Each week, we’ll brief you on notable stats and happenings related to current events impacting the job market now or in the foreseeable future.
Tech Is Where It’s At
A running theme this week was that salaries in technology are projected to increase in a larger capacity compared to other industries in 2018. Per the Robert Half 2018 Salary Guide UK, roles in specialized IT and technology will see raises at 4.4% and higher. For example, junior developers will see a 4.5% raise and senior business analysts will see an uptick of 4.4%. Finance is also on the rise, with increases in the 4% range – Financial Controllers and Chief Financial Officers are to see a 4.0% raise and Fund Accountants are at 4.2%.
These pay raises are well above the national average of 1.4%. “In the year ahead, businesses will be navigating a number of local, regional and international factors, such as Brexit, automation, digital transformation and meeting data regulations,” Phil Sheridan, Senior Managing Director of Robert Half UK, South America and the Middle East, said. “However, one of the biggest challenges plaguing all UK businesses is the shortage of specialist skills. In an effort to win the war for top talent, organisations are willing to pay a price for those with the right skills to support their business goals.”
Average salary increases, by professional occupation in 2018
|Industry||Average starting salary increases|
|Administrative and office support||1.85%|
|Accounting and finance||1.40%|
Check out our newly released Annual Recruiting Benchmark Report for 2017 for a closer look at trends in fees, salaries, and performance in Technology, Financial Services, and other competitive industries such as Pharma & Biotech and Healthcare. In addition, our vertical-specific report takes a deeper dive into Information Technology, drilling down to specific roles at varying seniority levels across the industry. Our recent blog post, Movers & Shakers in Tech: Who Are They Hiring also expands on this topic.
The Gig Economy – White Collar Workers Get In on the Action
A study from Mavenlink, ‘The White-Collar Gig Economy: On-Demand Workforce Trends’, finds that the demand for ‘gig workers’ is growing. About 79% of executives feel that contractors will keep their business nimble – making older, experienced white-collar workers even more attractive. In addition, recent survey results from ManpowerGroup cite that 94% of workers are open to non-traditional work arrangements. 80% of boomers (ages 50 to 65) would consider working as independent contractors and freelancers.
Even still, Jobsite released a study of 17K candidates which cited that older job seekers are getting the short end of the stick. Jobsite CEO Nick Gold said – “It’s disappointing to find that older candidates are having a more difficult time in the job market. As a market-leading job board, we ensure date of birth capture is never mandatory to prevent the possibility of discrimination in the application process. With the retirement age set to rise, giving us longer in our careers than ever, it’s essential for business that crucial segments of the workforce aren’t neglected. We hope our new jobseeker guide will help address these challenges head-on to give older workers the best chance possible to find a job they love.”
Gartner Predicts AI Will Create More Jobs…as of 2020
While artificial intelligence may eliminate many jobs, it is still on track to make up for that with even more new positions. In 2020, AI will have created 2.3 million jobs while eliminating only 1.8 million, according to an analysis from Gartner.
Predictive Analytics & HR…Elusive for Some
According to a survey from OutMatch, 95% of HR professionals are in agreement that predictive analytics are a must-have to progress forward, but only 1/3 currently have access.
ASA Staffing Releases Monthly Report for September, 2017
Staffing employment for the week of Sept. 11–17 surged to 97.26, according to the ASA Staffing Index, surpassing a value of 97 for the first time this year. Temporary and contract staffing employment was 1.46% higher than the prior week, with some survey respondents citing temporary-to-hire conversions and the effect of hurricane activity as conditions that hindered growth. Staffing employment was 1.89% higher than the same week last year.
The Aftermath of Hurricane Effects on the Job Market
“Hurricanes Harvey and Irma hurt the job market in September,” said Mark Zandi, chief economist with Moody’s Analytics. “Looking through the storms the job market remains sturdy and strong.”
Jobvite Releases Recruiter Nation 2017 Report
Jobvite’s report for 2017 delves into what makes the perfect hire, including hurdles to get there. Biases such as age, gender, racism, and sexual harassment are explored – 57% of the over 800 recruiters responding believe implicit bias is a real problem within the American workforce.
UK Brands – Social Media Not All It’s Cracked Up to Be
A recent study from SocialReferral shows that 59% of employers in the UK view social media as a negative risk to their brand, rather than having a potential positive impact.
New Staffing Firm Rankings
Staffing Industry Analysts released their new list of largest global staffing firms – at least 10 of those that made the cut are newcomers to the list this year. “The firms comprising the 2017 list achieved a combined turnover of $190 billion,” said Barry Asin, President of SIA. “With the global staffing market generating revenues of approximately $428 billion in 2016, these firms represent an estimated 44% of total global revenue.”
September Sees Small Increase in Job Ads
Online advertised vacancies increased 2,500 to 4,482,300 in September, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series, released yesterday.
Lego Layoffs Reactions…or Lack Thereof
From Alex Kjerulf, “What has really surprised me is that there has been no pushback or criticism from the financial press. It makes you wonder: What kind of a business climate are we living in when this kind of decision is met with nothing but approval from all observers?”
School is Never Out for the Pro
Constant reading and education is a must to stay ahead: here’s a short list of fall reads to check out.
Talent Connect 2017 Roundup
Here’s the one-stop shop for everything Talent Connect – keynotes, session recordings, recaps, interviews.
SEC Approves Guidance on Pay Ratio Requirement
Says SEC Chairman Jay Clayton, “Today’s guidance on pay ratio reflects the feedback the SEC has received and encourages companies to use the flexibility incorporated in our prior rulemaking to reduce costs of compliance.”