>>By the Numbers: January 31, 2020

By the Numbers: January 31, 2020

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 new job over the next 12 months
    • The majority of employers, 61%, planned to raise wages in 2019, which was up from 48% in 2018. What’s in store for 2020?
    • Manufacturing saw consecutive increases in employment for over 18 straight months, the longest stretch since the mid-1990s. However, around 90% of manufacturing
      companies couldn’t fill all of their open roles.

HR Feeling ‘Overcommitted’ Due to Talent Expectations

The Numbers:

  • Helping drive organizational performance and growth alongside managing the digital transformation is HR’s top goal for 2020
  • Rising expectations has HR feeling ‘overcommitted’
  • Critical development areas also include talent management and development as well as the skills gap
  • Source: The Hackett Group

Unskilled Labor Shortage; First Time in 10 Years Employment Increases and Decreases Level Out

The Numbers:

  • Finding unskilled labor has become even more challenging per a recent survey
  • Despite this, 18% of firms surveyed ‘reported reduced employment’ while 18% also ‘reported increased employment’ over the past three months
  • “For the first time in a decade, there are as many respondents reporting decreases as increases in employment at their firms than in the previous three months,” said NABE Business Conditions Survey Chair Megan Greene, senior fellow, Harvard Kennedy School.
  • Source: National Association for Business Economics

Almost Half of Global Staffing Firms Expect Recession

The Numbers:

  • 45% of global staffing firms expect a recession in 2020, up from 30% in last year’s survey
  • 64% reported economic uncertainty as their ‘top macroeconomic challenge for the coming year’
  • 77% reported that ‘employers must speed up worker pay increases if they want to compete for qualified candidates’

Consumers Encouraged by Jobs, Could Boost Economy

The Numbers:

  • The U.S Consumer Confidence Index increased to 131.6 in January from 128.2 in December
  • 2% of consumers surveyed expected more jobs in the coming months, an increase from 15.5% in December
  • Source: The Conference Board

Almost Half of Global Staffing Firms Expect Recession

The Numbers:

  • 45% of global staffing firms expect a recession in 2020, up from 30% in last year’s survey
  • 64% reported economic uncertainty as their ‘top macroeconomic challenge for the coming year’
  • 77% reported that ‘employers must speed up worker pay increases if they want to compete for qualified candidates’
  • Source: Bullhorn

 

Recruiting Firms: ‘Employers Must Raise Wages’

The Numbers:

  • 77% of recruiting firms surveyed said ‘employers must raise wages to compete for qualified talent in 2020’
  • 44% stated this was one of their top three hiring challenges for the next 3-5 years, which is up from 30% last year
  • Source: Bullhorn

Starting Salaries for Grads Flat

The Numbers:

  • Starting salaries for new engineering, computer science, math, and science grads for the class of 2020 are flat compared to last year
  • $67,411 is the projected starting salary for computer science majors in 2020, which is a .2% decrease from last year
  • Math and science grads will have a .5% increase to $62,488
  • Engineering grads will see a 1.1% increase over last year for a projected starting salary of $69,961
  • Source: National Association of Colleges and Employers
By |2020-01-30T20:15:50+00:00January 31st, 2020|Categories: Uncategorized|Comments Off on By the Numbers: January 31, 2020

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.