Labor Market to Add 8 Million Jobs in Next 5 Years
The Numbers: Between now and 2023, the labor market is expected to add more than 8 million jobs, per a CareerBuilder report. However, only about 25% of those are thought to positively impact middle-wage earners ($14.18 to $23.59 per hour). High wage and low wage jobs are predicted to have the largest net job growth in the next six years (5.71% and 5.69% respectively). Middle-wage is only predicted to grow at 3.83%.
Tight Talent Pool Has Recruiters Sourcing With Creative Strategies
The Numbers: Almost 70% of business leaders agreed that the current talent pool is shrinking per a survey from Cielo Talent Acquisition. 54% of respondents stated they have more open positions now than ever before.
CEOs Staying on the Job Longer But Are Still Primarily Male
The Numbers: The average tenure of a CEO as of 2017 is 11 years, and the average age is 58.3 years – two years older than the average age in 2009. While still low, the 27 female CEOs included within the S&P 500 in 2017 is the highest number ever recorded by The Conference Board in 17 years.
Employees Loyal, But Still Open to Competitors
The Numbers: 82% of those polled in a survey from West Monroe Partners stated they had a ‘high sense of loyalty to their employer’. However, 45% of new hires (with their employer for a year or less) have applied elsewhere, 59% would be willing to job hop for a better offer, and 25% would require at least a 20% salary increase to make a move.
Michigan Manufacturers Hold Open House Events
The Numbers: Tour events for more than 1k students are being held from manufacturers in western Michigan. As part of the national Manufacturing Day movement, participating employers include GNS America, Tennant Company, Bodycote Thermal Processing, and Code Blue Corp.
Companies Leverage Student Loan Repayment as Perks
The Numbers: Kroger has a new program that offers up to $3,500 in education expenses each year to employees. HCA Healthcare has plans to spend up to $300 million on worker benefits, mostly centered around education – a student loan repayment program is starting next year. As well, Home Depot has already spent $136 million on tuition reimbursement spanning the past 13 years also expanded eligibility requirements to include more workers.
Ford to Eliminate Several Thousand Jobs in the Next 12 Months
The Numbers: Despite record sales of pickup trucks and SUVs, Ford’s stock price is the lowest it’s been since 2009 and revenue continues to weaken. Cutting back on costs and reorganizing employee ranks are thought to help the company dig out of its current hole.
AI Used for Early Recruiting Stages But Less so for Later Phases
The Numbers: About half of organizations use AI for screening, scheduling, sourcing, etc but only 34% say they use it when selecting candidates per the ‘State of AI in Talent Acquisition’ report by Montage. Further, only 6% of candidates are okay with being evaluated for a job via facial recognition.
Job Search Easier for Employees
The Numbers: About 70% of workers surveyed in the ‘Job Attitudes Survey’ from TD AmeriTrade felt that ‘jobs are easier to find now than five years ago.’ 71% of baby boomers stated the low unemployment rate caused them to have an optimistic job outlook, while about 50% of millennials saw it as an opportunity to find new employment.
Employment Trends Index Decreases in September
The Numbers: The Conference Board’s U.S. Employment Trends Index decreased in September at 110.77 compared to 111.18 in August. However, it rose 6.7% year over year. “Despite this month’s decline — the result of just two components — the index remains on a solid upward trend, and has been growing rapidly in recent months,” said Gad Levanon, chief economist, North America, at The Conference Board. “The US economy is very strong now. Demand for workers is likely to continue growing rapidly in the coming quarters, but with the unemployment rate now at 3.7%, recruiters have their work cut out for them.”
U.S. Hiring Growth Slows
The Numbers: “U.S. hiring growth shows early signs of leveling off after rising at a decent clip through most of 2017 and 2018, according to LinkedIn’s October Workforce Report. Gross hiring in the US edged down 1.1% year over year in September; seasonally adjusted national hiring remained steady, with no change from August 2018. This may be an early sign of growth leveling off, according to the company.”
Millennial Staffers Engage with Phones Thousands of Times a Day
The Numbers: 92% of respondents to a KDM Engineering study say they ‘recognize the realit of smartphone addiction’. 60% touch their phones about 100 times a day but study findings state that the average smartphone users ‘touch, tap, and swipe their phones more than 2,500 times a day’. About 50% of millennials check their phones every 20 minutes or more frequently.
Q3 Wage Growth Flat with Largest Decrease in Blue-Collar Jobs
The Numbers: “Nominal wages fell 0.1% over the third quarter and increased only 0.4% year over year; the slight gain followed a less-than-stellar second quarter when nominal wages declined. Real wages fell 1.8% since last year. Blue-collar wages were hit hardest as wages fell for transportation; manufacturing and production; and installation, maintenance and repair jobs. Transportation jobs experienced the largest decline with wages falling 3.8% in one year.”
Tech-Sector Jobs See Slight Increase in September
The Numbers: Per CompTIA’s analysis of the U.S. Bureau of Labor Statistics’ monthly employment situation report, the tech sector added about 5,900 jobs in September. With an increase of 4,800 jobs the IT services, custom software development, and computer system design category had the highest employment growth.
Austin Has Largest Employment Growth of Past Decade
The Numbers: The U.S. Bureau of Labor Statistics reported that employment in Austin, TX was up 35.5% between August 2008 and August 2018. In second place was Nashville, TN with 25.7% growth. The lowest? Birmingham, AL.
Starbucks Offers Employees Backup Childcare
The Numbers: Combatting the highly competitive labor market in the U.S., Starbucks is to offer subsidized backup childcare for its employees. Only about 4% of employers offer such a perk and is thought to be a way to attract and retain employees.
Walgreens Decreases Benefits After Increasing Pay
The Numbers: After announcing a $100 million pay raise for hourly workers, Walgreens is now cutting some employee benefits. Impacted are the paid leave policy, eliminating health coverage for eligible retired workers, etc.
Holiday Hiring – a Breakdown of Retailer Plans
The numbers: This holiday hiring season could see an increase in sales as well as an increase in hiring to support that, due to low unemployment and high consumer confidence. Here’s a quick chart of predicted hiring volumes:
Retailers hiring for 2018 holiday season
|Planned seasonal jobs
Source: Company press releases
Salary History Ban Vetoed Again in Illinois
The Numbers: In a two-year time span the governor of Illinois, Governor Bruce Rauner has vetoed the salary history ban twice. Recommendations for improvement on the bill were included as the bill may be approved if those changes are made.
CFOs and some HR Leaders Agree that HR Does Not Affect Bottom Line
The Numbers: 61% of CFOs believe that HR doesn’t impact the bottom lines of businesses and 49% of HR leaders agreed, per the ‘2019 Report: People Management’ from Paycor. The report found that 43% of organizations don’t track the costs related to hiring such as recruiting and onboarding so they don’t have a firm grasp on what the cost really is.
Men Slighted for Not Being Manly Enough at Work
The Numbers: Harvard Business Review reported that men are being penalized for showing vulnerability and being nicer similar to women being penalized for being too assertive and ambitious. This study showed that men are paid 18% less when they show these traits.