More Jobs Added in June Than Expected, Unemployment Rises
The Numbers: Per the June jobs report from the U.S. Bureau of Labor Statistics, the U.S. economy added 213,000 jobs in June, above the 195,000 forecast by economists. The unemployment rate was expected to hold steady at 3.8% but instead rose to 4%. Labor force participation rose from 62.7% in May to 62.9% in June- these 601K new entrants to the labor force in June pushed the unemployment rate up. Average hourly earnings rose 2.7% year over year and 0.2% over the prior month of May.
What’s Really Behind the Employment Skills Gap: BountyJobs Reports
The Numbers: According to the National Federation of Independent Business, 45% of small businesses are experiencing a challenge when trying to find candidates with the necessary skills. In addition, Forbes reports that there were 6.2 million jobs left unfilled in 2017, which is up from 5.6 million in 2016.
Workers Quitting at Fastest Rate in 17 Years
The Numbers: The combination of the current strong economy and historically low unemployment rate has people quitting their jobs at a rate that hasn’t been seen in 17 years. 3.4 million people in April voluntarily chose to quit their jobs, which is double the 1.7 million that were laid off according to Labor Department figures. Studies say that switching jobs often leads to an approximate 30% annual raise when comparing those that job hopped in May versus those that stayed put over the past year.
Fourth of July Vacations Increases Stress for Managers
The Numbers: A report from AAA in June states that 46.9 million Americans have plans to travel over 50 miles away from home for the July 4th holiday. This is the highest number since AAA started tracking this stat 18 years ago. As the 4th falls on a Wednesday this year, many employees are extending their vacation – one in five managers are ‘feeling overwhelmed by the high volume of vacation requests’.
IT Organizations Show Decreased Hiring Forecast
The Numbers: The IT Spending and Staffing Benchmarks 2018/2019 study from Computer Economics found that only 46% of IT orgs are looking to hire more, which is down from 49% who planned to increase IT headcount per the 2017 study. 38% forecast no change in hiring headcount and only 16% stated they plan to reduce headcount, supporting data pointing to no widespread layoffs in the industry any time soon.
Tight Labor Market Still Negatively Impacts Older Workers
The Numbers: The U.S. Equal Employment Opportunity Commission states that older workers still face a tough time to land a job, though only 3% have lodged a formal complaint.
Financial Advisor Most In-Demand Finance Job
The Numbers: CyberCoders released a list of most-in-demand jobs for the accounting and finance industries in 2018. Here are the top 5 including salary average and year-over-year growth:
- Financial advisor: $85,860; 12.8%
- Loan officer: $68,000; 11.7%
- Tax supervisor: $96,944; 5.9%
- Staff auditor: 64,209; 5.4%
- Director of accounting: $129,606; 5.4%
Total Compensation Increased for Security-Cleared Workers
The Numbers: Total compensation has risen 7% since 2017 to $93,004 for workers with security-clearances per data from ClearanceJobs. Engineering is the highest at $102,012, IT is second at $90,699.
Workers Picking up Business-Based Gigs
The Numbers: The 2018 Profile of a Gig Worker Report states that there is a percentage of workers that are interested in business-based gigs rather than being an Uber or Lyft driver, for example. 75% of this group have other jobs but are open to picking up business-based gig work. Survey respondents have about 20 free hours per week which aligns well with hours needed for a side gig.
“These findings reveal a massive, untapped opportunity in the gig economy for people to have more flexible, hourly work options with businesses,” said Shiftgig CEO Wade Burgess. “The people looking to pick up this work have the soft skills like strong customer service orientation, active listening and social perceptiveness that will benefit businesses looking to fill hourly labor needs.”
Millennials and Gen Z Value More Than Just Salaries
The Numbers: The report, ‘Employers, It’s Time to Grow Up: Engaging the Millennial and Gen Z Workforce’ found that 49% of the senior-level HR decision-makers surveyed are ‘concerned with their organizations’ ability to attract and retain millennials and members of Gen Z’. Employer commitment via diversity and inclusion as well as corporate social responsibility are valued in addition to salary and benefits for the Millennial and Gen Z age groups.
Top In-Demand Jobs Not Requiring a Degree
The Numbers: CareerBuilder released their list of most in-demand jobs of 2018 that do not require a college degree and pay around $20 or more an hour. The top 5 are:
- Electricians: $26.33
- Plumbers, pipefitters and steamfitters: $25.76
- Computer user support specialists: $25.50
- Industrial machinery mechanics: $24.87
- Surgical technologists: $22.68
AI As Tool Only, Still Need Human Talents in Hiring
The Numbers: A survey from Korn Ferry found that professionals trust human recruiters more than AI bots. 72% surveyed said ‘AI should be used during the recruitment process’ and 68% stated it ‘wouldn’t be fair if AI alone chose who should be interviewed without the input of a human recruiter.
Target and Walmart Enlist Autonomous Robots
The Numbers: Facing record low unemployment rates as well as growth in pay, Target will use automatic cash-counting machines rather than human staffers. As more consumers choose to shop online, Target is looking to automate more store work and develop their employees more in the areas of product expertise and customer service. Similarly, Walmart has plans to use robots to scan shelf inventory and act as store directories.
HR Leaders Trust Bots
The Numbers: The ‘Oracle and Future Workplace’ study found that 93% of respondents stated they ‘would trust orders from a bot’. Within the next 3 years 59% believed AI will improve operational efficiencies, 50% believe it will speed up decision making, and 45% it will greatly reduce cost.
Financial Advice Industry Faces Gender Gap
The Numbers: The report ‘J.D. Power 2018 U.S. Financial Advisor Satisfaction Study found that though women control 51% of the country’s wealth, only 16% are financial advisors.
Outdated Tech in the Office Hurts Retention
The Numbers: The study, ‘New Digital Workplace Divide’, found that over 50% of digital workers employed at organizations that are ‘technology laggards’ are frustrated with the employer. In comparison, only 6% of employees at organizations considered to be ‘technology leaders’ felt that way. Those at the workplaces with out of date tech were found to be 450% more likely to move on to other opportunities elsewhere than colleagues at technology leaders.