Through the Lens of Talent Acquisition
The Numbers:
- Total non-farm employment rose by 661,000 in September
- Temporary help services rose by 8,100
- The national unemployment rate declined, from 8.4% to 7.9%
- 13 of the 15 major industry groups gained jobs last month
- Leisure & Hospitality added 318,000 jobs
- Unemployment rate continues to decline as the number of job losers on temporary layoff continues to decline: 4.498 million in September from 6.160 million in August
- The number of “permanent job losers” continues to rise, to 3.756 million in September from 3.411 million in August
- Labor force decline in September to 160.143 million, it remains well below its January 2020 peak of 164.606 million
- Source: Bureau of Labor Statistics
The Numbers:
- According to its October report 38%, of the National Association for Business Economics report estimate pre-pandemic GDP levels by the second half of 2021
- 32% expect it to reach that level in the first half of 2022, and 30% believe it will occur in the second half of 2022 or later
- The median forecast for job gains in 2021 is 350,000 per month, down from the 497,000 projected in June
- Source: Staffing Industry Analyst
The Numbers:
- Initial jobless claims fell by 9,000 in the week ended October 3rd
- However, concerns remain, economists expected 825,000 new claims
- Initial jobless claims under the Pandemic Unemployment Assistance program fell by 44,270 to a total of 464,437
- Extended benefits claims rose by 84,129 in the week ended September 19th to 352,479
- Source: Staffing Industry Analyst
The Numbers:
- Suppliers are struggling to staff production lines
- Demand for new vehicles has rebounded
- Rewards for good attendance and at-work teachers to lure job seekers
- Employers to raise pay despite the high national jobless rate
- Many suppliers are dealing with absenteeism rates of 10-15%
- Source: Reuters
The Numbers:
- This is an excellent time for SMBs to hire blue-chip talent
- While SMB share of jobs dropped by 22% since March, their share of applications risen by 25%
- SMB workers: more likely to seek purposeful mission and challenge
- 25% of SMB employees said a purposeful mission was one of the most important EVPs
- Employees moving into SMBs are more likely to become managers
- Source: LinkedIn
The Numbers:
- The rise in interactivity between suppliers and buyers will lead to more interdependence of people, processes and technology
- 60% Of B2B Sales organizations will adopt data-driven selling by 2025
- Sales leaders must adopt the principles of hyper-automation and bring B2B digital commerce into the fold
- Source: Gartner
The Numbers:
- Recent mass migration to remote work has triggered a change in the dynamics between talent and employers
- LinkedIn found that regarding city migration patterns, departures have significantly exceeded new arrivals and have fallen more than 20% from April through August of this year versus a year earlier
- According to the Bureau of Labor Statistics, 35.4% of American workers teleworked in May
- Source: Forbes
The Numbers:
- IT employment was up by 0.47% to nearly 5.2 million jobs in September
- The explosion of ‘work from home’ and the need for ‘digital transformation’ resulted in an investment in IT
- Engineering employment rose by 0.49% in September to a total of nearly 2.6 million jobs
- Source: Staffing Industry Analyst
The Numbers:
- 35% of U.S. employers are reducing their projected 2021 salary increase budgets
- Employee groups are projected to receive salary increases of 2.6% in 2021, down from a projected 2.8%
- Salary increase for top executives is expected to be 2.5% in 2021
- Source: Staffing Industry Analyst