BLS Analysis for Recruiters July 2022 – 6 articles

Bob Marshall’s July 2022 BLS Analysis for Recruiters; 8/5/22

The 6 July Articles…

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In the ‘Great Resignation,’ veterans can help

DAV Magazine, July/August 2022

It’s no surprise that DAV has long advocated for veterans in the workplace.  We know the immense value they bring and encourage employers to engage with them.

In the period of the “Great Resignation,” that advice is more relevant—and urgent—than ever

Over 47,000,000 Americans voluntarily quit their jobs in 2021, according to the U.S. Bureau of Labor Statistics.  The mass exodus was triggered at least in part by the COVID-19 pandemic that began in early 2020.

Even as the spread of the virus waned, the trend continued.  By the end of March 2022, there were a record 11,500,000 job openings.  That same month, 4,500,000 people quit their jobs, another record-setting number.

A Pew Research Center survey published in March gives some insight into why.  Among those surveyed, the top reasons for quitting were low pay, no opportunities for advancement, feeling disrespected at work, childcare issues, and not enough flexibility to choose when to work.

But despite the number of people quitting, the national unemployment rate ticked downward to 3.6% in March.  Among the veteran population, the rate was 2.4%.

According to the Pew survey, many of those who resigned in 2021 found new jobs and, in many cases, better ones.  Half or more of those workers said they were better off when it came to pay, advancement opportunities, balancing work and family, and flexibility to choose when they work.

The message is clear: Employees and job seekers have the advantage.

US Leading Economic Index Declines for Fourth Consecutive Month, Points to Downturn

Daily News, July 21, 2022

The Conference Board’s US Leading Economic Index fell for the fourth consecutive month, suggesting a slower economic growth in the near term amid recession fears.

It fell 0.8% in June to a level of 117.1 (2016=100). The dip follows a decline of 0.6% in May.

“The US [Leading Economic Index] declined for a fourth consecutive month, suggesting economic growth is likely to slow further in the near term as recession risks grow,” said Ataman Ozyildirim, senior director of economic research at The Conference Board.

“Consumer pessimism about future business conditions, moderating labor market conditions, falling stock prices and weaker manufacturing new orders drove the LEI’s decline in June,” Ozyildirim said. “The coincident economic index, which rose in June, suggests the economy grew through the second quarter. However, the forward-looking LEI points to a US economic downturn ahead.”

The Conference Board expects economic growth to cool throughout 2022 amid high inflation and rapidly tightening monetary policy.

The organization predicts a recession around the end of the year and early next year. It has now downgraded its annualized GDP forecast for 2022 to 1.7% from 2.3%.

FlexJobs Names Hottest Opportunities in the Remote Freelance Job Marketplace

July 17, 2022

Career service identifies top career categories, staffing companies, and job titles for freelancers

According to recent reports, it’s estimated there will be 90 million freelancers in the U.S. by 2028, making up more than half of the entire workforce. To provide additional context about job opportunities for freelancers, FlexJobs has assessed the remote freelance job market based on data between January 1, 2022, and May 31, 2022.

Specifically, the remote job service has analyzed more than fifty career categories to determine which ten career categories have the most number of remote freelance positions; the top ten staffing companies that have been hiring for remote freelance positions; and the top ten remote freelance job titles companies have recruited for during the first five months of 2022.

“Whether you want to trial a new career, work more autonomously, or pursue a passion project, freelancing can provide the ultimate in career independence and work flexibility,” said Sara Sutton, Founder and CEO of FlexJobs. “As our latest research indicates, plenty of companies are turning to remote freelance talent and creating more opportunities than News Releases ever before for today’s job seekers. We hope these lists of resources help connect both new and seasoned freelancers to the wide variety of remote jobs available,” Sutton concluded.

The 10 career categories below are ordered from highest to lowest in terms of having the most number of remote freelance positions available to job seekers so far (January 1st to May 31st) in 2022.

▪ Accounting & Finance

▪ Administrative

▪ Computer & IT

▪ HR & Recruiting

▪ Bookkeeping

▪ Customer Service

▪ Writing

▪ Virtual Admin

▪ Project Management

▪ Marketing

The top 10 staffing companies with the most remote freelance job listings so far in 2022:

▪ Robert Half International

▪ Kforce

▪ LHH – Lee Hecht Harrison

▪ Kelly

▪ Randstad

▪ Beacon Hill Staffing Group

▪ MATRIX Resources

▪ iMPact Business Group

▪ Solomon Page

▪ 24 Seven Talent

The top 10 remote job titles for remote freelance jobs in 2022:

▪ Executive Assistant

▪ Recruiter

▪ Customer Service Representative

▪ Accountant

▪ Administrative Assistant

▪ Bookkeeper

▪ Graphic Designer

▪ Copywriter

▪ Social Media Manager

▪ Project Manager

FlexJobs has also compiled the most popular tools across 8 categories for the freelancer’s home office. Among the numerous creative tools and solutions marketed to freelancers, the solutions in the categories below are generally considered the essentials for a smooth business operation.

Billing and accounting software

Social media management

Cloud storage

Task management and to-do lists

▪ Backup solutions

▪ Online collaboration and presentation tools

▪ Relationship management solutions

▪ Time-tracking apps

One-Third of Workers Looking for a New Job, Almost All Who Quit do not Regret Leaving

Daily News, July 15, 2022

As the Great Resignation’s momentum continues, one-third of workers are actively looking for a new job, according to a new report from The Conference Board.

Additionally, 94% of those who left their company in 2021 do not regret their decision. However, if given a choice to return to their previous organization, a quarter said they likely would.

Despite worries of a recession — and the hiring slowdown and layoffs that often result from a downturn — the labor market remains strong. And the robust jobs market is continuing to empower workers,” said Rebecca Ray, executive VP of Human Capital at The Conference Board. “Our survey results reveal [workers] continue to want more flexibility and higher pay, and they’ll go elsewhere to attain these benefits. But slowing economic growth makes the decision to jump ship riskier. To retain talent, companies should work with their employees to determine to what extent they can accommodate their needs.”

Among the report’s insights: 

Job seeking. The Great Resignation isn’t over. 31% of respondents are actively looking for a new job, while 28% are unsure if they will quit in the next 6 months. Only 38% indicated they would like to stay with their current company.

Flexibility a driver. 17% of workers said they voluntarily left their company within the last year for a flexible work location, flexible work schedule or the ability to work from home/anywhere. Other top reasons workers quit were higher pay and career advancement, cited by 22% and 14%, respectively. 

37% of individual contributors quit for more flexibility, compared to 18% of CEOs.

Additionally, more flexibility, higher pay and career advancement were the top factors that would influence workers’ decision to stay at their company. 

Fatigue. Job fatigue is driving workers to quit—especially women and millennials. 11% quit their jobs over the last year because of workload. 

A quarter of millennials quit because of job fatigue, while 25% of women left because of job fatigue, compared to 13% of men.

Pay expectations. 52% of Gen X and 47% of Baby Boomers said higher pay would influence their decision to stay with their organization. 74 of millennials said the same. Meanwhile, 61% of individual contributors would likely stay at their organization for higher pay, compared to 22% of CEOs. 

CEO turnover. 45% of CEOs said they left their organization for a stronger connection to mission and purpose, while 36% left because they had greater faith in the positive trajectory of their new company.

The survey included more than 1,100 individual professional workers. It was conducted from June 21 to June 28.

74% of Employees Back in An Office say they are Happy Despite Reports of Reluctance

Daily News, July 13, 2022

Despite reports of workers’ reluctance to return to the office, a majority of employees who did so report they are happy, according to a survey by talent engagement platform Beamery.

The survey found that 74% of employees who have returned to the office say they are happy. Beamery’s survey included 7,504 respondents from the UK, US and Australia. All respondents worked from the office on either a full-time or hybrid basis.

Beamery’s survey also found that employees are less confident when it comes to finding a new job. It found 69% are confident in being able to find a new job, down from the 77% in a previous survey. Still, 57% said they would look for new roles at other companies even if a recession hits.

The survey also asked employees who either left their job in the past 12 months, or at least considered leaving their job, what their top reason was for doing so. It found that 32% cited they sought better pay, 26% reported no salary increases at their present employer and 25% cited poor management.

Beamery’s survey took place from June 1 through June 10 and was conducted by Atomik Research.

Job Seekers say Market Strong with 24% taking action to find New Roles

Daily News, July 13, 2022

Despite worries about the economy, job seekers continue to seek new employment with a net 41% viewing the current employment market as strong or very strong, according to the “Job Seeker Trends” report released by CompTIA. In addition, 24% of people across the labor market took part in some job-seeking activity in the second quarter.

The top factors when considering a new position included:

  • Higher pay, better benefits: 67%
  • Job security, stability: 40%
  • Flexible work environment, work from home/remote work option: 39%
  • Better work-life balance, personal well-being: 36%
  • Career growth, advancement opportunities: 32%

The report also looked at actions taken by job seekers to find new positions. They included:

  • Applied for jobs online: 65%
  • Updated résumé: 61%
  • Searched for info about training and developing new skills: 32%
  • Updated LinkedIn profile: 30%
  • Used career planning tools, skills assessments, etc.: 21%
  • Took training classes or instruction to build new skills: 15%
  • None of the above: 6%

The report also looked at challenges barriers to career changes. For tech jobs, those concerns among job seekers included:

  • Not interested in technology: 28%
  • Tech jobs don’t pay enough: 27%
  • Training takes too much time: 26%
  • Too expensive to train for a tech job: 24%
  • Believe insufficient math/science skills are a barrier to working in a tech job: 22%
  • Not enough tech jobs in region: 17%

CompTIA’s report is based on a survey of 1,000 US adults that took place from June 7 through June 14.