BLS Analysis for Recruiters May 2023 – 5 articles

Bob Marshall’s May 2023 BLS Analysis for Recruiters;


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The 5 May 2023 Articles…

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Top Execs See Growth in Total Pay Slow

Daily News, May 31, 2023

Total median pay for chief executive officers at the largest US corporations rose in 2022 but the pace of growth slowed from the previous year, according to a report by WTW. The report found that total pay for CEOs increased 2.7% in 2022, down from the 18.3% median increase in 2021, primarily driven by a decrease in annual bonuses and slower growth in long-term incentives.

“CEO pay stabilized last year and is returning to levels typically seen before the pandemic,” said Don Delves, North America leader of executive compensation at WTW. “Given the stock market performance and lingering economic uncertainties, the fact that annual and long-term incentives weakened last year demonstrates the pay-for-performance model is working at most companies.”

Total pay includes base salary, actual annual and long-term cash bonuses, the grant-date value of long-term incentives such as stock options, restricted stock and long-term performance shares, the value of perquisites, earnings from deferred compensation and the change in value of executive pensions.

Slower growth in annual bonuses and long-term incentives drove the slowdown in growth.The report found that annual bonuses fell 2.5% in 2022 after rising 36.8% in the previous year.  In addition, the value of earned long-term incentives rose 10% in 2022, less than the 44% increase in 2021.

However, salaries for CEOs increased 3.1% in 2022, following a year in which the average CEO salary remained unchanged.

WTW’s report is based on 450 companies in the S&P 1500 that filed proxies disclosing 2022 pay by the end of April.

38% of US Workers More Burned Out Now Than a Year Ago

Daily News, May 31, 2023

Burnout remains a concern among employees in the US, according to a survey by Robert Half International Inc. The survey of workers in select industries found that 38% reported being more burned out now than a year ago.

“Despite employers’ efforts to better support employee well-being, burnout is an issue that needs ongoing attention,” said Paul McDonald, senior executive director of Robert Half. “Compounding the matter, businesses are moving forward with an influx of new projects, putting more pressure on current staff who may already be stretched thin.”

According to the survey, the top factors contributing to burnout are heavy workloads, 56%; lack of communication and support from management, 32%; and insufficient tools and resources to perform effectively, 27%.

Employees with the highest burnout levels include millennials, working parents and workers who have been with their company for 2-4 years.

The report also found that 37% of employees feel uneasy about expressing feelings of burnout with their boss. 1 in 5 workers said their manager had not taken steps to help them alleviate work-related stress.

However, the report noted some employees have been receiving support. Among those who reported receiving support, 26% have been encouraged to take time off, 24% were provided greater schedule flexibility and 22% were given guidance on prioritizing projects.

The online survey was developed by Robert Half and conducted by an independent research firm from May 4 to May 26. It includes responses from more than 2,400 workers in finance, technology, marketing and creative, legal, administrative and customer support, and human resources at companies with 20 or more employees in the US.

32% of Working Moms Choose Temporary, Flexible Work Options Over Full-Time Jobs

Daily News, May 22, 2023

Most working moms rank flexible hours as their top criteria when considering a new job, according to a report by Indeed Flex. Of those surveyed, 67% ranked flexible hours above competitive pay. In addition, 32% of respondents said they left their full-time job to pursue temporary and flexible work options during the pandemic.

“Work flexibility is a must with all the commitments and uncertainties that parenthood brings,” Stacey Lane, general manager at Indeed Flex US, said in a press release. “Short and long-term temporary work options not only allow mothers to continue to provide for their families while strengthening their skills but also free up childcare costs and allow them to spend more precious time with their children by letting them set their work schedules.”

When asked about what they look for in a new job, 67% of moms ranked flexible hours as most important while 63% chose competitive pay, according to the report. Fifty-two percent of moms chose benefits, and 48% chose long-term stability.

The report noted that in the past three years, 59% of moms reported childcare as a source of stress, while 91% said flexible work arrangements helped them strike a better balance between work and family. In addition, 89% said flexible and temporary work options provide them with opportunities to earn a solid income, and 72% said it improved their ability to find steady work.

Indeed Flex surveyed 601 women across the US for the report.

Forecasters Predict GDP Growth of 0.4% This Year, Divided on Recession:  NABE

Daily News, May 22, 2023

When asked about growth in US gross domestic product, the median projection among forecasters was 0.4% this year, down from 0.9% growth in 2022, according to the “April 2023 Outlook” report released today by the National Association for Business Economics. The median forecast for growth in 2024 was a bit higher at 1.7%.

However, one-third of respondents to the report’s survey put the probability of a recession over the next 12 months at between 26% and 50%. A bit over a third of respondents, 38%, put the probability at between 51 and 75%.

“Respondents to the latest NABE Outlook Survey are divided as to whether a recession in the US is likely in the next year,” said NABE President Julia Coronado in a press release. “However, the median forecast calls for economic growth through 2024 to be modest. On balance, the panel expects higher interest rates in 2023 than forecasted in the February 2023 Outlook Survey. Interest rates are expected to decline, and inflation is expected to slow in 2024, while job growth is anticipated to moderate and the unemployment rate to rise.”

Panelists also expect average monthly US nonfarm payrolls to increase by an average of 142,000 this year with much of the job growth in the second half of the year.

The panel forecasts a 3.7% average annual unemployment rate for 2023, down from 3.9% in the previous survey. The unemployment rate is expected to remain at 3.5% in the first half of 2023 but will rise in the second half of the year, reaching 4% in the fourth quarter.

Nonfarm business compensation per hour is projected to increase 4.3% this year.

NABE’s survey included 45 professional forecasters and was conducted from May 2 through May 9.

93% of Stay-At-Home Moms See Challenges When Reentering the Workforce: Indeed

Daily News, May 11, 2023

A large majority of stay-at-home moms have faced or expect to face issues when seeking to reenter the workforce, according to a survey by Indeed. Of those surveyed, 93% said they had experienced or anticipated experiencing challenges reentering the workforce.

57% of respondents said employers view time taken to stay at home as a résumé or employment gap, according to the report. While 53% reported they are worried employers will not see their time as a stay-at-home mom as valuable work experience, 54% said they are having difficulty finding a job that accommodates their caregiving responsibilities. In addition, 53% believe potential employers undervalue their skills due to their time as stay-at-home moms.

“Stay-at-home moms are a massively underutilized part of the population, yet are extremely hard working and adaptable,” said Kristen Shah, career trends expert at Indeed.

“The workforce has changed significantly since the start of the pandemic, and employers/job seekers alike are adjusting their preferences with work and talent attraction,” Shah said. “We see an opportunity for stay-at-home moms looking to reenter the workforce to position their skills in a way that will resonate with employers.”

However, despite the crossover between the skills and responsibilities of stay-at-home moms and various workforce positions, 73% of women reentering the workforce reported encountering biases in the hiring process. In addition, 40% of respondents feel their contributions are more appreciated at home than in the workplace.