While hiring is set to rise, budgets are small and the number of folks expected to carry out company goals is even smaller. While talent acquisition teams are quickly adapting to the wide world of data, many don’t know where to start and are completely overwhelmed as to what to track and why. On top of all of this, tech-savvy Millennials make up the largest portion of the workforce and are forcing a change in how hiring and sourcing are done. We’ll look at these and other trends that made an impact on 2017, challenges faced this past year, and key learnings to apply to ensure a powerful 2018 – in our 2017 Talent Acquisition Year in Review.
Top Sought After ‘Hard and Soft Skills’ in 2018
Per a new LinkedIn Learning report, cloud and distributed computing, statistical analysis and data mining top the ‘hard skills’ sought after this year. As for ‘soft skills’, leadership and communication top the list.
Small Business Job Growth Slows
The Small Business Jobs Index declined 0.16 percent in December, closing the year at 99.70. Hourly earnings in December were $26.14, up 2.76 percent YOY and averaged an increase of 2.85 percent for 2017.
Seniors Fastest Growing Segment in Workforce
According to the U.S. Bureau of Labor Statistics, more American Seniors (aged 65+) hold a spot in the workforce than they did almost two decades ago. This portion of the population is expected to be the fastest growing in the workforce through 2024. The top field for this group? Management – about 1.4 million employed as of 2016.
U.S. Wage Growth Slows
Per Glassdoor, the annual median base pay in the U.S. is $51,210 – a slight 1.1% increase year over year.
“U.S. wage growth remains weak as we close out the year, having experienced a sharp decline from a peak of 3.5 percent in January 2017 to this month’s 1.1 percent. This stagnation is part of the continued recovery after the large dip in pay growth in May, June and July of 2017, likely due to the changing composition of the U.S. workforce. As the economy improved, many sidelined workers rejoined the labor market at below-average wages to get their foot in the door with employers. This impacted overall U.S. pay and is likely the reason for the dip and slower recovery,” said Dr. Andrew Chamberlain, chief economist of Glassdoor.
‘BSN in 10’ Becomes Law in New York
New York becomes the first state in the U.S. to require that nurses have a bachelor’s degree. The degree must be earned within 10 years of initial licensure. This requirement begins in 30 months and does not affect current, active nurses.
U.S. Private Sector Sees Open Role Jump
Per the ADP National Employment Report, the U.S. private sector employment saw 250,000 jobs added between November and December. This was the largest gain since March.
“We’ve seen yet another month where the labor market has shown no signs of slowing,” said Ahu Yildirmaz, VP and co-head of the ADP Research Institute. “Throughout the year there was significant growth in services except for an overall loss of jobs in the shrinking information sector. Looking at company size, small businesses finished out 2017 on a high note adding more than double their monthly average for the past six months.”
Hawaii Has Lowest Jobless Rate in November
Hawaii posted the lowest unemployment rate among all states in November at 2.0%, the US Bureau of Labor Statistics reported. North Dakota followed at 2.6%.
Alaska recorded the highest jobless rate among all states at 7.2% in November.