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ENDING
THEYEAR
STRONG
Q4JOBSREPORT
WHEN2022BEGAN,EMPLOYERS
WEREOPTIMISTICABOUTEXPANDING
WORKFORCES.
Infact,
Monster’sFutureofWorkReport
shared
that93%ofcompaniesplannedtohirein2022,
up11%fromtheprioryear.AsCOVID-19cases
declinedandrestrictionseased,employersreopened
offices,supplychainbottlenecksdissipated,andhiring
grew.Employmentreachedpre-pandemiclevelsin
July,andtheunemploymentratedroppedtoits
February2020levelof3.5%.Whilepeoplewere
returningtowork,theirwalletsweretakingahit.
Thissummerwesawconsumerpricesrise8.5%
YoY,resultingin80%oftheUSworkforcereporting
thatinflationisimpactingtheircareerdecisions.
Now,ontheprecipiceofarecession,
Monsteristakingacloserlookat
predictionsforQ4,trendsinthelabor
market,andrecruitingtactics,tohelp
youendtheyearstrong.
pg.2
pg.3
ShouldEmployersBraceforaRecession?
AStormisBrewing
Whileit’struethatUSgrossdomesticproductdeclinedinthefirstandsecondquarters,meetingthestandarddefinitionofarecession,economistshavelongunderstoodthattherealGDPisjustoneofthemanyeconomicindicatorsusedtoassessthestateoftheUSeconomy.Recessionsalmostalwayscomewithemploymentlosses.ThisisknownasOkun’slaw.Employmentandgrossdomesticproductfalltogether,witha2%dropinGDPtypicallyaccompanyinga1%increaseinunemployment.However,we’reseeingtheoppositewiththeunemploymentratecontinuingtoedgedownoverthesummer.It’snosurprisethatlaboreconomistsarethebiggestskepticsofrecentrecessionheadlines.
Atthestartoftheyear,93%ofemployerstoldustheyplannedtohirein2022—andhiretheydid.Wesawanincreaseof32%injobspostedonMonsterduringthefirsthalfof2022,comparedtothesametimeframelastyear.JobnumbersfromtheU.S.BureauofLaborStatistics(BLS)indicatethatthesepositionsdidnotgounfilled,either.Assummercametoaclose,BLSdatashowedtwojobsavailableforeveryonejobseeker.
Withallthisgreatjobnews,itcanbehardtoimaginethatarecessionmayverywellbeonthehorizon.However,alargerpictureoftoday’seconomic landscapeshowsthatweare,indeed, inhotwater.“Weneedinflationtobearound2%,not8.5%,”MonstereconomistGiacomoSantangelosays.“Weneedwagestocatchuptothecostofliving.WhathappenswithpricesbeforetheendoftheyearwillbedependentonwhattheFederalReserveandconsumersdonext.”
Fromsmallbusinessestolargecorporations,companiesofallshapes,sizes,andindustriesarenotimmunetotheeffectsofinflation.Assuch,theywillneedtolookforwaystobecomemorefiscallyefficient.“Asthecostoflivingincreases(inflation),firmsareseeingincreasesincostsofinput,whichdrivesthecostofproductionup,cuttingintoprofits,”Santangelosays.“Whenafirm’scostofproductionincreases,itwilllookforwaystocutcosts.Trimmingtheworkforceorslowingdownhiringisanoption.”
Today’sEconomicLandscape
Consumerprices
j
Up8.5%YoY
Averagehourlyearnings
j
Up5.2%YoY
Corporateinterestrates
j
Up1%inQ4
Productivity
j
Down4.6%inQ2
Output
j
Down2.1%inQ2
(DatafromU.S.BureauofLaborStatisticsandInternalRevenueService)
Q4LaborMarketPredictions
2.Greaterfocusonupskilling/reskillingexistingworkforce.
Duetohiringfreezes,companiesshouldplanontrainingtheiremployeestomeetshiftingbusinessneeds.Thiscanhelpretainyourtoptalenttoo.Arecentsurveyuncoveredthat72%ofUSemployeessaidthattheywerelikelyorverylikelytostaywiththeircurrentemployershouldreskilling/upskillingbeoffered(Randstad2022EmployerBrandResearch).
3.Surprisingly,people
willstillquit.
Evenwithrecessionfears,40%ofUSworkersplanonleavingtheirjobinthenext3-6months(McKinsey’s2022GreatAttritionSurvey).It’sstillacandidate’smarket,withBLSshowingtwoavailablejobsforeveryonejobseeker.Theymightnotjumptoyourcompetitorthough.Thesamesurveyrevealedthat65%ofpeoplewhoquitinthelasttwoyearsdidnotreturntothesameindustry.
1.Hiringwillcontinue,
withcaution.
“Companiesaregoingtobevery,very
carefulaboutwherethey’readding
resources.Thoseconceptsaround
reductionsinworkforce,hiringfreezes,
andlowerthanexpectedhiringramp,
arethingsthatwe’llseeatleastthrough
theendof2022,”saysMonsterCEO
ScottGutz.
Companiesaregoingtobe
very,verycarefulaboutwherethey’readding
resources.Thoseconceptsaroundreductionsinworkforce,hiringfreezes,andlowerthanexpectedhiringramp,arethingsthatwe’llseeatleastthroughtheendof2022.
ScottGutz,chiefexecutiveofficer,Monster
pg.4
Q4TrendUnionsandKeepingWorkersHappy
TOP5AREASWHERECANDIDATES
WANTEXTRA
EMPLOYER
FOCUS:
1.Salaryprotection/faircompensation
2.Financialcompensationbeyondsalary
3.Healthcarebeneits
4.Flexibleworkschedules
5.Paidtimeoff
Workers’unionsarecommonplaceincertain
industrieslikeeducation,transportation,andnursing.
Notsocommoninthetech,retail,andrestaurant
industries.Thatis,untilnow.
Thisyear,we’veseenunionsformatthelikesof
Amazon,Starbucks,andAppleinaneffortforworkers
toreceivehigherpay,benefits,andbetterworking
conditions.Couldotheremployerssoonbereceiving
similarrequestsamongtheirworkforces?
HERE’SOURTAKE:FIRSTANDFOREMOST,
WORKERS’RIGHTSAREIMPORTANT.
However,unionizingmaycomeatacostthatcanhave
adverseeffectsonthelabormarket.Santangelosays,
“Thebeliefisthatunionizationisgoingtoraisethe
costofproductionbecauseanorganizedlaborforce
isgoingtoforceafirmtopaybenefitsandtoincrease
costsabovewhattheyshouldbe.Therefore,firmsare
thengoingtohavetoturnaroundandincreasethe
pricesofgoodsthatthey’reofferingtoconsumers.”
Noemployerwantstoseeaslowdowninproduction
orbeforcedtolayoffworkersasaresultofunion
activity.“It’simportanttorememberthattheonly
reasonwhyworkerswanttounionizeisthatthey’re
unhappy,”Santangelosays.“They’reunhappy
becausethey’rebeingaskedtodosomething
thattheydon’twanttodo—it’sthedefinitionof
exploitation.So,ifemployersaregivingbenefits
andallthethingsthatworkerswant,thenthe
workersdon’thavetoorganize.”
pg.5
pg.6
DebateOverReturntoOffice
Q4Trend
Accordingto
Monster’s
FutureofWorksurvey,nearly
1in4
candidates
saytheyarelookingforflexibleworkschedules.
Candidateactionstellasimilarstory:workfromhomecontinuestobethe#1keywordsearchedonMonster.Thereareplentyofbenefitsofworkingfromhome,butworkerscitesavingmoneyongasandlunch,aswellasnotcommuting,asthetopreasons(TheSurveyofWorkingArrangementsandAttitudes(SWAA)).Theresearchersalsodiscoveredthatthree-quartersormoreofworkerproductivitygainswerecomingfromareductionincommutingtime.Employersagree:anoverwhelming94%ofemployerssayproductivitylevelsarejustasgoodifnotbetterwhenworkingremotely(SHRM).
Thisbegsthequestion:whydidweseethepercentageofremoteworkersdeclinefrom15.4%to7.1%thisyear?
Employersworrythatcompanycultureisgettinglost,andinnovationislackinginfullyremoteenvironments.Simplyput,therearesomeworkplaceelementsthatcannotbereplicatedfromhome.Face-to-facecollaborationandsocializingaretiedforthetopbenefitsofworkingatyouremployer’spremises(TheSurveyofWorkingArrangementsandAttitudes(SWAA)).Whilemoreseasonedworkersmayenjoytheabilitytoworkfromhome,GenZ,theyoungestcohortintheworkforce,isn’tasbigofafan.“Thisisagroupofpeoplethatisdesiringtobeinanofficeenvironmentmorethanbeingathome,”Gutzsays.“MaybeonaMondayorFridaytheydon’tmindworkingfromhomebecauseit’seasy,butforthemostpart,theyarelookingformentorship,they’relookingforfriendship,they’relookingforcollaboration,they’relookingatbuildingoutapeernetwork,andtheyarerecognizingthatit’sverydifficult
74%insn
theircurrentjob.
todothatwithoutbeingapartof
acultureandseeingpeopleona
regularbasis.
“Mypointofviewisthatyouneedtocreateenvironmentsforpeopletogettogether,forpeopletocollaborate,forpeopletofeeltheculture—thatdoesn’tneedtohappenfivedaysaweek,”Gutzsays.“Ipersonallybelievethatcanhappenintwoorthreedaysperweek,andmypersonalplanistohaveanopportunitytobeinteractingwithmypeersandmyteamsinmyorganizationatleasttwo-to-threedaysaweek.That,tome,soundsliketherightbalancefromawork-lifeperspective,fromacostmanagementperspective,fromgettingtherightcultureandcollaborationtogether,frombuildinguporganizationsintherightway.That,tome,isthefuture—it’samorehybridapproach.”
Attheendoftheday,employersshouldweighalltheprosandconstomakeadecisionthatisbestforthemandtheirworkforce.
pg.7
FULLYREMOTE
Candidatesfindbeingfullyremoteconvenientandmorecomfortableastheydon’thavetocommuteandcanhaveamoreflexibleschedule.However,thisflexibilitymakesitchallengingforsomeonetomanagetheirschedules,andalackofin-personconnectionscanfeelisolatingandcausedisconnects.
>WHATWORKSWELL:
•CompaniesmakingWFHemployeesfeelincluded
•COVID-19safety
•Nocommutetime/cost
•Stillhigh-qualitycommunicationthroughtech/meetings
•Operatingatindividualpace+limitsofficedistractions
>WHATDOESN’TWORKWELL:
•Hardertocommunicate
•Technologytroubles
•Lossofcamaraderieandinteractionwithcolleagues
•Overalldisconnect
pg.8
HYBRID
Candidatesprimarilyvaluethework-lifebalanceandenjoytheimprovedflexibilityandcommunicationahybridworkingmodelbrings.However,disconnectandcoordinationcreatesissuesforsome.
>WHATWORKSWELL:
•Flexibilityandchoiceinworkschedule,location,etc.
•Bettercommunication
•Work-lifebalance
•FeelingsaferandmorecomfortablewithCOVID-19
•Betterforemployeemorale
>WHATDOESN’TWORKWELL:
•Disconnectbetweenupperlevelandassociates
•Compulsiontobe“available”24/7
•Communicationbetweenin-andout-of-officeemployees
pg.9
FULLYIN-PERSON
Candidatesfeelthattheyhaveamoreefficientworkflowwithbettercommunication.However,manyreportedfeelingunsafewiththeiremployer’ssafetyprecautions,andstaffingissuesareleavingmanyoverwhelmed.
>WHATWORKSWELL:
•Moreefficientworkflow
•In-personcollaborationandinteractionwithclients
•Safetyprecautions(i.e.,masks,socialdistancing,etc.)
•Asenseofnormalcy
>WHATDOESN’TWORKWELL:
•Shortstaffed
•LackofsafetyprecautionsandthespreadofCOVID-19
•Commutetime/cost
PrioritizingEmployeeMentalHealth
Q4Trend
Thoughtthepandemicwas
stressful?It’sworsenow.
‘Quietquitting’isthelatestworkforcetrend,whereemployeesarenotoutrightquittingtheirjobs,butarequittingtheideaofgoingaboveandbeyondatwork.Alsoreferredtoas“ActingYourWage,”workersstateit’saboutnotacceptingadditionalworkwithoutadditionalpay.Butisquittingthehustleculturementalityactuallyanegativetrend?Oristhisapost-pandemicopportunitytore-prioritizework-lifebalance?
WORKERSAREMORESTRESSEDTODAYTHANTHEYWEREIN2020.
(GallupStateoftheGlobalWorkplaceReport)
AccordingtoGallup’sStateofGlobalWorkplace2022Report,companiesareworkinghardtoattain“work-
lifebalance,”implementfour-dayworkweeksandexpandremoteworkopportunities.Butit’snotjustthehours,imbalanceorlocationthatleaveworkersunhappy.It’swhat’shappeningatworkthatmakesthemmiserable.
Inoneofthelargeststudiesofburnout,Gallupfoundthebiggestsourcewas“unfairtreatmentatwork.”Thatwasfollowedbyanunmanageableworkload,unclearcommunicationfrommanagers,lackofmanagersupportandunreasonabletimepressure.
Gutz’sadvice:“Companiesneedtocreateopportunitiesforpeopletofeelliketheybelongfromacultureperspective,wheretheyfeeltheycandotheirbestwork,andwheretheyfeelliketheyhaveclearopportunitiesforcareerprogression.”
Aswecloseoutthisyearandeven lookaheadto2023,employersmustprioritizeemployeementalhealthandfindwaystoalleviatethepressuresthatworkersarefeeling.Gutz’sadvice:“Fromahigh-levelperspective,it’saboutcreatingacultureofappreciationforwork-lifebalance.It’saboutcreatingsolutionsforpeoplewhoarestruggling,andit’sultimatelyformanagersandforpeerstoacceptthefactthatwe’vegottobebalanced,rational,andhumaninourapproachtootherpeople.”
pg.10
pg.11
Professional/BusinessServices
Currently986,000aboveitspre-COVIDlevels,employmentisgrowingwithintheprofessionalandbusinessservicessector—atrendthatisexpectedtocontinueintothe
fall.Giveninflation,weknowbusinesseswillbelookingforwaystokeepcostsdown.Andkeepinginmindthathiringagenciesandthird-partyfirmscanbecheaperthanhiringin-househelp,wecanexpecttoseeemployerslikerecruitingfirms,marketingagencies,andaccountingfirmsbulkupworkforcestoaccountforincreaseddemand.
Healthcare
BetweentheagingBabyBoomerpopulationandthenumberofnurseswhotransitionedtonewcareersamidCOVID-19,thehealthcareindustryisfacingaseriousnursingshortage.By2030,it’sestimatedthatthe
sectorwillneed1.2million
newregisterednurses
.Thedemandfornursesisapparentwithhealthcarejobpostingsup33%onMonster.
“Nursingissomethingthatrequiresaspecificsetofskills,”Santangelosays.“Ahealthcareprovidercannotsnapitsfingersandhave1.2millionRNsappear.Thismeansthatnursingwagesareexpectedtoincreasetoattractpeopletoenternursingprogramstogainthoseskills.Intheabsenceofthat,currentnurseswillbeencouragedtoworkadditionalshifts.”
BLSdatashowsthathealthcarehiringisstartingtopickupafterseeinglittlehiringactivityatthestartof2022.Employmentexpandedby57,000inJune,followedbyanother70,000payrollsinJuly.Employmentincreaseswerelargelyseeninambulatoryhealthcareservices,hospitals,andresidentialcarefacilities.
Topactivejobpostings:
Topcandidatekeyword
searches:
1.Businessoperationsspecialists
2.Managementanalysts
3.Marketresearchanalystsandmarketingspecialists
4.Humanresourcesspecialists
5.Accountants
1.Projectmanager
2.Scrummaster
3.Businessanalyst
4.Dataanalyst
5.Accountant
Topactivejobpostings:
Topcandidatekeyword
searches:
1.Registerednurses
2.Licensedpracticalandlicensedvocationalnurses
3.Physicaltherapists
4.Criticalcarenurses
5.Acutecarenurses
1.LPN
2.RN
3.Nursepractitioner
4.Licensedpractical/vocationalnurse
5.Pharmacist
THEDEMANDFORNURSES
ISAPPARENTWITHHEALTHCARE
JOBPOSTINGSUP33%ONMONSTER.
pg.12
COMESTOFINDINGTHE
TransportationandWarehousing
Wesawemploymentwithintransportationandwarehousingrampupthisyear,puttingthesector745,000aboveitspre-COVIDlevel.Lookingahead,demandisexpectedtocontinueinafewkeyareas:
nTrucking:Therewasa
shortageof80,000drivers
lastyear
—anall-timehighthatcoulddoubleby2030.Assuch,theAmericanTruckingAssociationplanstorecruitamillionnewdriversoverthenextdecade.
nWarehouseanddelivery:Bytheendof2022,globalecommercesalesareexpectedto
increaseto$5.4
trillionand$6trillionin2024
.Asaresult,demandforwarehouseworkersanddeliverydriversshouldincreaseaswell.
nAirtransportation:With
airlinestaffingshortages
projectedtolastuntil2023
,Monsterdatashowssky-highdemandforairline-relatedpositions.Pilot,
copilot,andflightengineerjobpostingsareup115%,whileflightattendantjoblistingsareup10%.
Construction
Constructionemploymenthasrisenoverthispastyear,currentlysitting82,000jobshigherthanitwasinFebruary
2020.Thisdemandshouldcontinuetobuildinthefourthquarterandbeyondforacoupleofreasons:
nA
shortageof5.5millionhomes
intheUSisexpectedtodrivedemandwithinhousingconstruction.
nThenewinfrastructurebillisexpectedtohelp
boostconstructionspendingby5.5%in2023
andgeneratenewdemandforconstructionservices.
Topactivejobpostings:
Topcandidatekeyword
searches:
1.Heavyandtractortrailerdrivers
2.Lighttruckordeliverydrivers
3.Motorvehicleoperators
4.Laborersandfreight,stockandmaterialmovers
5.Taxidriversandchauffeurs
1.Driver
2.Truckdriver
3.Deliverydriver
4.Warehouse
5.Forkliftoperator
Topactivejobpostings:
Topcandidatekeyword
searches:
1.Constructionlaborers
2.Electricians
3.Plumbers
4.Carpenters
5.Operatingengineersandequipmentoperators
1.Electrician
2.Warehouse
3.Construction
4.Generallaborer
82%OFEMPLOYERSINTHE
CONSTRUCTIONINDUSTRYARE
“VERYCONFIDENT”WHENIT
RIGHTFIT.
pg.13
pg.14
INDUSTRIESTO
WATCHINQ4
Giventheuncertaintyoftoday’s
economicclimate,it’shardtopredict
whatemploymentwilllooklikeincertain
industries.Wehopethedataonthe
followingpagescanserveasaguide
asyouplanforend-of-yearhiringand
prepareforwhatmaycomein2023.
Technology
Duringthepandemic,wesawgreaterrelianceontechnologyastheworldwentremote.However,themostrecentBLSmonthlyjobsreportshowsthathiringinthesectorhasstagnated,butnotnecessarilyforalackofjobopenings.“Theworldweareinnowisnottheworldwewereinbeforethepandemic,”Santangelosays.“Thequalifiedtechworkerswhoweredemandedbythetechsectornowhavejobs.”
Providingskillstrainingtonewhiresandupskilling/reskillingexistingworkforceswillbekeyasemployerscontinuetohireforskilledtechjobsonMonster.
Manufacturing
Steepgaspricesandashortageoftruckdriversarefuelingshortagesofwood,paper,food,andotherrawmaterialsthatcanslowdownproductionwithinmanufacturing.Yetdespitetheseongoingmaterialshortages,employmentiscontinuingtogrowwithinmanufacturing.InJuly,theindustrysawgainsof30,000jobs,andsincethepandemic,employmentinmanufacturinghasrisen41,000aboveitsFebruary2020level.
“Theeconomyisstillnotfullyrecoveredfromthepandemic-drivensupplychainissue,andthentherewasthegasprice-drivensupplychainissue,aswellastheproblemscausedbytheissueswithintheUStruckingindustry,”Santangelosays.Lookingahead,hesaysemploymentwillbedependentonhowtheseissuesareresolved.
Topactivejobpostings:
Topcandidatekeyword
searches:
1.Softwaredevelopers,applications
2.Computersystemsanalysts
3.Softwaredevelopers,systemssoftware
4.Computernetworkarchitects
1.Projectmanager
2.Scrummaster
3.Businessanalyst
4.Dataanalyst
5.Accountant
Topactivejobpostings:
Topcandidatekeyword
searches:
1.First-linesupervisorsofproductionandoperatingworkers
2.Inspectors,testers,sorters,samplers,andweighers
3.Productionworkers
4.Machinists
5.Teamassemblers
1.Manufacturing
2.Welder
3.Assemblyworker
4.CNCmachinist
5.Machinist
pg.15
Retail
Employmentincreasedby22,000inJuly,pertheBLS;althoughthesectorhasshownnonetchangesinceMarch.Giventheriseofecommerceandinflation(includingthepriceofgas),thisisnotentirelysurprising.
However,it’simportanttobearinmindthattheeffectsofinflationarelikelybeingfeltdisproportionately.Asshoppersseekbargainsamidhighinflation,discountstoresremainsignificantlyabovepre-pandemiclevels.Forinstance,DollarGeneralplanstoopen1,110newstoresinits2022fiscalyear,whileDollarTreeisbolsteringitssupplychaintokeepupwithdemand.
Lookingaheadtothisholidayseason—atimeofyearwhenretailhiringtendstopickup—wewillwanttokeepaneyeonwherecandidatesarefindingemploymentopportunities.
LeisureandHospitality
Thesummerisalwaysabusytimeforhiringwithintheleisureandhospitalityindustry,andthispastsummerwasnodifferentwithsolidgainsof67,000inJuneand96,000inJuly.Thisgrowthtypicallycarriesintothefallwhenhotels,motels,bars,andrestaurantsturntheirfocusonholidayhiring.
Whilejobpostingswithinleisureandhospitalityarecurrentlyup12%onMonster,Santangelosaysitmaybetooearlytotellifwewillseethegrowthwesawthissummercontinueintothefall.“Theeconomyisverysensitivetotrendsinhealthatthemoment.Onceschool-agechildrenarebackin
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