BLS Analysis for Recruiters – March 2024 – 5 articles

Bob Marshall’s March 2024 BLS Analysis for Recruiters; 4/5/24

The 5 March Articles…

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Majority of Middle-Market Firms to Ramp Up Hiring, Report Says

Daily News, January 26, 2024

Majority of CFOs Raising Average Compensation by Over 4%

Daily News, March 20, 2024

Most CFOs, 71%, plan to increase average employee compensation by 4% or more this year, according to data from Gartner Inc.

That includes 58% of CFOs who plan to raise average employee compensation this year by between 4% and 9%. It also includes 13% of CFOs who plan increases of 10% or more.

“The fact that most CFOs are planning for pay growth that exceeds the level of inflation indicates how tight the labor market is right now and how important it is to find and retain top talent,” Alexander Bant, chief of research in the Gartner Finance practice, said in a press release.

Gartner’s survey found that only 3% planned large decreases and 26% planned nominal changes.

But while 71% of CFOs plan large increases in pay this year, the percentage is below last year, when 86% of CFOs planned large increases.

Gartner surveyed 296 CFOs and senior finance leaders in December 2023 for its report.

Nearly Half of Hiring Professionals Already use AI

Daily News, March 18, 2024

Nearly half of hiring professionals, 47%, use artificial intelligence, according to a survey by CareerBuilder and the Morning Consult. The top AI applications in hiring include screening candidates, scheduling interviews, analyzing applications, employee onboarding and sourcing.

“AI in hiring is now mainstream and here to stay,” CareerBuilder Chief Revenue and Marketing Officer Kristin Kelley said in a press release. “Employers should consider adopting AI technology to stay competitive.”

Employers should also start formalizing AI policies and guidelines as well as think through roles so that human team members are delivering the most impact, Kelley said.

Other findings included:

  • The majority, 86%, felt more training and education on AI is needed.
  • Ethical considerations such as bias and privacy are important to 92% of respondents. Strategies for addressing bias included fairness-aware algorithms and human oversight.
  • HR teams will become smaller and more specialized with AI in place, according to 56% of respondents.

The survey included 400 hiring decision-makers.

Upwork Lists Most In-Demand, Fastest-Growing Skills for 2024

Daily News, March 10, 2024

Data science and analytics is one of the fastest-growing work categories, according to data released today by Upwork Inc. And the fastest-growing skills in that category were generative AI modeling and machine learning.

Online talent platform Upwork released its lists today of the most in-demand and fastest-growing skills for 2024.

“In 2024, emergent technologies like generative AI will have a major impact on the skills-based economy,” Kelly Monahan, managing director of the Upwork Research Institute, said in a press statement. “Of course, business demand for these types of skills is increasing, but we’re also seeing a complementary impact whereby AI technology is driving greater demand for all types of work across our marketplace.”

Other notable new skills to make the top 10 most in-demand skills lists this year include medical and executive virtual assistance, development and IT project management, and digital marketing campaign management.

Data for the report was sourced from the Upwork database and is based on freelancer earnings from Jan. 1 to Dec. 31, 2023.

Here are Upwork’s lists of most in-demand skills for 2024:

Data science and analytics skills

  1. Data analytics
  2. Machine learning
  3. Data visualization
  4. Data extraction
  5. Data engineering
  6. Data processing
  7. Data mining
  8. Experimentation and testing
  9. Deep learning
  10. Generative AI modeling

The three fastest-growing data science and analytics skills are:

  1. Generative AI modeling
  2. Machine leaning
  3. Data analytics

Coding and web development skills

  1. Full-stack development
  2. Front-end development
  3. Web design
  4. Mobile app development
  5. Back-end development
  6. Ecommerce website development
  7. UX/UI design
  8. Scripting and automation
  9. CMS development
  10. Manual testing

The three fastest-growing coding and web development skills are:

  1. Scripting and automation
  2. Database development
  3. Web design

Sales and marketing skills

  1. Social media marketing
  2. SEO
  3. Sales and business development
  4. Lead generation
  5. Telemarketing
  6. Search engine marketing
  7. Marketing automation
  8. Email marketing
  9. Marketing strategy
  10. Campaign management

The three fastest-growing sales and marketing skills are:

  1. Marketing automation
  2. Sales and business development
  3. Email marketing

Accounting and consulting skills

  1. Accounting
  2. Bookkeeping
  3. Recruiting and talent sourcing
  4. Financial analysis and modeling
  5. Management consulting
  6. HR administration
  7. Instructional design
  8. Business analysis and strategy
  9. Tax preparation
  10. Financial management/CFO

The three fastest-growing accounting and consulting skills are:

  1. Personal coaching
  2. Financial management/CFO
  3. Bookkeeping

Customer services and administrative support skills

  1. General virtual assistance
  2. Data entry
  3. Digital project management
  4. General research services
  5. Drop shipping and order processing
  6. Market research
  7. Executive virtual assistance
  8. Manual transcription
  9. Development and IT project management
  10. Medical virtual assistance

The three fastest-growing customer services and administrative support skills are:

  1. Business project management
  2. Medical virtual assistance
  3. Supply chain and logistics project management

Design and creative skills

  1. Graphic design
  2. Video editing
  3. Presentation design
  4. Illustration
  5. Image editing
  6. 3D animation
  7. Video production
  8. Product and industrial design
  9. Cartoon and comic illustration
  10. Logo design

The three fastest-growing design and creative skills are:

  1. Packaging design
  2. Music production
  3. Videography

Half OK with Pay Cut if They Can Work from Anywhere

Daily News, March 13, 2024

Nearly half of workers say they are willing to accept a pay cut to be able to work from anywhere, according to a survey by FlexJobs.

With the high demand for remote work and competitive pay, FlexJobs’ 2024 Work-From-Anywhere Survey found that 26% of people would accept a 5% pay cut, while another 24% of respondents would accept a salary decrease of 10% or 15% if they could work from anywhere.

“Return-to-office mandates are largely responsible for the growing divide between employers and their workforces,” said Toni Frana, lead career expert at FlexJobs. “But as we’ve seen on FlexJobs, many companies are adopting work-from-anywhere arrangements and creating more opportunities than ever before for workers to find a career that offers the location flexibility they want.”

Among generations of remote workers, the survey found that millennials showed the highest willingness to exchange key job factors such as salary, chances for professional development and increased working hours, for a remote job without location restrictions. Only 31% of millennials said they wouldn’t give up anything for a work-from-anywhere job, compared to 41% of Gen X and 50% of baby boomers.

Furthermore, the survey revealed that fully remote jobs were also a key factor in relocation among workers.

In other findings from the survey: 75% of respondents said they would “definitely use” a work-from-anywhere policy if provided by their employer. Given the chance to work remotely full-time and without any location requirements, 40% said they would consider relocating to a different city, and 41% said they would consider moving to a different state. Although 39% said they would not relocate anywhere, 28% of respondents said they would consider relocating to a different country entirely.

The survey included 4,240 respondents. Of those, 73% were women, 25% were men and 2% preferred not to identify. It took place between Feb. 6 and Feb 19.

Majority of Boomers Say Their Age is Disadvantage in Job Market

Daily News, March 14, 2024

More than two thirds of baby boomers, 68%, say their age puts them at a disadvantage when trying to find a new job, according to the Workforce Monitor report released today by the American Staffing Association.

In comparison, only 53% of Gen X said their age put them at a disadvantage, as did 29% of millennials and 48% of Gen Z.

The ASA’s survey also found that 53% of older workers say their age limits their career opportunities. In addition, they are less likely to ask for a raise or search for a new job than their younger employed counterparts, according to the report.

“It’s time for a paradigm shift in how the US labor market views older workers,” Richard Wahlquist, CEO of the American Staffing Association, said in a press statement. “Discrimination based on age is illegal and cannot be tolerated. But routing out persistent and growing ageism requires much more than stepped-up legal enforcement.”

Wahlquist continued, “Policy makers and HR leaders need to work together to correct and overcome the misconceptions, stereotypes and biases — conscious and unconscious — of the past. Mature workers have the knowledge as well as the workplace skills accumulated over a lifetime that America needs today and will need even more in the future.”

The Harris Poll conducted the survey on behalf of ASA from Jan. 5 to 9 among 2,094 adults, of whom 1,294 were employed.