Wages for U.S. Workers Rise 3.5% Year Over Year
The Numbers: “Wages for US workers increased 3.5% over the last year, raising the average wage level by 95 cents to $27.81 an hour, according to the ADP Workforce Vitality Report, released today. The growth was driven by strong wage gains for workers in the professional and business services industry, and in trade.”
Payroll Growth Solid, Jobs Growth Decelerating
The Numbers: Payroll growth is solid this month, but the US private-sector rate of job creation decelerated to its slowest since June 2017, according to the IHS Markit Flash US Purchasing Managers Index. Services industries reported that tight labor market conditions had held back recruitment plans.
“The flash PMI surveys indicate that the pace of economic growth gained momentum again in October after having been subdued mainly by adverse weather in September. The headline PMI is running at a level broadly consistent with the economy growing at an annualized rate of 2.5%, boding well for another robust quarter of growth,” said Chris Williamson, chief business economist at IHS Markit.
Moderate Employment Growth
The Numbers: “Employment expanded modestly or moderately across most of the nation in September through mid-October, according to the Federal Reserve’s Beige Book report released Wednesday. Employers nationwide continued to report tight labor markets and difficulties finding qualified workers — including highly skilled engineers, finance and sales professionals, construction and manufacturing workers, IT professionals, and truck drivers. The Beige Book, a collection of observations from the 12 federal regional banks, provides a snapshot of current economic conditions.”
Healthcare Jobs Growth at 18% in NY
The Numbers: In the past decade, healthcare jobs increased more than 18% per a report from the Office of the New York State Comptroller. In 2017 the average annual salary was $57,200 and the number of healthcare jobs was over 1.2 million – New York is third in the U.S. for healthcare jobs.
“Year in and year out, healthcare has been a growth sector for jobs in New York over the past decade,” State Comptroller Thomas DiNapoli said. “Across upstate New York in particular, private employment would have declined if not for job gains in healthcare.”
Demand for High-Tech Skills Increases
The Numbers: 92% of respondents stated they ‘will need more employees with technical skills’ per CTA’s second annual Future of Work survey. 74% feel that ‘finding people with the right skills will be harder’.
Majority of Workers Want Salary to be Private
The Numbers: Not disclosing wages with others is such a strong social norm that 80% of respondents of a survey ‘would pay to keep co-workers from learning their salaries’ per a National Bureau of Economic Research report from UCLA and Harvard Business School.
UPS Plans One-Day Hiring Blitz
The Numbers: On Black Friday prep day, ‘UPS Brown Friday’ UPS will hire 40,000 new employees. About 170 hiring fairs will be held across the country.
Tesla ‘Hottest’ Company
The Numbers: Tesla takes the top spot within Indeed’s annual ‘Hottest Companies’ list. Others at the top are Microsofts, Facebook, Honeywell, Apple, Cisco, PepsiCo, Enterprise Holdings, Sysco, and Morgan Stanley.
Techserve Alliance Reports Flat Performance in Tech Job Growth
The Numbers: IT employment in the U.S. again posted no growth in September from August, the TechServe Alliance announced. After coming to a full stop in August, the number of IT jobs in the US held at a total of more than 5.3 million, according to the group, which serves as the national trade association of the IT and engineering staffing and solution industry.
“While two consecutive months with no growth does not establish a long-term trend, the deceleration in the rate of growth in IT employment for more than a year is reflective of a challenging environment,” TechServe Alliance CEO Mark Roberts said. “With strong demand and a limited talent pool in many IT skill sets, this supply-side phenomenon is restricting domestic growth and pushing projects offshore.””
Indeed Removing Free Job Postings for Staffing Firms
The Numbers: Effective January 7, 2019, staffing firms will not able to post ads for free but can still post sponsored ads. “ “Every year, Indeed investigates thousands of complaints from job seekers reporting poor quality jobs,” according to the post. “Over time, our Search Quality team has identified a number of persistent problems with jobs from recruitment-based companies, including high rates of duplication, reposting, location blasting and inaccurate job descriptions.””
Hawaii Has Lowest Unemployment in September
The Numbers: “Hawaii posted the lowest unemployment rate among all states in September at 2.2%, the US Bureau of Labor Statistics reported today. Iowa was next at 2.5% on a seasonally adjusted basis, followed by Idaho, New Hampshire and North Dakota, all at 2.7%. Alaska recorded the highest jobless rate among all states at 6.5% in September.
Most U.S. Workers Tired on the Job
The Numbers: 74% of U.S. employees are tired at work per a survey from Accountemps. One-third of those responding stated they were ‘very often’ exhausted on the job while 43% said they were tired ‘somewhat often’. The top 4 cities with the highest percentage of tired professionals are Nashville, Austin, Denver, and Indianapolis. If exhaustion is tied to employees being stretched too thin it could impact retention.
Culture Problems Stem from Leadership
The Numbers: Per a recent PwC survey, corporate culture issues begin with the tone set by the executive team. The majority of respondents also stated that diversity can help improve relationships with investors as well as bolster overall company performance and strategy. 48% felt that shareholders are too concerned with diversity and 21% ranked age diversity as very important.
U.S. Workers Would Give Up Portion of Income for a Job They Love
The Numbers: Around 60% of Americans would take a job they love even if it paid half the amount of salary of a job they would hate per a survey from Lexington Law. Millennials and Gen Xers would do the opposite – accept a job offer for a job they would hate as long as it would double their income. 68% did not choose salary when asked to rate important factors that contribute to job offer decision making – almost 40% chose interests and passion as the most important factor.
Employees an Afterthought When Tech Updates are Rolled Out
The Numbers: Per a survey from PwC, around 90% of company leaders stated they have their employees in mind when they focus on technology solutions, but only 53% of workers agreed. The top three reasons for expanding their digital skills were status-promotion/recognition (37%), curiosity/efficiency (34%), and individual achievement (29%).
Top Nonmonetary Perks
The Numbers: Flexible schedules, telecommuting, and a compressed workweek top the list of desired perks for U.S. workers per research released from Robert Half. On the monetary side, 44% of employers surveyed stated they offer annual or biannual bonuses while 77% of workers stated that bonuses were the ‘most desired incentive when considering job offers’.