BountyJobs Bites
Tech, Consumer Behavior Impact Major Q1 Job Cuts
The Numbers:
- The highest quarterly losses in almost four years were seen in Q1 2019
- Cuts were also up 10% over Q4 2018
- Automotive had the most job cuts in March with almost 8,900, though retail had the most for the year at 46,061 cuts
- Source: Challenger, Gray & Christmas
Workers Value Meaning but Few Employers Offer It
The Numbers:
- 19% of respondents stated they were prepared to be leaders that would bring meaning back to work
- 90% of respondents stated that ‘reinventing the way people learn is important or very important’
- Source: Deloitte
CEO Turnover Increased 22% Year-Over-Year
The Numbers:
- CEO turnover in U.S. companies increased by 22% in Q1 2019 over that of Q1 2018
- 135 CEO changes were reported in March, an 8.9% increase over February’s 124
- Source: Challenger, Gray & Christmas
BountyJobs Reports: 2019 Third-Party Recruiting Benchmark Report
The Numbers:
- Each year we analyze our wealth of data to give professionals in talent acquisition a tool to arm them with the most impactful analytics and insight to create strong overall recruiting strategies. In addition, this report serves as a foundation to create effective tactical actions such as crafting the most attractive offers to lure those passive candidates.
- 50% of the time, the winning candidate is sent to employers within one week of the job posted on BountyJobs
- 1/3 of the recruiting process is sourcing the winning candidate, while 2/3 of the process is spent screening resumes, interviewing, etc… Time to tighten your recruiting process up!
Graduates Go to Jobs in the Arts and Social Services over Finance
The Numbers:
- More recent college graduates are flocking to jobs in the arts, media, and social services than they were four years ago
- Graduates are less drawn to jobs in business and finance
- Job in education, law, healthcare support, and library were also of interest
- Source: Indeed
Healthcare Jobs Increase, But Wages Flat
The Numbers:
- The Healthcare industry gained 49,000 jobs in March and almost 400K over the past year
- Month-to-month growth for Healthcare is the second largest on record for the sector
- Healthcare job growth has surpassed non-healthcare job growth and the share of total jobs is approaching an all-time high
- Source: Altarum and the Bureau of Labor Statistics
IT Job Growth Decreases Again in March
The Numbers:
- The number of IT jobs decreased to about 5.34 million jobs, showing a downturn for the third consecutive month in a row
- Year-over-year, IT employment was up by only .16% in March
- Source: TechServe Alliance
Jeff Bezos Challenges Retail Competitors to Match Amazon Hourly Minimum Wage
The Numbers:
- Amazon CEO Jeff Bezos challenged his competitors to match his company’s recent increase to a minimum wage of $15 per hour
- “Do it! Better yet, go to $16 and throw the gauntlet back at us,” Bezos wrote in his annual shareholder letter. “It’s a kind of competition that will benefit everyone.”
U.S. Physicians’ Salaries Are at An All-Time High
The Numbers:
- Physicians’ salaries have climbed to an average of $313,000, an all-time high
- Male physicians saw their salaries increase by $29,000 since 2017
- Female physicians saw their salaries increase by $10,000
- The pay gap between genders has increased to $51,000 or 25%…also an all-time high
- Source: Medscape Survey and Axios
Trade School is Starting to Lure More Students than College
The Numbers:
- Incentives are getting stronger to go to trade school over college
- State technical colleges are spending millions in advertising campaigns to train workers in high-demand jobs such as commercial truck driving, electrical linemen, and diesel equipment technology
- Some plumbers and electricians are earning more than $90,000 due to the growing talent shortage
- Source: Bloomberg
U.S. Wages Subdued Due to Growing Gig Economy and Online Commerce
The Numbers:
- Rising numbers of contingent and gig economy workers, as well as price competition from online commerce, could be partly to blame for subdued wage growth in the U.S.
- All this despite historically low unemployment rate
- Source: Federal Reserve Bank of Dallas and Oberlin College
Automation Requires Increased Recruiting
The Numbers:
- 79% of survey respondents already use automation or plan to do so within the next three years
- Almost 50% stated they are having challenges to adequately staff their IT function with skilled workers
- As well, the ‘gap in advanced security skills is driving up investment in cyber automation’
- Source: DomainTools
Tight Labor Market to Drive Up Wages
The Numbers:
- March and early April saw employment continuing to increase across a variety of industries, most of which in high-skilled jobs
- Manufacturing and construction, among other districts, cited a shortage of skilled talent
- Many districts have started to offer bonuses and expanded benefits packages to attract and retain employees
- Source: Beige Book
Retiring Baby Boomers Impact Construction Talent Shortage
The Numbers:
- Those in the construction industry worry about a labor shortage when the many baby boomers that make up the industry retire
- Some construction companies are using virtual reality simulators during job training to ‘entice those who grew up on video games’ in order to attract younger talent
- Source: LinkedIn