>>By the Numbers: May 11, 2018

By the Numbers: May 11, 2018

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Job Openings Hit Record in March

The Job Openings and Labor Turnover Survey reported that March saw a record 6.6 million job openings. That’s estimated to be one job for each unemployed person – up from 1.9 people per job at the beginning of the Great Recession. In addition, the ‘quits rate’ which signifies confidence in the ability to land a new job after quitting, rose to 2.3%.

Unemployment Rate Predicted to Fall Further

The Conference Board’s Employment Trends Index (ETI) increased once more in April to 108.08 which is a barometer of solid employment growth. In addition, the Conference Board predicts that the unemployment rate for May 2019 to be 3.5% as the size of the working-age population stalls in growth.

Job Growth Expected to Be Strong Throughout Summer

“In recent months, the Employment Trends Index continued to improve, signaling that employment growth will remain solid through the summer,” said Gad Levanon, chief economist, North America, at The Conference Board. “With the economy growing well above trend, and the working-age population barely growing at all, we expect the labor market to significantly tighten in the coming year. At 3.9%, the unemployment rate is historically low, and we expect it to be around 3.5% a year from now.”

Tech at Core of Branding Strategies to Attract Talent

Per Randstad’s report, ‘Sourceright’s Talent Trends Quarterly’, 75% of employers have plans to improve their recruiting strategies to ‘simplify and accelerate hiring’. As well, 46% of employers are looking to technology to assist in the productive aspect of their hiring processes – AI, chatbots, and predictive analytics are a few examples that when implemented employers hope will free up time for staffers to focus on high priority projects.

2018 Grads Still Job Searching

A survey from Monster.com found that most 2018 grads still do not have a job lined up. The survey reports that three out of four graduates do not have a job solidified and 36.5% are just starting the job search now (or delaying it until after finals/graduation).

Waste Management Battling Skills Gap

Waste Management’s operations in Omaha, Nebraska are experiencing a skills gap causing a shortage of drivers. To find suitable hires, the company has turned to job fairs and bonuses. The shortage has affected environmental processes such as forcing yard waste to be dumped at the landfill rather than a compost plant.

Global CHROs Cite Digitalization as Top Priority

One-third of CHROs in the U.S. cite digitalizing their workplace as a top priority, according to ServiceNow’s global survey. 56% of respondents stated moving forward they feel their role would focus on creating a “digital, consumerized employee experience.”

Top Stressors for Employees Released

A study from Comparably reveals a list of causes of workplace stress – 41% stated ‘unclear goals’, while ‘commute’ and ‘bad boss’ were tied for second.  ‘Difficult coworkers’ and ‘long hours’ followed as a close third and fourth.

Workers Without Flexible Work Hours Jump Ship More

A study from researchers from the University of Michigan and California State University Channel Islands found that employees without flexible schedules are more likely to leave for another opportunity.  The idea of work-life balance is valued by both childless workers and men in addition to women and parents.

Skills Shortage Could Have Large Impact by 2030

A study from Korn Ferry finds that the skills shortage could critically impact the growth of the U.S. market by 2030 if nothing is done to solve the issue. The study, ‘Global Talent Crunch’ states that the talent shortage in the U.S. ‘could create 85.2 million unfilled jobs and nearly $8.5 trillion in unrealized revenue.’

Most Companies Cover Wellness Programs

Per the ‘Health and Well-Being’ Survey from Fidelity Investments and the National Business Group on Health, 86% of employers ‘offer financial incentives for participation in well-being programs’. 67% of employers ‘intend to offer well-being programs not focused on physical health: 92% of those plan on expanding coverage to emotional health, 90% to financial wellness, and stress management at 77%.

Nonprofits Engage Workers More Than Others

A report from ‘Work for Good’ found that 93% of employees at nonprofits are engaged at work, which is triple the national average. 77% are highly satisfied with their current role despite the fact that 52% say they are financially uncomfortable.

Cities Hit Hard with Skills Gap Pay Student Loans to Attract New Candidates

The Wall Street Journal reports that some cities are offering up to$15K in student loan repayment. Between a historic low in unemployment and an aging workforce, some areas are feeling the skills gap pain more than others.

Nursing Schools Rejecting Much Needed Applicants

The American Nurses Association predicts that the U.S. will need more than one million new registered nurses by 2022…but nursing schools are denying admission to a large number of applicants.  In 2017 alone, more than 56K qualified candidates were rejected due to lack of resources to admit more students.

More Workers Needed to Support Automation

Per a report from Manpower, ‘Robots Need Not Apply’, employers will need more staffers to support automation – not less resources as feared. 91% of respondents stated their headcount will maintain or increase in the next 2-3 years as advanced automated processes are implemented. 61% of companies responding stated they valued communication skills over other skills and looked to a combination of human strengths with technical and digital know-how.

Retail Newest Industry Impacted by Gig Economy

Shops and cafes are enlisting gig workers for one-day shifts and other short-term needs. The Pew Research Center reports that about 1 in 4 Americans earn income via the digital ‘platform economy’.

Workers Value Retirement over Healthcare

A Willis Towers Watson survey, ‘2017 Global Benefits Attitudes Survey’ found that 66% of respondents would ‘make higher monthly payments for more generous retirement benefits’ compared with only 38% that would pay more for better healthcare.

Fast-Food Goes High Tech…and Frustrates Workers

Tech solutions such as mobile ordering, delivery, and at-table services actually add to the amount of work for staffers, rather than relieve them. Equipment failures and lack of training for staff top the reason for the frustration.

By |2018-05-10T21:00:33+00:00May 11th, 2018|Categories: Talent Acquisition Trends|Comments Off on By the Numbers: May 11, 2018

About the Author:

Erin Geiger is a seasoned Content, Editorial, and Product Engagement professional with two decades of experience creating content as well as overall content direction and strategy. Her background stems from a variety of online verticals ranging from start-ups to Fortune 500 corporations.