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 for 2019.
ISM Manufacturing Index Increases & Employment Expands
The Numbers: November’s index registered 59.3 which is up from October’s reading 57.7 per the Institute for Supply Management’s purchasing managers index for U.S. manufacturing. Any reading above 50% generally indicates improving conditions.
BountyJobs Reports: Hard to Hire 2018: Third-Party Recruiting and the State of Talent Acquisition Report
The Numbers: What makes a position hard to fill? While 67% cited that hiring in competitive industries caused much of their challenges, the obstacles were split among responding groups. The lowest challenges on the list were ‘overwhelmed internal recruiters’ and ‘the hire being outside the internal recruiter’s area of expertise’ at 22% and 17% respectively. To get the full data surrounding these challenges, download the full report.
14% of U.S. Workers Paid the Same Amount Year Over Year
The Numbers: U.S. wage growth has remained essentially flat even amidst reports of positive economic metrics and a low unemployment rate. Due to the cost of living increases each year, many wage increases are actually wage declines.
Job Interview on a Voicemail Message?
The Numbers: Many employers are utilizing voicemails as tools for initial phone screen interviews. Per The Wall Street Journal, candidates are asked standard questions from a machine – this helps candidates to schedule interviews at their convenience and may help employers speed up the hiring process, but also takes away the ability for candidates to ask questions.
Less Than a Year on the Job? Time to Move On!
The Numbers: Of 52% of U.S. workers planning to look for a new job in 2019, 54% of them started a new just less than a year ago, per a study from Adtaxi. 61% of those on a job search will do so via the internet with 59% using a job board.
Intent to Stay at Current Job Decreases
The Numbers: 53% of workers globally have a ‘high or somewhat high intent to stay in their current positions’ per the third-quarter Global Talent Monitor released by Gartner. This is down from 60% of workers with that same intent in the first quarter and makes 5 consecutive quarters of decline.
Flexibility and Digital Sophistication Tops for Workplace Trends
The Numbers: Hiring for potential and offering flexibility and the opportunity to develop digital sophistication will be the focus for employers in 2019, combatting the current historically low unemployment. “HR strategies won’t be effective if they don’t evolve,” said Jim Link, chief human resources officer at Randstad North America. “Ensuring your company attracts the best talent and is poised to innovate in the future means taking a holistic approach to every decision HR makes. Anticipating digital disruption and developing a meaningful diversity and inclusion strategy will be paramount.”