>>By the Numbers: May 22, 2020

By the Numbers: May 22, 2020

BountyJobs Bites

Gig Economy Going Strong

The Numbers:

  • Freelance jobs have seen a 21% year-over-year increase in job postings
  • Skills in online content saw a surge, but now there is also a growing demand for programming skills, coding, web development, social media development/online marketing, etc
  • Source: Freelancer.com

U.S. Workers Have Lost Trillions Due to Job Losses and Pay Cuts

The Numbers:

  • $1.3 trillion in annualized income has been lost due to COVID-19 for U.S. workers
  • This includes $260 billion in cuts for employees who still have jobs
  • About one-fifth of metropolitan areas and even fewer smaller communities will recover employment levels seen before the pandemic by the end of the year
  • Source: SHRM

A Third of Workers Impacted by Pandemic Have a New Job

The Numbers:

  • One-third of workers who lost a job, income, or hours due to COVID-19 have now started a new job in that timeframe
  • Latino Americans were the most likely group to have lost a job, income, or hours and Latino and black individual were more likely to have started new jobs than white Americans, across education levels
  • Source: Strada Education Network

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

Job Openings’ Rate of Declines Slows

The Numbers:

  • S. job openings were down 28.5% as of May 11 since the start of March
  • This decline slowed to 1.3% on May 11 from 7.8% on March 23
  • Service industries such as retail and food services are seeing a rising demand
  • Source: Glassdoor

Remote Work Has Productive Perks

The Numbers:

  • 62% of employees stated that working remotely ‘positively affects engagement’
  • Only 4% of employees said ‘working remotely has a major impact on their day-to-day performance’
  • 58% said ‘working remotely has no impact’
  • Source: Quantum Workplace

IT Loses Over 45K Jobs in April

The Numbers:

  • IT jobs fell by 45,800 from the previous month, a decrease of .86%, to a total of 5.3 million jobs
  • The number of jobs was down by 43,600 year-over-year
  • Ultimately, while this loss in IT jobs was the largest since the Great Recession, it still fared better than the 13.5% loss in the total job market
  • Source: TechServe Alliance

Over 2 Million U.S. Jobs Could Be Added Each Month During Recovery

The Numbers:

  • Recovery for the U.S. economy is thought to start in Q3
  • Job gains averaging 2.3 million per month are forecasted, on average
  • Real GDP is expected to grow by 10.6% on an annualized basis in Q3
  • Source: Federal Reserve Bank of Philadelphia

Most American Workers Won’t Change Jobs During Pandemic

The Numbers:

  • 78% of Americans would not consider a job change if they were able to continue with their current job during the pandemic
  • 69% feel they wouldn’t be able to find a new job
  • Source: Yoh

U.S. Jobless Claims Fall

The Numbers:

  • US initial jobless claims fell by 249,000 in the week ended May 16 from the previous week to a total of more than 2.4 million
  • The four-week moving average of claims fell 501,000 from the previous week to approximately 3.0 million.
  • Last week’s total brings total filings during the Covid-19 pandemic to 38.6 million, and last week’s numbers also represent the seventh straight week of falling claims.
  • Source: U.S. Department of Labor
By |2020-05-22T14:17:43+00:00May 22nd, 2020|Categories: Talent Acquisition Trends|Comments Off on By the Numbers: May 22, 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.