Second Half of 2018 to See Hiring Increase
The Numbers: Careerbuilder’s new mid-year 2018 U.S. job forecast states more hiring managers and HR professionals are looking to hire in the back half of 2018 than what was seen at the same time in 2017. 63% plan to hire full-time, permanent workers – this is up from 60% last year.
Salary Wages Hit Nearly 10 Year-High
The Numbers: Per the Bureau of Labor Statistics report looking at April – June, the employment cost index rose 0.6% for civilian workers. This increases the 12-month rate to 2.8% which is the highest level since Q3 of 2008 which saw 2.9%.
219K Jobs Added in July: ‘No Signs of Slowdown’
The Numbers: The ADP National Employment Report states that the U.S. private-sector employment rose by 219K jobs in July – said to be the ‘strongest hiring since February’. “The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending,” said Mark Zandi, chief economist of Moody’s Analytics. “Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat.”
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Online Job Ads Increase After Three Months Of Decline
The Numbers: The Conference Board’s report found that U.S. online job ads increased by 170,800 in July to more than 4.6 million – this is after consecutive decreases from April – June.
Jobless Average Falls, But Still Has ‘Sustained Strength’
The Numbers: “The US four-week moving average of initial claims for unemployment insurance fell to 214,500 last week, down 3,500 from the previous week’s unrevised average, the US Department of Labor reported today. The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended July 28 rose to 218,000, up 1,000 from the previous week’s unrevised level.”
Minneapolis Has Lowest Jobless Rate
The Numbers: “The Minneapolis-St. Paul-Bloomington area in Minnesota and Wisconsin posted the lowest unemployment rates among all large, US metropolitan areas in June at 2.8%, the US Bureau of Labor Statistics announced today. The Cleveland-Elyria area in Ohio posted highest jobless rate among large metropolitan areas in May at 6.1%.”
U.S. Manufacturing Index Loses Steam
The Numbers: The U.S. manufacturing sector saw economic activity accelerate in July at a slower rate than in June, per the Institute for Supply Management’s manufacturing index. The index fell from a reading in June of 60.2 to a reading of 58.1 in July. As background, readings above 50 are generally thought to indicate improving conditions. The employment side of the index rose in July over June – 56.5 from 56, respectively – this marked the 22nd consecutive month of employment growth.
Amazon and Walmart Focus on Tech Hiring for 2018
The Numbers: A report by IEEE Spectrum found that Amazon and Walmart are leading the way regarding hiring in the tech world. At their facility in Vancouver, Amazon has announced adding 3K cloud computing and machine learning engineers. Within their Dublin office, the giant has plans to add 1K software and development engineers, expanding their Amazon Web Services component. Walmart has plans to hire 2,000 more tech workers for its Walmart Labs unit.
Recruiting that Blends Tech with Personalization is Best
The Numbers: Research from ManpowerGroup Solutions found that job seekers like the convenience of apps, webchats, and even virtual job fairs. However, when it comes down to it, interacting in-person for interviews is preferred.
Salary is Top Motivator but Benefits Are Close Behind
The Numbers: A new Glassdoor study found that 67% of job seekers and employees list money as the top motivator for looking for new job opportunities. Benefits and perks such as shorter commute time and location of office also rank well.
Job Hoppers Earn More
The Numbers: The ADP Research Institute Workforce Vitality Report states that the wages of workers in the U.S. saw an average increase of 3% over last year to about $27.46 per hour. Higher wages are also seen within the 55 and older age group – these job hoppers are seeing a 6.3% increase, 1.5% higher than those between the ages of 35 to 54. This could indicate that employers are looking at a larger variety of candidates in this tight labor market.
Smaller Businesses Having a Hard Time Recruiting
The Numbers: A survey from Enterprise Bank and Trust found that recruiting and retention are two of the top three issues that small and midsized businesses have to deal with today. 83% of those surveyed stated that finding the right people was the toughest issue.
Workspaces for Flexible Schedules Most Desired
The Numbers: Per the Capital One 2018 Work Environment Study, 85% of respondents ‘believe flexible workplace design is important’. 83% state their best ideas happen when they are working in flexible workspaces.
Job Hoppers Not Leaving Due to Unhappiness
The Numbers: A survey from Comet found that 66% of respondents considered leaving their job, but only 18% stated that is due to dissatisfaction with their current role. Money was listed as the top reason to make a move, especially in industries such as hotel, food services, and hospitality.
Experience Requirements Falling Off
The Numbers: The Wall Street Journal has posted that employers are decreasing skill and degree requirements to help ensure a larger volume of candidates. This is especially seen in low unemployment areas such as Dallas or Louisville. An extra 1 million jobs were posted last year with ‘no experience necessary’.
Dependence on Robots Increasing
The Numbers: Germany, Japan, and South Korea are utilizing industrial robots at a faster rate than younger nations. Research from MIT finds that ‘by 2050, 35 nations in Europe, Asia, and Latin America will have fewer than two workers for each retiree, potentially driving increased demand for automation tech. The U.S. social security system is stable at a ratio of 3 workers per retiree. When it falls to 2 to 1 it becomes unsustainable.
Employers Not Prepping Workers for Tech Roles
The Numbers: Per a survey by Researchscape for Coding Dojo, more than 50% of respondents feel that employers aren’t getting workers ready adequately for future tech jobs. 90% stated that employers hold the responsibility for upskilling staff…not the workers themselves. 57% said they lack basic coding skills…and 12% feel they aren’t tech literate at all – even with basic apps such as social media and smartphones.
Tech is Important but Hard to Make the Change
The Numbers: A new study from KPMG found that while most organizations agree that intelligent automation and other tech innovations will have a large impact on their staff, they are not ready to make the transition.