>>By the Numbers: June 5, 2020

By the Numbers: June 5, 2020

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May Sees Largest Jobs Increase Ever

The Numbers:

  • Nonfarm payrolls rose by 2.5 million in May and the unemployment rate fell to 13.3%
  • Forecasts had called for a decrease in 8.3 million and an unemployment rate of 19.5%
  • Almost 50% of the job increases came from leisure and hospitality
  • Source: U.S. Labor Department

Confusion Abounds Around Skills Needed in this Market

The Numbers:

  • 57% of those that are recently unemployed are ‘unable to identify their transferable skills’
  • 58% are ‘unsure how to communicate transferable skills on their resume’
  • Source: LiveCareer

Many Workers Concerned Their Skills are Obsolete

The Numbers:

  • More than 25% of workers say they worry they do not have the skills needed in this recovering economy
  • A third have learned new skills to make sure ‘they had the skills to be employable’
  • Source: Prudential Financial

Employee Confidence Around Retaining Jobs Grows

The Numbers:

  • 70% of workers in the last two weeks expected they would retain their job for at least the next month
  • This is higher than it was in the third week when more employees were concerned about losing their jobs
  • Source: ADP Research Institute

BountyJobs Reports –
A Talent Acquisition Peer Forum: Solving the Biggest Hurdles of the Next 30-60-90 Days

The Numbers:

This global pandemic is impacting some industries with massive hiring freezes while others deemed ‘essential’ are rushing to fill roles that are supporting critical services during this unprecedented event. In response, we brought together leaders in talent acquisition for a special peer forum to discuss current challenges as well as those anticipated in the coming months:

  • Top blockers in talent acquisition today
  • Pain points to come as this situation progresses
  • Innovative ways peers are mitigating these obstacles
  • Ways to prep for talent acquisition in a post-COVID world
  • Source: BountyJobs – Stream the Webinar Now

Small and Midsize Businesses Optimistic

The Numbers:

  • 60% of SMB business leaders stated they had reduced their workforce during COVID-19 including layoffs, furloughs, and reducing employee hours
  • 83% stated they experienced decreased revenue since February
  • 1 in 4 stated they had revenue declines of more than 50%
  • Harris Poll and TriNet

Working from Home to Continue for At Least Another Year

The Numbers:

  • 77% of HR executives expect an increase in the number of employees working remotely for at least three days per week a year after the pandemic substantially subsides
  • “A shift toward more remote working will have major implications for HR departments,” said Robin Erickson, a report co-author and principal researcher at The Conference Board. “Among other changes, they will be able to recruit workers from a broader geographic pool and will need to hire and promote those who can inspire remote teams.”
  • Source: The Conference Board

U.S. Initial Jobless Claims Fall by 249,000

The Numbers:

  • Initial jobless claims fell by 249,000 in the week ending May 30 from the previous week to a total of almost 1.9 million
  • The four-week moving average of claims fell by 324,750 from the previous week’s revised average to approximately 2.3 million; the previous average was revised upward by 750.
  • Source: The U.S. Department of Labor

Small Business Hiring Ahead of Larger Firms

The Numbers:

  • Small business hiring is outpacing that at larger companies
  • Businesses with less than 200 employees saw hiring increase .4% month-over-month in May
  • Companies with more than 10,000 workers decreased hiring by 40%
  • Source: LinkedIn
By |2020-06-05T18:58:04+00:00June 5th, 2020|Categories: Talent Acquisition Trends|Comments Off on By the Numbers: June 5, 2020

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.