to attend, click here.