Worker Pay in 2019 Forecasts as Slight Increase
The Numbers: A Willis Towers Watson survey found that slightly larger pay increases are on the horizon for 2019 – 3.1% increase, compared to 3.0% in 2018. Pay raises have stuck around the 3% mark for the past 10 years.
IT Job Growth Restricted by Talent Shortages
The Numbers: The growth of IT jobs in the U.S. increased only slightly, .06% in July, for a total of around 5.3 million per TechServe Alliance. There is a high-demand for tech talent within certain IT skill sets…but also an acute talent shortage.
Hard to Hire: Third-Party Recruiting and the State of Talent Acquisition Survey – BountyJobs Reports
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Millennial Nurses Take the Lead
The Numbers: A millennial nurse survey by AMN Healthcare Services found that millennial nurses are seemingly more ambitious to go after leadership roles as well as higher degrees and professional development. As the economy continues to improve, 17% of millennials are open to looking for a new nursing job, which is greater than 15% of Gen Xers and 10% of baby boomers.
Jobless Claims Average Rises, But Robust Economy Helps
The Numbers: “The US four-week moving average of initial claims for unemployment insurance rose to 215,500 last week, up 1,000 from the previous week’s average, the US Department of Labor reported. The previous week’s average was revised upward by 250.
The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended Aug. 11 fell to 212,000, down 2,000 from the previous week’s level, which was revised up by 1,000.”
Healthcare Jobs Are Tops For Best Pay
The Numbers: The three highest-paying jobs in the U.S. are physician, pharmacy manager, and pharmacist but tech jobs are close behind, per the Highest Paying Jobs in America report from Glassdoor. Thirteen tech jobs of the twenty-five total jobs made the list.
Austin Continues to Thrive
The Numbers: LinkedIn’s August Workforce Report hails Austin, Texas as the city that is ‘attracting more workers than any other metropolis in the U.S.’ The attraction seems to be the hot tech scene. The city is up by 14% year over year.
Manufacturers Provide Out of the Box Perks to Hire
The Numbers: Talent shortages abound within skilled manufacturing plants in the U.S. In order to attract job seekers, some firms are offering benefits such as onsite daycares, free healthcare clinics, cash bonuses, etc… Still others are redoing their facilities and adding entertainment such as pool tables to attract younger candidates.
Employers Consider Candidate’s Social Media Status
The Numbers: A report from CareerBuilder found that in addition to browsing LinkedIn to check out a candidate’s background, 70% will also take a look at other social media sites such as Facebook, Instagram, and Twitter. 57% of employers surveyed have stated that they have decided to pass on a candidate due to questionable pictures or posts on social media. IT and Manufacturing are two of the top industries to lean on social media findings when making a decision to hire a candidate or not.
Demotions Commonly Seen from HR Managers
The Numbers: Almost 50% of HR managers surveyed in a recent OfficeTeam survey stated they have witnessed demotions. 39% said the reason for the demotion was poor performance, while 38% said it was due to ‘not succeeding’ in a position after a promotion – other reasons given were organizational restructuring at 16% and voluntary demotions at 6%.
Seasonal Recruiting Challenges
The Numbers: Many employers are already starting to hire for the upcoming holiday season. Kohl’s announced they were starting the search in June and would begin hiring in August to get ahead of the competition. Challenges such as a tight applicant market, rising wages, and benefits are causing employers to get creative in their recruiting strategies for seasonal help, regardless of the experience level.
Multigenerational Workplaces Desired, but Communication an Issue
The Numbers: 87% of workers surveyed in a Randstad U.S. survey stated that ‘a multigenerational workforce fosters innovation and problem-solving’ and 90% surveyed prefer working with colleagues within a range of ages. 84% responded that age didn’t matter as long as the manager inspired the team…but 76% preferred a manager that was a few years older than themselves.
Lower U.S. Unemployment Rates and an Increase in New Jobs is Forecasted
The Numbers: Per the third-quarter Survey of Professional Forecasters released by the Federal Reserve Bank of Philadelphia, economists have lowered the forecast of the U.S. unemployment rate to average 3.8%, down from the previous forecast of 3.9% for this quarter. As well, the unemployment rate forecast for the fourth quarter and first quarter of next year were lowered to 3.7% from 3.8%, and have forecast the jobless rate at 3.6% for Q2 and Q3 of 2019.
Paid Family Leave Seen as Top Benefit
The Numbers: 58% of workers polled within a poll by Unum selected paid family leave as the top perk, along with flexible and remote work options at 55%, sabbaticals at 38%, student loan repayment assistance at 35%, and pet-friendly workplaces and pet insurance at 15% respectively.
Work and Finances Impact Employee Challenges Most
The Numbers: Work was found to be the biggest stressor within a survey from Fidelity Investments – 63% said they were well on the job, and 42% said they were unwell within their finances as a stress point.