San Francisco, NY, and Boston Increase Tech and Digital Jobs
According to the Digital Jobs index, the San Francisco Bay Area increased the number of tech jobs by 4,375 for a 2.1% employment gain. NYC saw a 1.8% increase with 1,280 jobs while Boston had growth of 1.1% with 650 jobs.
The growth in the Bay Area mostly came from the largest employers in that region, however, growth seen in NY was more broad with 70% of companies increasing open roles across software and internet sectors. Growth in Boston had 52% of companies adding jobs – 48% carried the same headcount or saw decreases.
Female CEOs Decreasing in 2018
According to Fortune, 2017 saw a record 32 female Fortune 500 CEOs…but so far, 2018 is seeing a 25% decrease. The number of female CEOs has dropped to 24. The CEOs that have left their posts have been a mix of veterans and those in the role for a shorter period of time: Denise Morrison of Campbell Soup Co.; Meg Whitman of Hewlett Packard; Sheri McCoy of Avon; Shira Goodman, Staples’ only female chief executive; Margo Georgiadis of Mattel; and Marissa Mayer of Yahoo.
L&D Programs Seen as High Priority
A survey from Harvard Business Publishing found that 75% of respondents believe that L&D programs can be improved. This 2018 State of Leadership Development report also found that 86% of organizations have recently undergone transformation.
California Has Record Number of Active Apprentices
The California apprenticeship program currently has about 82k active apprenticeships and anticipates reaching 100k by 2020. This is the highest level of participation seen. Over the last three years, California has invested $15 million per year in its Apprenticeship Initiative program with the goal of creating new opportunities in advanced manufacturing, IT, healthcare, and transportation/logistics.
More Job Seekers Open to Relocation
Per a new Glassdoor study, more than 25% of job applicants are looking for work in cities outside their metro area. Men are 3.3 percentage points more likely than women to move to a new area for a job and both genders were 7 percentage points less likely to move away each decade as they grew older. Company culture trumps salary when deciding to relocate.
Retention Takes a Hit with Social Media at Work
A study from Harvard Business Review found that social media impacts retention more than attention. About 82% of employees think social media improves work relationships and allows more productivity through collaboration and problem-solving and 60% feel it helps with decision-making. Employees who use social media at work are more prone to switch jobs as they are exposed to more job opps and are easier targets for poaching.
High Engagement in Manufacturing Has Over-Arching Impact
A report from The Filson Leadership Group found that ‘lacking an engagement strategy and the presence of top-down bias’ are two of the seventeen mistakes manufacturing leaders make when attempting to reduce the ‘engagement gap’. Filson defines the gap as ‘the difference between the number of workers who enthusiastically contribute to their organization’s success and the number of workers who are disengaged and underperforming. Not only is disengagement expensive – costing U.S. companies $440 to $550 billion in lost productivity and performance each year – but the report found that in manufacturing, companies with an engaged workforce had: 21% more profitability, 70% fewer safety incidents, and 41% less absenteeism.
Entry Level Salaries Flat
A study from Korn Ferry finds that even though the hiring market is tight, college graduates just entering the workforce won’t see much of a wage increase. The report found that wages will only increase about 2.9% to just over $40K from 2017. Wages will be higher in some industries, such as STEM.
Work Ethic and Communication Skills Wanted
New research from Adzuna finds that hiring managers are prioritizing a strong work ethic and good communication skills over other skills when considering recent graduates for employment. Real-world experience, leadership skills, and public speaking skills also top the list.
Average U.S. Weekly Wage Up 3.9% in Fourth Quarter
The US average weekly wage increased 3.9% year over year to $1,109 in the fourth quarter of 2017, according to data released today by the US Bureau of Labor Statistics.
Among the 346 largest counties in the US, San Mateo County in California and Ada County in Idaho had the largest year-over-year percentage increases in average weekly wages, with gains of 11.5% each.
Here are the 5 largest counties with the highest average weekly wages in the fourth quarter:
- Santa Clara, Calif., $2,576
- New York, NY, $2,439
- San Mateo, Calif., $2,341
- San Francisco, Calif., $2,232
- Suffolk, Mass., $1,986
Unemployment Rate is Low…Why Are People Unemployed?
Express Employment Professionals have released their fifth annual, ‘State of the Unemployed’ national survey, asking the question – why are people still jobless despite the low unemployment rate? According to the report, 52% of those unemployed agree that ‘they have completely given up on looking for a job’ which is up 33% from last year. 52% of those that have been unemployed for more than two years also state they have given up. Some are simply waiting for the right role – 43% stated they would ‘only accept a job that I really want to do’ and 85% are waiting for a specific salary to cover their bills, which on average is about $60k a year.
More Millennials Job Hopping and Leaning on Gig Economy
Deloitte’s seventh annual Millennial Survey finds that more millennials will be leaving their jobs within the next two years and most see the gig economy as a strong alternative. According to the study, 43% think they’ll move on to something else within two years and a mere 28% think they will stay at their current job more than 5 years. Of the millennials who think they will move on within two years, 62% ‘regard the gig economy as a viable alternative to full-time employment. 61% of Gen Z employees would move on from their current jobs in two years if they had the choice.
CEO Confidence Increases
The ‘U.S. CEO Outlook’ survey from KPMG finds that more CEOs are ‘very confident’ in company growth over the next three years. According to the study, 52% of CEOs believe ‘AI and robotics will create more jobs in their organizations than they eliminate over the next three years’. As well, 49% have begun adopting AI in limited areas, and 31% are already using it in multiple ways of automation.
Construction Shortage Due to Price Inflation
For the last four years, builders such as Hillwood Communities had about 50% of their H-2B visa requests granted – last year they had zero approved. “Every aspect of our labor force is so strained,” Hillwood CEO Fred Balda told MarketWatch in a story on the shortage of workers in the industry. “You add it all up and it’s like, unemployment is so tight. I’d rather have these times than a recession for sure, but it’s creating some significant inflation.”
U.S. Gig Workers Earn a Total of $1.4 Trillion
The total annual earnings of U.S. gig workers equal about $1.4 trillion and according to the Gig Economy Index, 59% use digital marketplaces to find new opportunities. Digital marketplaces are used most by those within the 18-34 age bracket and about 55% of gig workers depend upon one source to find their next gig.
Workers Checking in on Vacation is On the Rise
A survey by Accountemps finds that while employees will take about 9 vacation days on average this summer, most will still check in on work. 44% typically don’t check in at all but 70% of those aged 18-34 will check in on work – only 39% of those aged 55+ will.
Robots Adding to Jobs Growth
Per the Wall Street Journal, robots are helping jobs growth more than hurting it. BMW and Electrolux are two of the larger companies using robots for repetitive tasks that could be dangerous for humans. Further, Germany is expected to grow its workforce by 1.8% by 2021 due to robotic innovations.
Entrepreneurship on the Rise in China
Rather than heading for a career in banking or state-run enterprises, many professionals in China are opting for startups. Chinese-led venture funding has increased 15-fold since 2013, potentially spurred on by the support for tech ventures from the government.
Google’s Increased Paid Maternity Leave Impacts Many
Google’s paid maternity leave increased from 12 weeks to 18 weeks, and with it came an increase of moms deciding to keep their jobs. New moms quitting their jobs after having their baby decreased by 50%. Google has mentioned that there is a pipeline problem when looking at its gender gap – 52% of women in STEM jobs end up leaving.
Money Talks but Ethics Matter Most
Per a Deloitte study, 43% of millennials plan to leave their jobs within two years, and most cite a ‘lack of commitment to diversity, inclusion, and flexible work arrangements’ as reasons to move on.