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Seventy percent of beauty industry executives report that hiring rates are equal to or better than pre-recession days, and 63 percent said open positions are being filled at rates equal to or faster than years past, according to the 2013 Salary and Job Market Report by 24 Seven Inc., a search firm specializing in marketing, creative and digital talent.
Seventy-six percent of managers plan to rely on freelancers the same or more than they did last year, most prevalently in the fragrance and color cosmetic categories. Meanwhile, 90 percent of beauty-industry freelancers expect to increase or maintain their rates in 2013 and 40 percent said they would consider traditional employment.
Ninety percent of executives said they feel pressure to identify and attract game-changing talent, but only 32 percent report their companies have a formalized strategy in place to identify high-potential talent.
“Attracting and retaining top talent continues to be a significant challenge for the beauty industry,” said Celeste Gudas, president of 24 Seven Inc. “In this highly competitive market, the winning companies will be those that focus on cultivating the skills and careers of their employees, rewarding them with compelling compensation packages, and providing benefit offerings that are aligned with the changing needs and values of today’s talent base.”
The study, co-sponsored by Cosmetic Executive Women, surveyed nearly 900 beauty professionals worldwide.