Money is Top Priority for Job Seekers
The Numbers: Per a report from Monster, 44% of respondents stated that better pay is a main influencer of their job search. 24% are driven to get out of a career rut. Bad bosses also play a big part.
Women Decreasing in Numbers from the Talent Pipeline
The Numbers: A recent study finds a ‘leaky pipeline’ with entry-level women starting out earning 20% less than men and are 21% less likely to be promoted. Women, especially those of color, are disappearing from the talent pipeline including up to the C-suite, per research from Bentley University’s Gloria Cordes Larson Center for Women and Business.
Tulsa, OK to Pay You to Work From There
The Numbers: Tulsa’s new initiative, Tulsa Remote, offers financial assistance and bonuses up to $10,000 for remote workers and entrepreneurs to work there, per The Washington Post. Over 6,000 have already applied – included is $2,500 for moving expenses, $500 in monthly rent assistance, and a $1,500 bonus after one year.
BountyJobs Reports: Hard to Hire 2018: Third-Party Recruiting and the State of Talent Acquisition Report
The Numbers: What makes a position hard to fill? While 67% cited that hiring in competitive industries caused much of their challenges, the obstacles were split among responding groups. The lowest challenges on the list were ‘overwhelmed internal recruiters’ and ‘the hire being outside the internal recruiter’s area of expertise’ at 22% and 17% respectively. To get the full data surrounding these challenges, download the full report.
Americans Expect Midterm Elections to Impact Job Market Positively
The Numbers: 56% of those polled by the American Staffing Association in its Workforce Monitor report stated that the results of the 2018 midterm elections will positively impact the employment market over the next two years. 62% of Millennials are optimistic although 42% of millennials feel the job market improved since the 2016 presidential election which is less than any other age group.
Holiday Bonuses Wanted
The Numbers: The top item employees want for the holidays? A bonus! 41% ranked a holiday bonus as number one but 46% said their company doesn’t offer them. 52% feel that their workplace during the holidays is ‘business as usual’ while 36% describe their businesses as ‘generous’.
Gender Gap Equals 51%
The Numbers: The recent Women’s policy Research Study found that instead of the 20% pay gap typically reported between men and women, the typical earnings for U.S. women equal 51% of what men make over a 15 year period. This includes all men and women including the unemployed. While the gender pay gap has narrowed since 1968, progress has been slow.
Many Nurses Have Side Gigs
The Numbers: 10-14% of nurses take on a second job in order to make ends meet per NYU research. Some pick up extra hours while others pick up shifts for Uber or take to selling crafts on Etsy. The downfall is that studies have found that nurses with side jobs tend to collaborate less with clinicians and patient satisfaction suffers.
Possible Gender Training Gap?
The Numbers: Only 5% of the Fortune 500 are led by women, even in the midst of organizations striving to prioritize gender diversity in management-level roles. Per a recent survey from D2L, responses showed that women are less aware of training opportunities within their company. 56% of male respondents stated that their company offered skills training while only 42% responded with similar awareness. 73% of male respondents felt satisfied with the training offered compared to only 55% of females.
GM Cuts Over 14,000 Jobs
The Numbers: Per the Wall Street Journal and The Detroit News, General Motors is to cut over 14K jobs in the U.S. and Canada. Since only 2,250 salaried workers accepted a buyout that was offered to 18,000, the company will need to lay off 6,000 workers to reach their goal of removing 8,000 jobs connected to the offered buyouts. GM CEO Mary Barra stated in a press conference, “This is what we’re doing to transform the company. The industry is changing very rapidly,” she said. “We think it’s appropriate to get in front of it while the business and the economy are strong.” The company plans to invest in hiring in the areas of software development, battery and fuel cell technology as well as autonomous vehicle development.
More Millennials Working Full-Time Yet Delaying Life Events
The Numbers: A survey from EY found that even though more millennials have entered full-time employment since 2016, they fall behind previous generations in life event areas such as marriage, home ownership, and new business ventures. 40% of millennials are mothers, compared to 57% of Gen Xers when they were that age. As well, 40% of millennials own a home, while 45% of Gen Xers did at that same age.
Ikea Cuts 7.5K Jobs to Focus on Smaller Stores and Online Shopping
The Numbers: Per CNN Business, Ikea is cutting 7,500 jobs in order to position itself toward smaller stores and an increase in online sales. 5% of the 208,000 global workforce will be let go, consisting mainly of administrative and support jobs. Only about 75 jobs would be lost in the U.S. These changes could ultimately result in 11,500 new jobs and 30 new smaller stores.
Family-friendly Policies Could Increase Workforce
The Numbers: The U.S. ‘could add as many as 5 million prime-age workers to its labor force’ if subsidized childcare and parental leave is instituted similar to success seen with Canada’s updated policies, per a report from the Federal Reserve Bank of San Francisco. Men and women in the U.S. ages 25 – 54 have been in decline in the workforce for the past 20 years – contributing to the current tight employment market.
Employees Value Training Above Other Perks
The Numbers: The majority of workers believe the U.S. has a skills gap, per the ‘2018 Skills Gap Report’ from Udemy. 84% of those that believe there is a skills gap, 39% feel personally affected by it. 72% stated they believed the skills needed for their job will change. 51% stated if a job didn’t offer training they would quit while 80% who stated the skills for their job will change said they would quit if not provided with the necessary training.
Employees Unhappy with Managers 4 Times More Likely to Look Elsewhere
The Numbers: A report from TINYpulse reports that employees that rate their managers low are four times more likely to be interviewing for other jobs than their peers. 40% of those that gave their boss a negative rating interviewed for a new job in the past three months, compared to 10% of those that gave their managers positive reviews. The report also found that 21.5% of workers who don’t feel they have been recognized for a job well done have interviewed for a job in the past three months, compared to only 12.4% who feel they do get recognition.
Industries Not Fully Taking Advantage of AI
The Numbers: 32% of U.S. workers have been exposed to some aspect of AI in the workplace and an additional 6% will start using AI for the first time, per the AI Opportunity Report 2018: Which Industries Are Investing in AI? Which Ones Should Be? Report.
Global Staffing Revenue at $466 Billion
The Numbers: “The global staffing industry generated an estimated $466 billion of revenue worldwide in 2017, according to the latest update to Staffing Industry Analysts’ global staffing market forecast. Three countries — the US, Japan and the UK — comprised a majority of the revenue, and the top 17 countries combined accounted for 90% of total global staffing revenue. Ninety percent of staffing revenue was made up by temporary staffing.”
Staffing Index Holds Steady in November
The Numbers: “Staffing employment remained relatively unchanged, contracting 0.1%, in the week of Nov. 11 to 18 — holding at a rounded value of 103 for the fifth consecutive week, according to the American Staffing Association’s staffing index. It is the first time since 2014 that the index reading has been this high for the 46th week of the year. In addition, the index was up 2.1% compared to the same week last year.”
Culture a Top Consideration for Candidates to Accept Job Offer
The Numbers: 35% of workers in the U.S. and 40% in Canada would pass on a job if the culture didn’t line up to their expectations. 91% of U.S. managers and 90% of Canadian managers consider the candidate’s culture fit as important or more important than their skills or experience, per a study from Robert Half International.
U.S. Payroll Growth Slowest in One-and-a-Half Years
The Numbers: “Private sector firms indicated greater caution in terms of staff hiring, with payroll numbers expanding at the weakest rate in almost one-and-a-half years, according to the IHS Markit Flash US Composite Purchasing Managers’ Index Output Index.
November’s data pointed to another robust increase in US private sector output, supported by resilient rates of expansion at both manufacturing and service sector companies. However, the latest survey also revealed a loss of momentum for new business growth, with order books improving at the slowest pace since December 2017.”
Top Cities to Find a Job List Released
The Numbers: Boston tops the list of cities to find a job per Movinga. Twenty U.S. cities made the cut. Here are the top 5 on the list:
- Boston: 6.822
- Munich, Germany: 6.814
- Calgary, Canada: 6.787
- Hamburg, Germany: 6.768
- Stuttgart, Germany: 6.765
High-ranking US cities include San Diego and New York at Nos. 12 and 13 respectively, followed by Seattle at 15 and San Francisco at 19.
Average U.S. Weekly Wage Up 3.4% in Second Quarter
The Numbers: “The US average weekly wage increased 3.4% year over year to $1,155 in the second quarter, according to data released today by the US Bureau of Labor Statistics.
Among the 349 largest counties in the US, Marin County in California and Lake County in Illinois posted the largest year-over-year percentage increases in average weekly wages, with gains of 11.7% and 9.3% respectively.”
U.S. Leading Index Points to Potential Slow Down
The Numbers: “The Conference Board’s US Leading Economic Index edged up only 0.1% in October from September to a reading of 112.1 (2016 = 100), following 0.6% increase in September, and a 0.5% increase in August. “The US [Leading Economic Index] increased slightly in October, and the pace of improvement slowed for the first time since May,” said Ataman Ozyildirim, director of economic research and global research chair at The Conference Board.”
Big Tech Jobs Slow Down Innovation?
The Numbers: “Michael Seibel, who leads startup incubator and investment firm Y Combinator, advised more than 2,000 engineering students gathered for an app-building competition at University of California, Berkeley, to avoid jobs in big tech. “The worst thing that can happen to you is you get a job at Google,” Seibel said. The New York Times said he called those jobs “$100,000-a-year welfare” — meaning, he said, that workers can get tethered to the paycheck and avoid taking risks.”
U.S. at Full Employment
The Numbers: Per a study from the Federal Reserve Bank of San Francisco, the U.S. labor market has little wiggle room. “Our estimates indicate that the aggregate labor force participation rate is at its trend as of 2018,” the regional Fed bank concluded in an Economic Letter published Monday. “Combined with the low unemployment rate, this argues that the US labor market is operating at or beyond its full potential.”
Larger U.S. Cities Tops for Employment Growth
The Numbers: 72% of employment growth since the 2008 financial crisis is due to U.S. cities with populations over 1 million. Conversely, smaller cities have struggled, still dealing with employment that is below pre-recession rates.