BountyJobs Bites
June Unemployment at a Shaky 11.1 Percent
The Numbers:
- 8 million jobs were added to the U.S. economy in June
- The unemployment rate decreased to 11.1% in June from 13.3% in May
- However, the misclassification error still continues – the unemployment rate would be 12.3% in June without the error
- Unemployment claims for the week ended June 27 totaled 1.4 million, more than analyst expectations
- Source: U.S. Bureau of Labor Statistics
Construction and Other Industries See Hiring Rebound
The Numbers:
- Hiring in construction was up 77% compared to May
- Growth of at least 75% was seen in industries such as legal, hardware and networking, manufacturing, public safety, public administration and education
- Hiring in June was down 39.6% in June from last year
- Source: LinkedIn Hiring Report
Pay Cuts on the Rise
The Numbers:
- About four million workers (mostly white-collar jobs) have experienced a pay cut during the pandemic
- This could signal a long-term recession
- Source: The Washington Post
BountyJobs Reports: A Talent Acquisition Peer Forum, Implementing a Solid Recovery Plan for Sustained Success
The Numbers:
- Crafting recovery plans with an ever-changing start date
- Adopting a strategic recruiting & onboarding process to handle this unique situation
- Identifying updated KPIs to measure what matters to the business
- Source: BountyJobs
Future Planning for HR Leaders in Flux
The Numbers:
- More than 50% of HR leaders have continued business operations in spite of COVID-19, though at a scaled back level
- 40% report that optimizing costs has been the biggest priority change since January
- Source: Gartner
Results-Oriented Remote Work Wanted by Workers
The Numbers:
- More remote work, especially with a focus on results instead of how many hours worked is something that workers report wanting post pandemic
- Almost 75% of global workers said ‘a mix of office-based and remote work is the ideal way to go’
- 69% stated they want more digital training
- Source: The Adecco Group
Consumer Sentiment on the Rise But Still Low
The Numbers:
- Consumer sentiment remains lower than pre-pandemic levels, but is improving
- Economic conditions are still seen as weak and uncertain
- 6% of consumers ‘expect business conditions to improve in the next six months’
- Source: The Conference Board
‘Windowed Work’ Allowing Workers Increased Productivity
The Numbers:
- 79% of professionals report their jobs allow for ‘windowed’ work (ability to break up their day into distinct aspects of business and personal time)
- 73% find this has led to greater productivity
- Source: Robert Half International Inc.
Majority of Recruiting Professionals Forecast Better Economy by End of Year
The Numbers:
- 56% of recruiting professionals feel the economy should improve by the end of this year
- 2% feel there will be a sustained depression that extends past 2021
- 30% reported their businesses were performing better than or as well as this time last year
- Source: Bullhorn
Almost 2.4 Million Jobs Added in June
The Numbers:
- “Private-sector employment in the US rose by nearly 2.4 million jobs in June compared to the previous monthly”
- “As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses,” said Ahu Yildirmaz, VP and co-head of the ADP Research Institute. “In fact, 70% of the jobs added this month were in the leisure and hospitality, trade and construction industries.”
- Source: ADP National Employment Report
Temporary Jobs Increase in June
The Numbers:
- Temp jobs rose by 148,900 in June for a total of more than 2.2 million jobs
- This is still a decrease of 699,000 year over year
- Source: U.S. Bureau of Labor Statistics