>>By the Numbers: February 8, 2019

By the Numbers: February 8, 2019

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Unemployment Rate Reaches 4%

The Numbers:

  • The U.S. unemployment increased from 3.9% to 4% in January
  • Nonfarm jobs increased by 304,000
  • Unemployed workers grew to 6.5 million with 175K being temporarily laid off
  • Source: U.S. Bureau of Statistics

Most CFOs Struggle to Find Talent

The Numbers:

  • 93% of CFOs find the competitive hiring market is a strain on recruiting talent
  • Staff-level roles take 30 days or more
  • Manager-level roles can take an average of 5 weeks
  • Source: Robert Half Finance & Accounting

Automation Increases Hiring of Human Workers

The Numbers:

  • 87% of employers plan to grow or maintain headcount due to automation, up from 86% last year
  • 25% of production and manufacturing employers forecast an increase in headcount
  • 20% expect to employ less people this year
  • Source: ManPower Group

2018 in Talent Acquisition and the 2019 Impact

The Numbers:

  • 62% of recruiters state that the obstacles in finding key candidates are harder than they were five years ago
  • 70% of job seekers find that it’s easier to find a job now than it was five years ago
  • 59% of recruiters cite a shortage in skilled labor as a major issue when sourcing candidates
  • Source: BountyJobs

IBM Introduces Program to Help Reskilling

The Numbers:

  • The Data Scientist certification program is to give workers skills, knowledge and expertise for the role
  • Per a LinkedIn study, IBM stated that there are 151K unfiled data scientist jobs across the U.S.

Employment Trends Index Declines

The Numbers:

  • The index fell to a reading of 109.56 in January
  • Due to the government shutdown, some aspects of the Employment Trends Index were unavailable or biased
  • Source: The Conference Board

Hiring Increases for Tech in January

The Numbers:

  • The tech sector added about 11,200 jobs in January
  • IT services, custom software development and computer system design were tops in growth
  • Services and software category brought in about 7,000 new hires
  • Source: U.S. Bureau of Labor Statistics

Manufacturing on the Rise in January after Lull in December

The Numbers:

  • The Institute for Supply Management’s manufacturing purchasing managers index rose to 56.6
  • This is an increase from December’s two-year low of 54.3
  • The employment portion decreased to its lowest reading since April 2018.
  • Source: Institute for Supply Management

Automation Increasing Upskilling

The Numbers:

  • 76% of employers plan to upskill their workforce by 2020
  • This is up from 21% last year
  • Source: ManpowerGroup

Majority of Employers Struggled to Find Candidates in 2018

The Numbers:

  • 83% of HR professionals faced challenges when finding suitable candidates in the past year
  • 52% of HR professionals stated that the skills gap has ‘worsened’ or ‘greatly worsened’ in the past two years
  • 83% feel that the quality of job applicants has decreased
  • Source: SHRM

Skilled Workers Control Silicon Valley Job Market

The Numbers:

  • 95% of hiring managers ‘expect their companies to grow or hold steady in the coming months
  • Source: West Valley Staffing Group

Trade Vacation Days for School Loan Debt Relief

The Numbers:

  • UNUM employees have $32K in student loans, and monthly payments of $350, on average
  • Giving up five vacation days could add up to $1,200 toward student loan debt per year
  • Source: UNUM

Fastest-Growing Job in the U.S.

The Numbers:

  • Solar panel installation is the fastest-growing job across eight U.S. states
  • The median salary for this position of $34,490 in 2017 is expected to increase 105% by 2026
  • Statistician is also a fast-growing job with an average salary of $84,060
  • Farming in Alaska and animal trainers in Oregon are others on the fastest-growing jobs list
  • Source: Bureau of Labor Statistics

Employers Hire for Skill Sets, Not Open Roles

The Numbers:

  • 57% of talent acquisition professionals have hired for a specific skillset, rather than a specified role
  • 77% are hiring for roles today that didn’t exist a year ago
  • Source: Korn Ferry
By |2019-02-11T17:28:38+00:00February 8th, 2019|Categories: Uncategorized|Comments Off on By the Numbers: February 8, 2019

About the Author:

Erin Geiger is a seasoned Content, Editorial, and Product Engagement professional with two decades of experience creating content as well as overall content direction and strategy. Her background stems from a variety of online verticals ranging from start-ups to Fortune 500 corporations.