Through the Lens of Talent Acquisition
The Numbers:
- Unemployment rate fell to 8.4 percent last month from 10.2 percent in July
- 1.7 million jobs were added in July, and 4.8 million in June
- Private-sector payroll growth was just 1 million jobs in August
- Private-sector employment is still 10.7 million below its pre-Covid February level
- So far 49.5% of the 21.2 million jobs lost at the start of the pandemic were recovered
- Permanent job losses in August rose by 534,000 to 3.4 million
- About 6 million workers remain on temporary layoff, down from 18 million in April
- Median duration of unemployment continued to rise to 16.2 weeks, up from 13.7 in July
- Retail Leads Job Gains – 249,000 jobs added – sector is still down by 2.5 million since February
- Professional business services increased by 197,000
- Source: SHRM
The Numbers:
- Employment Trends Index rose to a reading of 52.55 in August
- Up from 51.37 in July but still down from a year-ago reading of 109.8.
- Source: Staffing Industry Analysts
The Numbers:
- 45 percent of consumers said they would shop in stores less over the long term
- 47.2% of people in the U.S. expect to avoid shopping centers and malls after the pandemic lockdown
- 25,000 shops are expected to close in 2020 – Up from the 2019 record of 9,800
- Talent acquisition is still key as companies move forward, as well as training, culture and engagement
- Empathy and flexibility from HR is a must
- Source: SHRM
The Numbers:
- IT employment fell by 4.12% year over year in August, representing a loss of 220,400 IT workers on a net basis
- IT employment posted strong growth in August, turning up by 0.40% after a 10-month decline
- Source: Staffing Industry Analysts
The Numbers:
- Temp jobs rose by 106,700 in August compared to July for a total of nearly 2.5 million
- Still, temp jobs remain down 16.1% year over year yet to make up for the loss of 840,500 temp jobs in April as Covid-19 hit
- U.S. added 1.37 million nonfarm jobs in August
- U.S. unemployment rate fell to 8.4% in August from 10.2% in July
- The college-level unemployment rate fell to 5.3% in August from 6.7% in July
- Average hourly earnings for all employees rose by 11 cents to $29.47
- 24.3% of employees teleworked in August because of the pandemic, down from 26.4% in July
- Source: Staffing Industry Analysts
The Numbers:
- 2021 median salary increase budgets expected to remain flat at 3.0% for the 10th consecutive year
- Average 2020 actual merit increase of 2.3%, however, fell from a 2.6% increase in 2019
- In 2020 the average variable pay as a percentage of base salary remained consistent with previous years
- Source: PRNewswire: Salary.com
What Really Prevents Companies from Thriving in a Recession
The Skinny:
- Only 9% of surviving companies “roar out of the recession” posting exemplary results
- 80% still struggle three years later
- Survival requires you change basic processes of resource allocation
- Leaders fear losing not just money, but also people and focus
- Individual business owners within an enterprise want to protect the top talent they have, rather than shift them to different areas or bring in new people
- Leaders can set the strategic frame for resource reallocation decisions
- Leaders can also break the mentality of entitlement by reforming the budgeting process.
- Source: Harvard Business Review
The Skinny:
- 42 percent of employees in the United States to work remotely
- Virtualizing the workforce offers new opportunities to transform talent pipelines
- The talent pool for many organizations will be exponentially larger as a result
- The associated benefits include higher-quality candidates who will be a better cultural fit
- Companies will need to re-examine their talent marketing strategies and how they recruit
- Developing a strong employer brand will be more important than ever for businesses
- Source: Forbes
The Skinny:
- 11.5 million jobs lost since February and jobs report is slowing a slowdown in hiring
- A lasting reduction in business travel will endanger the ecosystem of hotel and restaurant workers
- 37 percent of highly paid jobs (in fields like legal services, computer programming and financial services) can be done entirely from home
- Spending in high-income ZIP codes declined 8.4 percent, with the impact felt disproportionately by restaurants, hotels, entertainment and recreation services
- Source: The New York Times