>>By the Numbers: November 1, 2019

By the Numbers: November 1, 2019

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U.S. Wage Growth Slows

The Numbers:

  • U.S. workers’ wages grew 3.2% over the last year
  • 47.5% of economists predict 2020 will see the start of the next recession
  • 27% forecast a recession starting in 2021
  • 7.5% and 10% say it was start in 2022 and 2023, respectively
  • Source: ADP Research Institute & The Wall Street Journal

Startups Face Challenges When Filling Roles

The Numbers:

  • First-year startups report that they are increasingly facing talent shortages
  • 33% of 1,000 new small business owner reported having job openings they could not fill (this is almost double the 14% of startups who reported unfilled job openings in 2017)
  • Source: SCORE survey

Real GDP Forecasts Differ Slightly

The Numbers:

  • Wage and salary growth decreases to its slowest pace in four years, as economic growth continues to slow
  • 69% of economists believe real GDP will grow 1.1% to 2.0% through Q3 2020
  • 48% expect real GDP growth to exceed 2.0% between Q2 2019 and Q2 2020
  • Source: National Association of Business Economics

    BountyJobs Reports: The New Dynamics of Recruiting 2019 Survey

    • Each year we carefully craft a survey for professionals in talent acquisition to express what they’re experiencing in the current talent market – challenges, solutions, forecasts. We take these valuable responses and publish a report later in the year with the results – actionable insights that help all in talent acquisition.

Tech Hub Cities See Highest Wage Growth in a Slow Market

The Numbers:

  • San Francisco had the highest wage growth at 4.3%
  • Jobs within Transportation saw almost a 5% wage growth
  • Source: PayScale Index

AI Integration Shifts Employers’ Attention to Soft Skills

The Numbers:

  • According to recent research, artificial intelligence will affect 100% of jobs
  • Rather than eliminating most jobs, it will instead change the structure of the role
  • Mundane tasks such as scheduling are being automated but skills such as creativity and common sense have increased in value.
  • Some jobs that have seen recent increases are hairstyling and graphic design
  • Source: MIT-IBM Watson AI Lab

Demand for Recruiters Increases

The Numbers:

  • Demand for recruiters has grown 63% since 2016
  • One aspect of this is most likely due to the role of recruiter evolving in such a tight talent market
  • Recruiters are taking on more of an advisory role that requires business acumen
  • Source: LinkedIn

Job Growth Continues to Stall

The Numbers:

  • The U.S. added 125,000 nonfarm, private-sector jobs in October from September
  • Month over month in October 2018, jobs had grown by 238,000
  • September’s reported gain of 135,000 has been revised down to 93,000
  • Source: ADP National Employment Report
By |2019-10-31T19:39:59+00:00November 1st, 2019|Categories: Talent Acquisition Trends|Comments Off on By the Numbers: November 1, 2019

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.