Each week, we’ll brief you on notable stats and happenings related to current events impacting the job market now or in the foreseeable future.
Valuable Reports to Prep For a Successful 2018
Gig Economy Positively Affects November Jobs Report
The November jobs report from the U.S. Bureau of Labor Statistics reports that the strength of the employment climate is partly due to the gig economy. Per an analysis from Randstad Sourceright, 61% of employers plan to switch up to one-third of their full-time permanent positions to contingent jobs.
Most Midsize Firms Lacking CHRO
A survey from Namely found that 7% of midsize firms have an HR professional in the C-suite. Of those, 73% of C-suite HR leaders are women – compared with 43% in marketing and 27% in technology.
Millennial IT Professionals Not Happy
Research from Spiceworks states that more than one-third of IT specialists are looking for other opportunities, while Millennials in IT are the least satisfied…and ready to jump ship.
IT Hiring to Increase in Early 2018
The Robert Half Technology IT Hiring Forecast and Local Trend Report states that U.S. Chief Information Officers are planning more hiring in the first half of 2018 than they were a year ago. 21% of CIOs plan to add more full-time technology professionals – an increase of 5 points year over year.
Salaries for IT Leaders to Increase
TEKsystems’ annual IT Forecast research states that 58% of IT leaders expect salaries to increase in 2018 – that was 36% last year. Another 40% are banking on salaries staying the same, whereas a year ago that was 63%.
1 in 5 Workers to Lean on AI for Their Job
A report from Gartner finds that by 2022 one in five workers will utilize AI for their job – even for nonroutine tasks. As well, AI is thought to create 2.3 million jobs – and only eliminate 1.8 million…by 2020.
“Using AI to auto-generate a weekly status report or pick the top five emails in your inbox doesn’t have the same wow factor as, say, curing a disease would, which is why these near-term, practical uses go unnoticed,” Craig Roth, research vice president at Gartner, said in a press release. “Companies are just beginning to seize the opportunity to improve nonroutine work through AI by applying it to general-purpose tools. Once knowledge workers incorporate AI into their work processes as a virtual secretary or intern, robo-employees will become a competitive necessity.”
Q1 Hiring Outlook Strongest in 10 Years
The latest Manpower Employment Outlook Survey states that U.S. employers have reported the strongest first-quarter hiring outlook in 10 years. As ranked among other countries, the U.S. was 43rd regarding the strongest outlooks, joining Japan, Taiwan, and India among others. 21% of survey respondents plan to hire more in the first quarter. Seasonally adjusted, this is 19% – the strongest outlook in 10 years.
Employment Trends Index Falls After Large Increase in October
The Conference Board’s US Employment Trends Index fell in November after a sharp increase in October.
“The decline in the Employment Trends Index in November comes after one of the largest monthly increases ever last month,” said Gad Levanon, chief economist, North America, at The Conference Board. “The ETI is still on an upward trend and suggests that employment is likely to continue to grow in the months ahead. The US economy has been accelerating in recent quarters, leading to strong labor demand that is unlikely to slow down in the coming months.”
The index now stands at a level of 135.88, down from October’s revised level of 136.23. However, the index is up on a year-over-year basis in November by 4.7%.
Job Openings Fall in October
The number of U.S. job openings fell by 181,000 in October from the prior month to 6.0 million, according to seasonally adjusted numbers released by the US Bureau of Labor Statistics. However, the number of hires rose 4.4%.
Job openings have been at or near record high levels since June
Major U.S. Manufacturing Company Facing Hiring Challenges
Ingersoll-Rand has close to 1,000 open roles to fill, with many that pay more than $100,000, but they’re having a hard time finding the right candidates. The culprit? The skills gap.”The main cause of that is the so-called skills gap”, CEO Michael Lamach said in a recent interview at the company’s headquarters.“Most parents, I think, will coach their kids to go to college, and in doing so, are not thinking about some of the vocational areas,” he said.