By the Numbers: October 27, 2017

Each week, we’ll brief you on notable stats and happenings related to current events impacting the job market now or in the foreseeable future.

Our Financial Services Agency Recruiting Benchmark Report for 2017 is Here!

Financial Services continues to be a very competitive industry for talent acquisition. Our report focuses on 2016 activity from Financial Services companies within the BountyJobs marketplace.

Are your offers the strongest they can be to land that critical finance candidate? A whopping 34% of Financial Services jobs were in Information Technology. Within 9 minutes of posting, agencies are grabbing ahold of Financial Services roles to fill for employers. Are you aware of key metrics that will make a strong impact on your TA plan? If your strategy isn’t fueled by the latest data points that matter, you’re most likely losing out to your competitors. In our latest report, find out:

  • Latest Trends in Salaries and Fees
  • Top Sub-Industries Hiring Financial Services Roles
  • Recruitment Timelines Specific to this Industry
  • Recommendations and Best Practices for this Competitive Industry

Blow your competition out of the water and make a huge hiring impact heading into 2018. This report will arm you with valuable metrics to give you the competitive edge. Download the report now!

BountyJobs Bites

Gen Z Could be a Managing Nightmare

APPrise Mobile released survey results that cite 1/3 of managers believe ‘Gen Z will be more difficult to manage than older generations’. As well, 26% of respondents feel they will have difficulties training them, and 16% state that Gen Z will put a damper on company culture.

Ageism a Top Worry for Tech Workers

Indeed released survey results that found that 43% of tech workers are concerned of job loss due to age.  Per the overall results, millennials are 46% of the tech workforce.   While Silicon Valley is seen as a hotbed for tech opportunities, candidates ‘over a certain age’ turn to other areas for a better chance at landing a role

These Industries Plan on Hiring the most College Grads in 2018

Michigan State recently came out with the results from their 47th annual ‘Recruiting Trends’ survey. In short, respondents expect to hire 13% more graduates than last year, which makes eight years in a row of this trend. “It’s the longest sustained period of growth for the college labor market since 1970, since we’ve been tracking it,” says Phil Gardner, the study’s author and director of Michigan State’s Collegiate Employment Research Institute.

Top 5 Industries:

  1. Information Services
  2. Administrative Services
  3. Wholesale Trade
  4. Transportation
  5. Healthcare and Social Assistance

Wages in U.S. Largely Stagnant

“In a notable shift from earlier decades, labor’s share of income is no longer constant, but has fallen from nearly 65% in the mid-1970s to below 57% in 2017. Though some of this decline reflects measurement limitations, much of the decline is plausibly due to shifts in technology and market structure that have disadvantaged workers. Even as the share of income channeled to labor has declined, the distribution of income has become more unequal. Since the late 1970s, large wage gains have accrued to workers at the top of the distribution, and wages have been declining or stagnant for the bottom half of the income distribution.”

$100K May Be the New American Middle Class

A recent Gallup poll shows that 62% of Americans think of themselves as the ‘middle class’.  That’s the highest percentage since 2003. However, due to a calculation from The Washington Post, the range of middle class is $35K-$122K. Check out the chart here to see what constitutes middle class in a variety of counties across the country. While a six figure income falls within the middle-class range, only 25% of U.S. households earn that amount.

Retirees Spending Less Than Originally Thought

A 2013 study from the Government Accountability Office finds that “people in the top income quartile spent an average of between $74,961 and $89,485 a year during their early retirement years—a drop of about $20,000 a year from before retirement.”  There is an even more drastic drop in spending when comparing those in their late 40s and those in ‘mid-retirement’ of ages 75-79, a 41% decrease.

50 Fastest-Moving Online Jobs

In their quarterly report, Freelancer.com ranks the fastest growing jobs in the online industry. Those in Design top the list, with Adobe InDesign, 3D Design, and Creative Design rounding out the top three.

Global Staffing Industry Estimates

SIA reports: “The global staffing industry generated an estimated $429 billion in revenue worldwide in 2016, according to the “Global Staffing Industry Market Estimates and Forecast: October 2017 Update” released by Staffing Industry Analysts. Three countries — the US, Japan and the UK — made up a majority of the revenue, and the top 15 countries combined accounted for 88% of total global staffing revenue.”

SIA’s Staffing Quote of the Week

“What we’re seeing is not necessarily good for society, but it is rational behavior by these companies,” Andrew Moore told The New York Times. “They are anxious to ensure that they’ve got this small cohort of people” who can work on this technology. Moore is the dean of computer science at Carnegie Mellon University; he previously worked at Google. He was discussing efforts by companies to attract experts from academia to work in the field of artificial intelligence

Employment Conditions At Lowest Level in More Than a Year

“Labor markets remain tight, with 26% of panelists reporting that their firms have taken steps to address difficulty in hiring, but hiring expectations for the fourth quarter remain stable,” said Survey Chair Emily Kolinski Morris, chief economist at the Ford Motor Co. “Policy developments, including those affecting the North American Free Trade Agreement, remain on the panel’s list of concerns, but continue to have limited impact on business decision-making with regard to hiring or investment.”

Truck Driver Shortage to Increase Wages 40%

Driver wages could climb 30% to 40% over the next two years, said Eric Fuller, chief executive of US Xpress, a 7,400-truck motor carrier.

North Dakota has Lowest Unemployment Rate, Alaska Highest

The U.S. Bureau of Labor Statistics reported that the unemployment rate for North Dakota in September was 2.4%. Conversely, Alaska has the highest rate at 7.2%.

2017-10-27T03:04:35+00:00 October 27th, 2017|

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.