BountyJobs Bites
U.S. Wage Growth Slows
The Numbers:
- U.S. workers’ wages grew 3.2% over the last year
- 47.5% of economists predict 2020 will see the start of the next recession
- 27% forecast a recession starting in 2021
- 7.5% and 10% say it was start in 2022 and 2023, respectively
- Source: ADP Research Institute & The Wall Street Journal
Startups Face Challenges When Filling Roles
The Numbers:
- First-year startups report that they are increasingly facing talent shortages
- 33% of 1,000 new small business owner reported having job openings they could not fill (this is almost double the 14% of startups who reported unfilled job openings in 2017)
- Source: SCORE survey
Real GDP Forecasts Differ Slightly
The Numbers:
- Wage and salary growth decreases to its slowest pace in four years, as economic growth continues to slow
- 69% of economists believe real GDP will grow 1.1% to 2.0% through Q3 2020
- 48% expect real GDP growth to exceed 2.0% between Q2 2019 and Q2 2020
- Source: National Association of Business Economics
BountyJobs Reports: The New Dynamics of Recruiting 2019 Survey
- Each year we carefully craft a survey for professionals in talent acquisition to express what they’re experiencing in the current talent market – challenges, solutions, forecasts. We take these valuable responses and publish a report later in the year with the results – actionable insights that help all in talent acquisition.
Tech Hub Cities See Highest Wage Growth in a Slow Market
The Numbers:
- San Francisco had the highest wage growth at 4.3%
- Jobs within Transportation saw almost a 5% wage growth
- Source: PayScale Index
AI Integration Shifts Employers’ Attention to Soft Skills
The Numbers:
- According to recent research, artificial intelligence will affect 100% of jobs
- Rather than eliminating most jobs, it will instead change the structure of the role
- Mundane tasks such as scheduling are being automated but skills such as creativity and common sense have increased in value.
- Some jobs that have seen recent increases are hairstyling and graphic design
- Source: MIT-IBM Watson AI Lab
Demand for Recruiters Increases
The Numbers:
- Demand for recruiters has grown 63% since 2016
- One aspect of this is most likely due to the role of recruiter evolving in such a tight talent market
- Recruiters are taking on more of an advisory role that requires business acumen
- Source: LinkedIn
Job Growth Continues to Stall
The Numbers:
- The U.S. added 125,000 nonfarm, private-sector jobs in October from September
- Month over month in October 2018, jobs had grown by 238,000
- September’s reported gain of 135,000 has been revised down to 93,000
- Source: ADP National Employment Report
