Graduating Class Salaries Flat
The Numbers: Per NACE’s ‘Summer 2018 Salary Survey’, starting salaries for those graduating in 2017 continue to be flat. Those with bachelor’s degrees increased by only .3% compared to 2016. The overall average salary is $50, 516 which is on par with 2016 at $50,359. Health sciences majors bucked this trend with a 7.5% increase to their average starting salary which went from $50,124 in 2016 to $53,872 this year.
Hawaii Posts Lowest Jobless Rate in June While Alaska Posts the Highest
The Numbers: Per the U.S. Bureau of Labor Statistics, Hawaii posted the lowest unemployment rate for June at 2.1%. North Dakota came in second at 2.6% and Colorado, Iowa, and New Hampshire all came in at 2.7%. Alaska was the highest at 7.1%.
The Numbers: Millennials have surpassed Generation X and are currently the largest generation within the U.S. workforce. By 2020, about 46% of the workforce in the United States will be millennials. This number will increase to 75% by 2030. Following on their heels will be Generation Z – some of whom are just entering the workforce and make up 26% of the overall population. These numbers command the attention of any talent acquisition professional who is sourcing in today’s tight labor market. Our webinar stream, with special guests from Bayard Advertising, shares ways to tailor your talent acquisition strategy for the current hiring reality.
Employment Increasing Within Tight Labor Market
The Numbers: According to the Beige Book, employment rose slightly in May and June within most districts despite tight labor markets. Reported shortages of qualified labor spanned across roles – engineers, construction/manufacturing workers, IT professionals, truck drivers, etc… To combat the growth constraints caused by the labor gap, some firms were instituting additional work hours, increased retention efforts, partnering with local schools, as well as converting temp employees to permanent status and increasing wages.
‘Solid Growth’ to Continue for U.S. Economy
The Numbers: The Conference Board’s US Leading Economic Index rose 0.5% in June to a reading of 109.8 (2016 = 100), following no change in May, and a 0.4% increase in April. “The US [Leading Economic Index] increased in June, pointing to continuing solid growth in the US economy,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The widespread growth in leading indicators, with the exception of housing permits which declined once again, does not suggest any considerable growth slowdown in the short-term.”
Jobless Claims Average Decreases as Initial Claims Nears 50-Year Low
The Numbers: “The US four-week moving average of initial claims for unemployment insurance fell to 220,500 last week, down 2,750 from the previous week’s revised average, the US Department of Labor reported today. The previous week’s average was revised upward by 250. The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended July 14 to 207,000, down 8,000 from the previous week’s level, which was revised up by 1,000. This is the lowest level for initial claims since Dec. 6, 1969, when it was 202,000.”
The Skills Gap is Widening
The Numbers: Research from Korn Ferry finds that by 2030 the global talent shortage could reach 85.2 million people – costing companies trillions of dollars in lost economic opportunity. 60% of employers find it challenging to fill open roles within 12 weeks. Check out our whitepaper, ‘The Truth Behind the Skills Gap‘ to discover valuable data and impactful strategies to combat this challenge.
Five of Top Tech Giants Interview Processes Revealed
The Numbers: Comparably released results of a new study that compiled responses from employees at Apple, Amazon, Microsoft, Google, and Facebook regarding their interview experiences. On a scale of 1 to 100, Apple and Microsoft scored 90 and Facebook scored lowest at 83. Google was ranked ‘difficult’ or ‘very difficult’ by 49% of its employees – Apple ranked next at 49%. Amazon was reported to have the easiest interviews by 30% of responses. Most stated that applying online was the best way to land an interview, though those at Google and Microsoft said that going through a recruiter was best. The majority heard back within a week of the last interview, though Google and Facebook could stretch it to four weeks.
You Can Keep Your Beer Pong and Free Ice Cream
The Numbers: A recent survey from LinkedIn found that almost half of those surveyed, 44%, value health coverage and more paid-time-off to stay at their jobs for 5+ years over superfluous perks such as ping-pong, helicopter rides, and free lunch. 51% of those surveyed stated that work-life balance and flexibility was a top reason of having pride in their company.
Employers Offer Financial Education for Workers
The Numbers: A survey from the International Foundation of Employee Benefit Plans found that 63% of employers are offering financial education to employees. Per the survey, finances are negatively impacting the workplace due to stress at 79% of respondents, lack of focus at work at 64%, physical health issues as 36%, and absenteeism at 34%.
Notable Gaps in Spite of Harassment Training
The Numbers: The NAVEX Global report found that 73% of respondents state their organization train their board members on harassment policies, which is up from 44% in 2017. However, 28% of organizations aren’t providing training at all or only offering the training one time. Other risk areas were not included in the training offered to directors such as code of conduct at 25%, workplace harassment at 44%, cybersecurity at 25%, conflicts of interest at 23%, and bribery/corruption at 20%.
More than 50% of Workers Open to New Opportunities
The Numbers: A new survey from Accounting Principals found that 50% of respondents thought that 1-2 years was a good amount of time to be in a job before looking for another. 55% were passively open to new opportunities and 43% would jump ship for a job that paid better.
Millennials are Harsh Critics Regarding L&D Programs
The Numbers: The ‘2018 State of Leadership Development Report’ found that 40% of employees aged 36 and younger thought their company’s learning and development programs were ‘excellent’ while 67% of baby boomers thought the same. Time constraints were a big problem cited, and younger professionals also noted poor content, lack of expertise, and no ROI as other issues.
Majority of Tech Workers Discouraged From Salary Discussion
The Numbers: A new survey from Blind found that about 60% of tech workers state that their current employer discourages salary talk between co-workers, even though there are laws in place that protect such conversations. The survey found that Booking.com had the highest percentage of workers that felt the discouragement at 71% – Cisco was second at 67% followed by Microsoft at 65%.
Four-Day Workweek a Proven Success in New Zealand
The Numbers: Estate Planning firm Perpetual Garden tried out a reduced schedule of a four-day workweek for two months. The firm saw a large increase in employee satisfaction, work-life balance, team engagement, and collaboration.
Women on Fortune 500 Grew a Record 10%
The Numbers: The ‘2018 Board Monitor’ from Heidrick & Struggles found that the number of women directors rose 10% in 2017 over 2016 from 28% to 38%. Using their algorithm, the firm expects that women directors will reach equal pay of men by 2025.
Nike Giving Raises to Over 7K Employees
The Numbers: After reviewing its compensation packages to address pay inequality concerns, Nike is raising the salaries of more than 7,000 employees as well as updating its annual bonus system. Moving forward, Nike has said it will create new policies in response to complaints surrounding their culture and diversity (or lack thereof).
Tech and Analytics Adopted Widely by World-Class HR Orgs
The Numbers: Research from The Hackett Group found that ‘world-class HR organizations’ spend 26% less and rely on 32% less staff than other HR organizations – while also embracing digital transformation. Progress can be seen in less than two years and an earned world-class status could happen in less than five years with the adoption of digital technology, per the firm’s findings.
Government, Employees, and Educators – Pull Together to Combat Skills Gap
The Numbers: The Council of Economic Advisors released a report summarizing the need for the reskilling of American workers to support the future of jobs. The report states that learning and skill development tends to happen most in the first 25 years of life and then dwindles afterward. In addition to the businesses themselves, educators and employees, as well as the government, need to band together to bridge these skills gaps.
Skills Specialization Impacting Career Advancement
The Numbers: Research from Science Advances has found that skills specialization and polarization are adding to the increased wealth disparity and negatively impacting the potential of upward mobility for some workers. Due to large differences in education and the increasing demand for specialized skills, many workers will find it hard to earn career advancement.
Innovative Culture Imperative for Digital Transformation
The Numbers: ICF’s Federal Digital Trends report found that 90% of respondents felt that ‘security and privacy issues are roadblocks in technological innovation’. As well, 90% stated that the government should give their IT procurement process a facelift.