>>By the Numbers: May 1, 2020

By the Numbers: May 1, 2020

BountyJobs Bites:

Initial Jobless Claims Fall to 3.8 Million

The Numbers:

  • For the week ended April 25, the number of initial jobless claims fell by 603,000 to a total of 3.8 million
  • Within the past six weeks more than 30 million initial jobless claims have been filed
  • Source: U.S. Department of Labor

Less Than Half of Employers Expect Job Declines

The Numbers:

  • 32% of employers expect job declines at their firms
  • 1 % expect increases
  • 63% have leveraged a hiring freeze due to COVID-19
  • Source: National Association for Business Economics

GM to Hire Temporary Workers to Produce Ventilators

The Numbers:

  • GM plans to hire more than 1,000 temporary workers to assist in ventilator production
  • At least 30 ventilators are planned by the end of August per a $489 million government contract
  • A starting wage of $16.67 per hour is the rate for both full and part-time positions
  • Source: RTV6 Indianapolis

Updated Unemployment Rate Forecast Released

The Numbers:

  • Per White House Economic Advisor Kevin Hassett, the unemployment rate could hit 16%
  • Hassett cites the Great Depression as a marker, stating that during that time 8.7 million jobs were lost, but currently the U.S. is losing around that number ‘every 10 days’
  • Source: CNBC

BountyJobs Reports: Special Platform Access for COVID-19 Essential Roles

The Numbers:

  • For companies on the frontline fighting the COVID-19 outbreak, filling critical open roles is more important now than ever before. BountyJobs is committed to helping you get the people you need, fast. We are offering you no cost access to our recruitment marketplace to help you do it.
  • We have collected special offers from our partners to assist those in talent acquisition to make progress in filling essential roles related to COVID-19

Retailers Leverage Virtual Job Fairs

The Numbers:

  • Sprouts Markets is turning to virtual job fairs as it continues plans to open several new stores in Florida and Colorado by July, online interviews will also be held
  • Publix has held virtual career fairs recently in preparation for new stores openings as well
  • Source: Retailer Announcements

Video and Social Posting Increases Amidst COVID-19

The Numbers:

  • Talent acquisition teams have been increasingly adopting a telework process during COVID-19
  • Video, social media, and phone calls are found to be on the rise in the recruiting process
  • 84% of talent acquisition teams are adapting their processes to work remotely
  • 46% have increased social media posting on LinkedIn, Facebook and Instagram to advertise jobs
  • 58% have used social media in order to connect with talent and promote their brand
  • Source: Jobvite

Digital Skills Gaps Apparent in Essential Industries

The Numbers:

  • Strong digital skills is a top need for workers in all industries during the COVID-19 pandemic
  • 33% of workers in the health and social work sector have limited or no digital skills
  • Source: National Skills Coalition

Consumer Confidence Decreases in Short Term but Longer Term More Upbeat

The Numbers:

  • 8% of consumers said business conditions are ‘good’ in April, a decrease from 39.2% in March
  • Only 20% of consumers said jobs are ‘plentiful’ this month, compared to 43.3% in March
  • 40% of consumers expect business conditions to improve over the next six months
  • Source: The Conference Board

Many Not Prepping for Second COVID-19 Wave

The Numbers:

  • 42% of CFOs are not strategically prepping for a second-wave outbreak of COVID-19 in the financial scenarios they are planning for the rest of the year
  • Only 8% of CFOs have a second wave plan included in their planning scenarios
  • 55% of CFOs say they will take a ‘measured approach’ when having employees return to offices
  • Source: Gartner Inc.

Almost 80% of Firms Turned Down Candidates Due to Social Media Content

The Numbers:

  • 79% of businesses have rejected a candidate due to content posted on social media
  • Examples of content that could be grounds for candidate dismissal:
    • Hate speech
    • Images of heavy partying or drug use
    • Illegal or illicit content
    • Poor grammar
    • Confidential or sensitive content about former employers
  • Source: The Manifest

‘Great Repression’ Worse Than ‘Great Recession’

The Numbers:

  • The ‘Great Repression’ happening now could be worse than the ‘Great Recession’ of 2008
  • A forecasted 30% contraction in U.S. real GDP and an unemployment rate of 14.2% by the end of the year with unemployment averaging 13% throughout 2021
  • Source: MarketWatch
By |2020-04-30T18:16:07+00:00May 1st, 2020|Categories: Uncategorized|Comments Off on By the Numbers: May 1, 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.