Execs and Managers Looking Longer for Reemployment

October 7, 2004 (PLANSPONSOR.com) - Executives and managers searching for jobs may have to wait longer for reemployment nowadays, but the ultimate result pays dividends for their patience.

A poll by outplacement firm Challenger, Gray & Christmas, Inc., shows that the median job search time for is at 3.96 months in the third quarter, up from 3.8 months in the preceding quarter. However, those findings jobs are being bountifully rewarded. Among those hired in the third quarter, 87% found jobs that paid the same or more than their previous one.

These results are an improvement over recent numbers. The third quarter results indicate the best pay rate for newly hired managers since the third quarter of 2001. However, the length of time employees are waiting for new employment is at its highest since the first quarter of last year.

Challenger, Gray and Christmas suggest that this is the result of employers conducting more thorough job searches, as well as the increasing use of online job listings, which attracts more applicants.

The outplacement company ( www.challengergray.com ) conducted the survey through 3,000 unemployed managers and executives.