BountyJobs Bites Competitive Pay Spurs on Innovation The Numbers: The ‘winner-takes-all’ mentality has proven to be most effective to encourage creativity that fuels economic growth A contest gave contestants the opportunity to compete for one prize of $15,000 or one in which the top 10 entries received $1K. Those who opted for the $15K prize submitted much more novel, creative, and innovative entries Source: University of California San Diego & Thermo Fisher Scientific Labor Market to Continue Going Strong The Numbers: The overall strength of the labor market is expected to continue, though not evenly distributed across regions and geographies Ongoing shortages of talent and changing client skill needs will continue Source: ManpowerGroup Majority of Professionals Have Asked for Higher Salary The Numbers: 54% of U.S. professionals said they ‘tried to negotiate a higher salary when they received their last employment offer’. Miami, Los Angeles, Phoenix, New York, Dallas, and San Diego had the most [...]

BountyJobs Bites Top Professionals Most Likely to Move On The Numbers: Recruiters, software engineers, and marketers are more likely to consider other job opportunities than other professionals Recruiters are 115% higher than the national average to be open to unsolicited recruiting messages Software engineers and marketers were second and third at 105% and 82% about the national average, respectively Source: Workforce Logiq CEO Turnover Sees Large Leap The Numbers: In January, CEO exits increased 37% over December This encompasses an estimated 219 exits Source: Challenger, Gray & Christmas, Inc. U.S. Labor Shortage Forecasted to Continue Through the Decade The Numbers: The U.S. labor shortage is expected to continue through 2030 85% of companies in ‘mostly blue-collar industries’ had recruiting difficulty 64% in ‘mostly white-collar industries’ reported the same Source: The Conference Board BountyJobs Reports - Year in Review: Talent Acquisition in 2019 and the 2020 Impact The Numbers: A whopping 43% of professionals plan to [...]

BountyJobs Bites U.S. Trending Toward Strong Job Growth in Q1 The Numbers: The U.S. employment trends index increased in January to 110.24, up from 108.84 in December “The improvement in the [Employment Trends Index], along with Friday’s job report and other indicators, suggest that employment growth has been accelerating after several weak quarters in 2019,” Gad Levanon, head of The Conference Board Labor Market Institute, said. Source: The Conference Board Tech Employment Sees Increase The Numbers: The U.S. tech sector saw employment increase by 15,800 new positions in January This signifies a rebound after many flat months in growth “This month’s employment data brings tech hiring activity back in line with expectations,” said Tim Hebert, executive VP for research and market intelligence at CompTIA. “Employers continue to signal the need to expand their base of tech talent to meet short and longer-term business objectives.” Source: CompTIA U.S. Private Sector Adds the Most Jobs Since 2015 [...]

BountyJobs Bites Millennials and Gen Z Staying Put The Numbers: Millennials plan to stay in their jobs for 10 years while Gen Zers plan to stick around for 6 years 62% of millennials report having direct reports, 49% of Gen Zers report the same 65% of Gen Zers and 73% of millennials feel their job is a ‘major component of their personal identity’ Source: Zapier One in Six Staffers are Gig Workers at Enterprise Firms The Numbers: 4% of the workforce at enterprise firms in 2019 were gig workers – about one in six workers This is up from 14.2% in 2010 Source: ADP Research Institute Nurse Practitioner Workforce Sees Dramatic Increase The Numbers: Within a seven-year span, the nurse practitioner workforce has more than doubled The number of nurse care practitioners in 2010 was 91,000 and grew to 190,000 in 2017 Source: Modern Healthcare BountyJobs Reports - Year in Review: Talent Acquisition in 2019 [...]

BountyJobs Bites Over 50% of Gig Workers Increasing Jobs The Numbers: 52% of gig workers plan to increase their project volume this year 78% cited the need for more income Source: PeopleReady Recession has Employees Concerned, Staying Put in Current Roles The Numbers: 60% of full and part-time employees are concerned about the state of the economy More than one-third feel the recession may impact their job security 58% will most likely not look for a new job in 2020 Source: Monster Worldwide Initial Jobless Claims Increase Slightly The Numbers: Total jobless claims for week ending January 18 were 211,000, up 6,000 from the previous week’s level The four-week moving average of jobless claims fell by 3,250 to 224,000 from the previous week’s average Source: U.S. Department of Labor BountyJobs Reports - Year in Review: Talent Acquisition in 2019 and the 2020 Impact The Numbers: A whopping 43% of professionals plan to look for a [...]

BountyJobs Bites Upskilling Critical to Manage Digital Evolution The Numbers: Talent should be prepared for the digital disruption via reskilling and upskilling to ‘complement technological innovation’ 45% of employers felt ‘the digital transformation was advancing too quickly’ compared to 60% in 2019 This change signifies that employers may be more ready to address the change 91% of those in HR believe ‘it's their organization's responsibility to reskill workers to overcome the talent shortage’ 22% are training or reskilling their current workforce to address the problem Source: Randstad Global Talent Shortage Almost Doubled The Numbers: The past decade saw the global talent shortage nearly double 54% of international businesses reported skill shortages Companies in 36 of 44 countries reported more difficulty attracting talent now than in 2018 Source: ManPower Group BountyJobs Reports - Year in Review: Talent Acquisition in 2019 and the 2020 Impact The Numbers: A whopping 43% of professionals plan to look for a [...]

BountyJobs Bites November Job Openings = Big Decline The Numbers: Job openings in the U.S. fell by 561K in November This was the biggest drop since August 2015 Source: U.S. Bureau of Labor Statistics U.S. Economy Expands Yet Labor Markets Tight The Numbers: In the last six weeks of 2019, the U.S. economy expanded slightly However, labor markets remained tight enough to restrict growth in some areas Source: Federal Reserve Beige Book Tech Sector Hiring Hits Lowest Point of 2019 The Numbers: Tech sector hiring fell to the lowest point in December for all of 2019 In December, only 3,500 tech jobs were added to the labor market Source: CompTIA BountyJobs Reports - Year in Review: Talent Acquisition in 2019 and the 2020 Impact The Numbers: A whopping 43% of professionals plan to look for a new job over the next 12 months The majority of employers, 61%, planned to raise wages in 2019, which [...]

BountyJobs Bites Retailers Had Highest Number of Job Cuts in 2019 The Numbers: Retail had the highest number of job cuts at 77,475 in 2019 (21% lower than 2018), 48,753 of them were due to bankruptcies The lowest number of monthly job cuts since July 2018 was December 2019, however, 592,556 jobs were cut in 2019, 10% more than in 2018 Source: Challenger, Gray & Christmas Lowes Planning to Hire 53K Workers for Spring The Numbers: 53K workers are to be hired for full-time, part-time and seasonal jobs for Lowe’s this Spring Walk-in hiring events will be leveraged for the next three months, in which some conversations may result in on-the-spot job offers Source: Lowe’s Companies Small Business Wages ‘Surging’ The Numbers: Q3 and Q4 saw hourly wages at small businesses ‘surging’ In parallel, job increases plateaued during this timeframe as labor markets tightened Source: Paychex BountyJobs Reports - Year in Review: Talent Acquisition in [...]

BountyJobs Bites New State Minimum Wages Launch with the New Year The Numbers: 21 states will implement new minimum wages, with 4 more and D.C. coming later in the year $15.00 will be the highest minimum wage in 2020, and will be in Washington, D.C. starting July 1, 2020 Source: Paycor Most U.S. Workers Experiencing Flat Salaries The Numbers: 50% of U.S. workers haven’t seen an increase in salary, whether from a raise or job change in the past year 38% of those that have had a raise said it was based on performance 31% of those that were given a raise were promoted or received additional responsibilities Source: Bankrate Recession and Talent Shortage Top Business Concerns The Numbers: The biggest external concern of CEOs remained the risk of a recession Attracting and retaining talent was the top internal concern Source: The Conference Board BountyJobs Reports - Year in Review: Talent Acquisition in 2019 and [...]

Happy New Year! 2019 in talent acquisition was one for the record books! The trends we saw in 2018 continued this year but seemed to accelerate at a faster clip. The talent gap continued to widen, impacting every industry regardless of focus. The unemployment rate hovered around an average of 3.5% for much of the year after hitting a 'high' of 4% in January. Recruiters became well-versed in not only each industry...but also each workforce age group in order to stay relevant, and ahead of the competition. (Hint: in this employment landscape, everyone is your competition) Between Gen Z, Millennials, Gen X, Baby Boomers - each group has their own motivators that can make or break an offer. As our goal at BountyJobs is to give you the tools to make your next critical hire, we've covered all of these key topics and more this year. We'll continue to do so in 2020 and beyond, [...]