BountyJobs Bites
Hourly Workers Value Work-Life Balance More Than Pay
The Numbers:
• 77% of hourly workers said they needed ‘work-life balance to feel satisfied on the job’
• Hourly workers make up 60% of the total labor force
• Source: Shiftboard with Lux Insights
90% of Manufacturing Companies Struggle to Fill Jobs
The Numbers:
• Almost 90% of manufacturing companies cannot fill all open jobs
• 98% of those companies are small businesses
• Manufacturing businesses created 11.6% of the economic output from the U.S.
• Source: SCORE
Employers Think Workers Value Benefits Over Pay
The Numbers:
• A recent report found that employees are motivated most by money, in contrast to business leaders believing employees want benefits over higher paychecks
• 41% of business leaders and 45% of workers agreed that a ‘company’s ability to navigate change hinges on its positive brand’
• Source: Washington State University
BountyJobs Reports: Cognitive Dissonance Series, Wage Growth: The Last Employer Holdout to Attract Candidates
The Numbers:
- In 2019, as employment grew in March and April in high-skilled jobs, labor markets continued to tighten
- Although salaries in the U.S. are forecasted to rise by 3.1%, workers will most likely not bring more total cash compensation home
- Source: BountyJobs
Majority of Grads Expect to Find a Job Within Two Months
The Numbers:
• About two-thirds of graduates think they will find jobs within a month or two after graduating
• 25% of those are even more confident, believing they will find a job in less than a month
• 47% of those are looking at companies that encompass a specific interest
• Source: Monster
Attracting Candidates to Jobs One of Biggest Challenges
The Numbers:
• 35% of senior managers said ‘generating interest from qualified candidates’ was one of the most difficult challenges
• 20% cited ‘asking the right interview questions’ as a top challenge
• 19% stated that ‘developing compensation packages and negotiating salaries’ was a big obstacle
• Source: Robert Half International
Consumer Outlook of Labor Market Increasingly Positive
The Numbers:
• The Conference Board’s Consumer Confidence Index rose to 134.1 in May up from a reading of 129.2 in April
• 47.2% of consumers believe jobs were ‘plentiful’ in May, which is up from 46.5% in April
• Consumers feeling that jobs were ‘hard to get’ decreased in May to 10.9% from April’s 13.3%.
• Source: The Conference Board
More Than 50% of Job Seekers Want a 10% Raise
The Numbers:
• 57% of job seekers stated they would need a raise of more than 10% to stay with their current role instead of accepting a new job off
• Only 10% of employers said they would be willing to offer such a raise
• Source: Express Employment Professionals
Labor Tight, But CEO Salaries Growing Quickly
The Numbers:
• Remuneration for CEOs grew 100% faster in 2018 than the wage of the average worker
• The average worker earned an extra 84 cents an hour
• Tesla’s Elon Musk leads the pack with a $2.3 billion package, the highest ever recorded
• Source: New York Times
Americans Still Short on Emergency Funds Despite Tight Job Market
The Numbers:
• 40% of Americans would struggle to come up with $400 for an emergency, even though the job market continues to tighten
• 39% of respondents to a recent survey last year said that they ‘would have to borrow or incur interest in using credit to pay the expense, which is down from 41% in 2017, and 50% in 2013
• This change is slight when compared to the unemployment rate, falling from 4.3% to 3.9% in the same period
• Source: Federal Reserve
Job Cuts Impacting Auto Industry
The Numbers:
• At least 38,000 job cuts in the past six months have impacted carmakers worldwide
• Ford plans to cut 10% of its white-collar workforce globally by August
• Source: Bank of America and Bloomberg
