Over 4 million U.S. workers called it quits in September, marking a new high. Many industries saw an increase in quits, but the one that saw the most was “arts, entertainment, and recreation” – quits increased by 56,000 from the prior month. However, in October the U.S. workforce saw more than 2.5% of retired workers make a return to work. This is the highest rate seen since the start of the pandemic and is thought to be partly due to both the increase in vaccination rates and wages.   From highs to lows...the U.S. gross domestic product is forecasted to grow annually at a 4.6% rate in Q4. This is down from the previous expectation of a 5.2% growth rate. When looking at the overall year of 2021, it’s thought that the GDP will rise 5.5% (original estimate was 6.1%). For 2022, the growth estimate is estimated to be 3.9% (original estimate was 4.4%). On [...]

Macy’s gives workers a pay bump by raising their minimum wage to $15 an hour plus offering a debt-free education benefit. The increase is a tactic to attract workers in this hot employment climate. Corporate and hourly workers will also get to enjoy an extra flexible paid holiday so they can choose a holiday that means the most to them and ensure they have it off.   In 2021, the global economy grew by a strong 5.1%.  The forecast for 2022 is even rosier and expected to experience larger than forecasted growth. This is in contrast to the 3.3% global GDP decline in 2020, setting the global economy to get back to pre-pandemic levels by the end of next year.   The Employment Index also points to strong employment growth in the coming months with the U.S. unemployment rate reaching 3.5%, hitting the pre-pandemic low by the end of next year. However, it also forecasts [...]

UPDATE: Actual performance as reported from the Labor Department: nonfarm payrolls increased by 531,000 (higher than the anticipated 450K but slightly lower than other forecasts calling for 571K), the unemployment rate fell to 4.6% (more movement than the expected 4.7%), and wages rose .4% (up 4.9% year over year as expected). A sharp increase from the 195,000 U.S. jobs in September, 450,000 jobs are expected to have been added in October according to Dow Jones estimates. As well, hourly wages are seeing an increase of 4.9% year-over-year. Those watching the market are taking a close look at inflation, and wage growth has a big impact on that direction. The newly released ADP National Employment Report comes in at 571,000 added nonfarm, private-sector jobs in October. From ADP payroll data: Here are the jobs added in October by sector: Goods-producing, up 113,000 Natural resources/mining, up 6,000 Construction, up 54,000 Manufacturing, up 53,000 Service-providing, up 458,000 Trade/transportation/utilities, [...]

Over half (55%) of key decision-makers in hiring in the U.S. state that senior-level positions are the most challenging to fill. Every skill level is hard to recruit right now, but it seems that unskilled workers are a tad easier to recruit. Almost 70% of these decision-makers believe entry-roles will be easy to recruit for.   Speaking of executives, it looks like most want to return to the office. A recent survey found that 79% of executives want to return, with productivity on the top of the list of reasons why. The office is a place to decrease distractions and increase collaborations with their teams. On the flip-side, though, 74% said they are ‘most productive working from home now’ – this is up from 40% in 2019.   Labor shortages plagued almost half (47%) of companies in Q3, up from 39% in Q2. Some, 20%, reported having tons of applicants but not enough correlated candidates. [...]

Pretty soon we’re going to start seeing people donning sandwich boards at every corner advertising their open roles – from entry level to senior executives. Just picture it – “will pay to train…any (breathing) human…”.  Employment only inched up a bit in September and early October as high demand continued for workers but the actual supply of labor was low.   Hours have been slashed for jobs in retail, hospitality, and manufacturing as there aren’t enough workers to cover the shifts. Low labor supply has been seen in transportation and technology as well. There’s been an increase in turnover as workers jump ship for other jobs…or retirement. #byefelicia   Might want to sweeten the pot for your tech employees – a recent survey found that 72% (😲) of technology workers are considering leap-frogging over to their next gig in the next year. The reasons are probably obvious to most, but here are the top ones, [...]

The Great Resignation might as well be called The Big Burnout – most workers that left their jobs during this time did so due to burnout. A recent report found that more than 1 in 4 workers left their job without having another job lined up. In fact, in August not only did job openings decrease 5.9% when compared to July, but wokrers were quitting their jobs at a record rate. The ‘quits rate’, measurement of workers who leave jobs voluntarily, reached a record high of 2.9% in August, with 4.3 million people quitting their jobs. Wondering if the skills and technologies wanted most have changed throughout the pandemic? Fiverr International listed the 10 fastest-growing skills and technologies on the platform, and a few may surprise you. These were included in their ‘Small Business Needs Index’ report: Shopify Sales Funnel; 235% increase in searches; earnings per project up to $2,195 Amazon PPC Campaign; 171% increase [...]

We made it to Friday everyone! Before we jump in with this week's news, I'm hoping you had this moment this week:   No? Well that's my homework for you - do something this next week to elevate your meetings! Life is short, meetings can be too. :) Onward... Almost half of U.S. workers feel underpaid. A recent survey shows that 49% of workers in the U.S. feel shortchanged with their pay rate. While the pandemic may have stalled increases, workers (31%) are now saying they may find another job if their financial situation doesn’t change by the end of the year. To attract and retain new hires, 48% of employers are offering signing bonuses. Even though progress has slowed, the U.S. labor market continues to recover with 568,000 nonfarm, private-sector jobs added in September.  Strong job gains and a decrease in hiring bottlenecks are expected as health conditions due to the COVID-19 variant improve. [...]

Target to Hire 100K Seasonal Workers Down a bit from the hiring goal of 130K for the 2020 and 2019 holiday season, Target expects to hire 100K for 2021. Flexibility will be a big lure here, as the retail giant is not only offering more hours to team members, but also the option to take shifts that best fit their schedules. Target’s minimum wage is currently $15. Not to Be Outdone…Walmart to Hire 150K Seasonal Workers Many of these roles will be permanent and full-time. Walmart’s average hourly wage in the U.S. is $16.40, but some in-store roles can pay up to $34 an hour. Those in entry-level roles have the potential of promotions within seven months. Double Digit Tech Jobs Growth In the six months ending September 6, the number of unique, active job postings for computer occupations in the U.S. increased 15%. As of September 6th, there were more than 1.2 million unique, [...]

FedEx Planning Hiring Swell for Holidays FedEx Corp. is looking to hire 90,000 roles for the holiday season in addition to 500 professionals for STEM roles. They join UPS (hiring 100,000 roles) in the staffing ramp-up. Amazon has reported that they have had 1 million people applying for their jobs during its career day – they are hiring for 125,000 roles. U.S. to Add Close to 12 Million Jobs by 2030 Total U.S. employment is forecasted to increase to 165.4 million jobs within the timeframe between 2020-2030, an increase of 11.9 jobs.  The growth rate correlates to a lift of .7%, higher than recent projections. 15% of Workers Looking to Quit by End of 2021 50% of those planning to quit are looking for a higher-paying job and 43% want to get into entrepreneurship.  While 15% are planning to quite by the end of the year, another 22% aren’t sure. IT, Business, and Finance were [...]

This Year Wages in the U.S. Have Increased the Fastest in 20 Years As many Americans clamored to get their COVID-19 vaccination so too did employers race to increase their leverage in attracting ideal candidates. As more people began to have increased confidence in making career moves, employers raised wages – wages and salaries for private industry workers increased at an annualized rate of 4.3% over the six-month period ended June 2021 – a lot higher than the average rate of 2%-3% over the past 20 years. However, wage growth is expected to slow down in late 2021 through 2022…only to pick up again in 2023, especially in blue-collar and manual services industries. Amazon Increases Hourly Wage to Entice 125K New Hires Amazon plans to hire 125,000 fulfillment and transportation employees, and is looking at a bump in wages to lure them in.  The average starting hourly wage will be $18, climbing to $22.50 in [...]