>>By the Numbers: March 23, 2018

By the Numbers: March 23, 2018

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Gig Economy and Economic Uncertainty Listed as ‘Megatrends’

A recent Adecco Group annual report lists ‘geopolitical and economic uncertainty’ along with the incoming new demographic population and gig economy as part of the six global ‘megatrends’ impacting the workforce.

2018 Predicted to Continue ‘Robust Economic Growth’

The U.S. Leading Economic Index increased by .6% in February after an increase of .8% and .7% in January and December respectively. “The LEI points to robust economic growth throughout 2018. Its six-month growth rate has not been this high since the first quarter of 2011,” Ataman Ozyildirim, director of business cycles and growth research at The Conference Board said. “While the Federal Reserve is on track to continue raising its benchmark rate for the rest of the year, the recent weakness in residential construction and stock prices — important leading indicators — should be monitored closely.”

Entertaining Reasons from Employees on Being Late

A recent CareerBuilder survey listed some ‘creative’ excuses for being late to work. The survey found that 25% of workers came in late to work at least once a month, which is down from 29% a year ago. A few of the reasons for being late that were given:

  • It’s too cold to work.
  • I had morning sickness (it was a man).
  • My coffee was too hot and I couldn’t leave until it cooled off.
  • An astrologer warned me of a car accident on a major highway, so I took all backroads, making me an hour late.
  • My dog ate my work schedule.

Most Sought-After Employers List Released

LinkedIn released their 2018 Top Companies list, ranking Amazon number 1. The list includes ‘companies in top markets around the globe that are most sought-after by professionals’ – this is based on LinkedIn data.

The Top 5:

  1. Amazon: now offers to prepay 95% of tuition, textbooks and fees for its employees to receive training in “professions of the future.”
  2. Alphabet’s newest offices include dog parks, indoor fire pits and bouldering walls.
  3. Facebook: extended its bereavement leave policy last year to up to 20 days, a policy developed after Chief Operating Officer Sheryl Sandberg suddenly lost her husband.
  4. Salesforce: does continuous audits of its salary data and has spent $6 million trying to ensure equal compensation across gender and race.
  5. Tesla: has a carpool program that allows employees to drive a Tesla to work.

Nurse Practitioners at Record High

The American Association of Nurse Practitioners released data finding that 248K+ nurse practitioners are licensed in the U.S., which is up from 120K in 2007.

“This is an important milestone for patients as well as for NPs,” said AANP President Joyce Knestrick. “Provider shortages, especially in primary care, have become a growing concern, but the growth of the NP profession is addressing that concern head-on.”

For a closer look at the state of talent acquisition in healthcare including trends in fees and salaries, check out our Agency Recruiting Benchmark Report for Healthcare.

Impressive Resumes Don’t Necessarily Equal an Impressive Interview

Research from Robert Half International finds that 64% of managers surveyed state that it’s ‘common for an applicant with a promising resume not to live up to expectations when interviewed.’ As well, around 40 resumes are reviewed per job posting with about 12 minutes spent looking over each. For each role, they interview about 7 people for around 41 minutes each.

Traditional Office Work Hours Still Dominates, But is Shifting

A survey from Randstad finds that 68% of respondents state they work at the traditional office space, but 43% state that this is shifting to agile ‘from multiple locations and outside standard opening hours’. In addition, 41% globally state they already have an agile way of working.

Robots Poised To Assist in Construction

Per the AP, tech startups are looking to robots, drones, etc to help increase speed and safety within the construction industry.

U.S. Job Openings Hit Record-High in January

The number of US job openings rose by 645,000 in January from the prior month to a to a record-high 6.3 million, according to seasonally adjusted numbers released today by the US Bureau of Labor Statistics. Hires and separations also edged up.

The job openings rate — a measure of job openings compared with total employment — was 4.1% January, up from 3.7% in December.

Industries with Highest Turnover Rates Announced

Media, tech and retail are identified as industries having the highest turnover rates, per an analysis from LinkedIn Talent Solutions – per their data, the average global turnover rate is 10.9%.

Nashville Area Reports Lowest Jobless Rate in January

“The Nashville-Davidson-Murfreesboro-Franklin metropolitan area in Tennessee posted the lowest unemployment rate among all large, US metropolitan areas at 2.8% in January, the US Bureau of Labor Statistics announced today.”

Baby Boomers and Gen Xers to see Job Changes

MarketWatch reports on research from Bain & Co. finding that the major disruptions these generations will experience will make it easier for them to continue to work. The research finds that older workers tend to continue on a part-time basis, or as contractors. In spite of automation predicted to eliminate 20% to 25% of current jobs, this could benefit entrepreneurs.

Retail Hiring Surges Has Home Improvements to Thank

The U.S. Bureau of Labor Statistics listed an increase in hires with the retail industry for February. Month over month, the sector hired four times more than in January. The Washington Post reports that this could be due to a surge in home improvement activity. 10,000 hires were made within the home renovation/building material retailers and garden centers.

Survey Still the Option of Choice for Measuring Employee Engagement

Research published by the Harvard Business Review states that research from Facebook finds that surveys are the most effective way to measure employee engagement. The Facebook study states that surveys were twice as likely as algorithms to accurately predict employee tenure. Facebook saw a 95% participation rate when running their employee engagement survey.  One example given where the survey impacted engagement was the rise of volunteerism from 4% to 31% by merely asking if the employees wanted to volunteer for a cause.

Taco Bell Increases Employee Education and Retention

Taco Bell’s program, provided via Guild Education, gives educational options to their nationwide staff. Educational support is one of the top three benefits valued by their workforce. The program was launched last year with an initial group of 2,000 employees and resulted in a 34% increase in retention over six months.

Tesla Goes After High School Students

Offering training, college credit, transportation and housing, the Tesla Manufacturing Development Program targets high school students. Reps from the company spoke to high school students and parents in Nevada, highlighting the factory-in-progress Tesla Gigafactory. This 2 million square feet factory is predicted to employ 6,500 workers.

Toys R Us Closures Puts Spotlight on Retail Woes

CNN Money reports that bankrupt Toys R Us found it challenging to compete for workers. The company was known to pay minimum wage, far below competitors such as Costco and Walmart. 31,000 U.S. workers will be affected by the Toys R Us closures, whom will not receive a formal severance package (per bankruptcy laws) but will be entitled to healthcare coverage, 401k contributions, and 60 days of pay.

Millennials Managers Opt for Digital Communication

A report from Korn Ferry states that 55% of millennial bosses text their direct reports. Email was utilized 28%, face to face at 14%, and phone at 3%. On the flipside, when asked how millennial bosses could improve, 29% stated they could communicate face-to-face more often and 27% stated they could keep their bosses informed better.

By |2018-03-23T14:12:59+00:00March 23rd, 2018|Categories: Talent Acquisition Trends|Comments Off on By the Numbers: March 23, 2018

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.