BountyJobs Bites Temp Revenue Growth Climbs to Highest in Three Years The Numbers: Per the Staffing Industry Analysts’ Pulse Survey Report, U.S. temporary staffing revenue growth increased at a median 11% year over year in October from September, which is up 9% month over month as well. This is the highest increase known since 2015. “October was a robust month for temporary staffing overall with median year-over-year revenue growth spiking to a three-year high of 11%,” SIA Research Analyst Sree Thiyagarajan said. “The healthcare staffing sector indicated a promising month in October, with all segments reporting double-digit growth in revenue from prior year.” Economy Still Solid, But Cooling Off The Numbers: The median forecast see real GDP growth at 2.9% on an annual basis this year, which is the same as the October 2018 forecast. These economists, surveyed by the National Association for Business Economics, still predict a 2.7% annual growth rate in real GDP [...]

BountyJobs Bites Money is Top Priority for Job Seekers The Numbers: Per a report from Monster, 44% of respondents stated that better pay is a main influencer of their job search. 24% are driven to get out of a career rut. Bad bosses also play a big part. Women Decreasing in Numbers from the Talent Pipeline The Numbers: A recent study finds a ‘leaky pipeline’ with entry-level women starting out earning 20% less than men and are 21% less likely to be promoted. Women, especially those of color, are disappearing from the talent pipeline including up to the C-suite, per research from Bentley University’s Gloria Cordes Larson Center for Women and Business. Tulsa, OK to Pay You to Work From There The Numbers: Tulsa’s new initiative, Tulsa Remote, offers financial assistance and bonuses up to $10,000 for remote workers and entrepreneurs to work there, per The Washington Post. Over 6,000 have already applied – included [...]

Hard to Hire 2018: Third-Party Recruiting & the State of Talent Acquisition Our annual survey report is hot off the presses! ‘Hard to Hire 2018: Third-Party Recruiting & the State of Talent Acquisition’ covers the valuable data captured from our annual survey and serves it up to you in an easy-to-digest report. Over 500 Human Resources, Talent Acquisition, Hiring Manager, and Recruitment professionals from a wide variety of industries and company sizes responded to this important survey. The talent acquisition challenges of today are unparalleled, so we ask, how are you navigating this roller coaster of recruiting while staying in front of your competition? The Realities of Today’s Hiring Landscape Today’s hiring environment is the hardest it’s been in decades! 90% of respondents feel the current hiring market is more challenging now than in the past. The culprit selected more than others? The historically low unemployment rate and gaps in skills needed for current open [...]

BountyJobs Bites Manufacturing Sees Unprecedented Workforce Shortfall The Numbers: The hiring crisis facing the manufacturing industry could get worse per a 2018 skills gap study from Deloitte and The Manufacturing Institute. The skills gap impacting the manufacturing industry is forecasted to increase from about 488,000 open jobs today to around 2.4 million jobs in 2028. Turnover is at an All-Time High The Numbers: Turnover in the U.S. was at 19.3% so far this year, which is a full percentage point up from 2017 and more than 3.5 percentage points since 2014 per a report from Compdata. The industries with the highest turnover were hospitality, healthcare, and manufacturing and distribution. Those with the lowest turnover were utilities, insurance, and banking and finance. U.S. Hiring Growth Flat The Numbers: Per LinkedIn’s November Workforce Report, U.S. hiring growth has leveled out. “Gross hiring in the US rose 3.8% year over year in September; seasonally adjusted national hiring remained [...]

BountyJobs Bites Unemployment Holds at 3.7% The Numbers: The unemployment rate held steady at 3.7% while the U.S. labor market gained 250,000 nonfarm jobs in October, per the U.S. Bureau of Labor Statistics monthly job report. The industries with the largest job growth were healthcare (36K), manufacturing (32K), construction (30K), and transportation/warehousing (25K). Employment Trends Index Increases in October The Numbers: “The Conference Board’s US Employment Trends Index rose in October, following a decrease in the prior month. The index in October rose 4.6% year over year to a reading of 110.72, up from the downwardly revised reading of 110.39 in September. “After last month’s decline, the Employment Trends Index bounced back and is signaling solid employment growth through the winter,” said Gad Levanon, chief economist, North America, at The Conference Board. “The main determinants of wage growth — economic growth, a tight labor market, faster inflation and labor productivity growth — are all aligning to accelerate wage growth.”” [...]

BountyJobs Bites Consumer Confidence at 18-Year High The Numbers:  “The Conference Board’s consumer confidence index increased again in October following a modest improvement in September. The index rose to a reading of 137.9 (1985=100), up from 135.3 in September. The index remains at levels last seen in September 2000, when it was 142.5. “Consumers’ assessment of present-day conditions remains quite positive, primarily due to strong employment growth,” said Lynn Franco, director of economic indicators at The Conference Board. “The Expectations Index posted another gain in October, suggesting that consumers do not foresee the economy losing steam anytime soon. Rather, they expect the strong pace of growth to carry over into early 2019.”” U.S. Private-Sector Job Growth Bounces Back The Numbers: “The US private sector added 227,000 jobs in October, according to the ADP National Employment Report. That’s up from 218,000 in September and 162,000 in August. “The job market bounced back strongly last month despite being [...]

BountyJobs Bites Wages for U.S. Workers Rise 3.5% Year Over Year The Numbers: “Wages for US workers increased 3.5% over the last year, raising the average wage level by 95 cents to $27.81 an hour, according to the ADP Workforce Vitality Report, released today. The growth was driven by strong wage gains for workers in the professional and business services industry, and in trade.” Payroll Growth Solid, Jobs Growth Decelerating The Numbers:  Payroll growth is solid this month, but the US private-sector rate of job creation decelerated to its slowest since June 2017, according to the IHS Markit Flash US Purchasing Managers Index. Services industries reported that tight labor market conditions had held back recruitment plans. “The flash PMI surveys indicate that the pace of economic growth gained momentum again in October after having been subdued mainly by adverse weather in September. The headline PMI is running at a level broadly consistent with the economy growing at [...]

BountyJobs Bites Job Openings Hit New Record High The Numbers:  August saw an 18.1% increase in job openings year over year as that number hit 7.1 million. There were about 6.2 million unemployed in August as well. The U.S. Bureau of Labor Statistics reported that the number of job openings in August not only hit a new record but outpaced the number of unemployed in the same month by 902,000. Growth in Number of Needed RNs to Jump 28% The Numbers: Per research from RegisteredNursing.org, the number of registered nurses needed in the U.S. is to soar by 28.4% (3.6 million) by the year 2030. Most states seem set to keep up with demand, however, California has the largest deficit of an estimated 44,500. Canada Adding Tech Jobs The Numbers: Employment for tech roles in Canada increased by nearly 45k jobs in 2017 – an estimated 1.2 million workers, per the Cyberprovinces 2018 report from [...]

BountyJobs Bites Labor Market to Add 8 Million Jobs in Next 5 Years The Numbers: Between now and 2023, the labor market is expected to add more than 8 million jobs, per a CareerBuilder report.  However, only about 25% of those are thought to positively impact middle-wage earners ($14.18 to $23.59 per hour). High wage and low wage jobs are predicted to have the largest net job growth in the next six years (5.71% and 5.69% respectively). Middle-wage is only predicted to grow at 3.83%. Tight Talent Pool Has Recruiters Sourcing With Creative Strategies The Numbers: Almost 70% of business leaders agreed that the current talent pool is shrinking per a survey from Cielo Talent Acquisition. 54% of respondents stated they have more open positions now than ever before. CEOs Staying on the Job Longer But Are Still Primarily Male The Numbers: The average tenure of a CEO as of 2017 is 11 years, and [...]

BountyJobs Bites Unemployment Rate Plummets to a Near 49 Year Low The Numbers: September saw U.S. job growth slow considerably, most likely due to the impact of Hurricane Florence within the restaurant and retail industries. However, the unemployment rate fell to 3.7% - a near 49 year low. The monthly report from the Labor Department, released today, reported a consistent increase in wages which could signal moderate inflation pressures resulting in gradual interest rate increases from the Federal Reserve. Gig Work Brings In $864 Billion in Revenue in U.S. The Numbers: Workers in the gig economy made up 31% of all U.S. workers in 2017 (about 48 million workers) per Staffing Industry Analysts. That’s an increase from 29% based on 2015 data. As well, $864 billion in U.S. revenue was due to contingent work, which is an increase in growth of 8.8% from 2015. Minneapolis Has Lowest Employment Rate Among Large U.S. Metros in August The [...]