Is your recruiting team aware of the most important hiring statistics for your company? Are you in the loop with current hiring statistics as we enter 2020? Knowing which areas are in need of candidates will enhance and engage your HR services and recruiting efforts.
Current Unemployment Rate
Heading into 2020 in the US, we have a current unemployment rate of 3.6%. This unemployment rate may come as a shock to some because, at one point in 2008, the US had a 9.8% unemployment rate! This unemployment rate is one of the lowest we have seen in the US. What do these hiring statistics mean to employers and employees? At a very high level, it means that companies may have a more difficult time finding the right candidates and as quickly as they need.
Statistics on Hiring
Which areas will require most hiring growth and hiring needs? The highest growth is occurring in the fields of leisure and hospitality, education and health, and the financial sectors.
Leisure and hospitality added 61,000 jobs in October 2019. Within the industry, employment rose by 48,000 in food services and drinking places. Job growth in leisure and hospitality has averaged 51,000 per month over the past 3 months, compared to an average of 19,000 per month during the prior 7 months.
Within education and health services, employment in social assistance rose by 20,000 in October. Most of the job growth came in individual and family services (+17,000). Over the past 12 months, social assistance has added 139,000 jobs, with 111,000 coming from individual and family services.
Financial activities added 16,000 jobs in October. Activities related to credit intermediation added 4,000 jobs. So far this year, employment in financial activities has increased by 104,000.
These statistics mean that your recruiting efforts should be focused on these sectors as they are in need of candidates or may need assistance with business reorganization.
How Does This Impact Hiring Statistics in the US?
To understand and be prepared for the hiring needs in the US, you need to follow the trends and focus on future growth as well as employee retention. SourceMatch specializes in recruitment and sorting out the hiring cost statistics for you and your company. If your company is feeling the costs of low unemployment and job mobility, then it’s best to allow a partner to guide you through the hiring statistics and the added savings for your company. The increases that were seen in the hospitality, health, and financial sectors, demonstrate a high need for recruiting support in those areas.
US Hiring Projections Through 2028
Are you prepared for the long term with regard to recruiting and consulting for your clients? Recruiting teams need a plan as employment (US) is projected to grow by 8.4 million jobs to 169.4 million jobs over the 2018–28 decade, the U.S. Bureau of Labor Statistics (BLS) reported. This expansion reflects an annual growth rate of 0.5 percent. By staying up to date with the hiring statistics, your company can be better prepared for the recruiting needs of the future.
High Needs Recruitment and Service
Which 10 fields have the most growth? Occupational employment jobs are included in the fastest-growing occupations. Recruitment and support for these industries are projected to continue through 2028. These include solar installers, wind turbine technicians, home health aides, personal care aides, occupational therapy assistants, information security analysts, physician assistants, statisticians, nurse practitioners, and speech-language pathologists.
Hiring statistics for occupational employment is projected to grow by 5.2 percent from 2018 to 2028, an increase of 8.4 million jobs. Many of the fastest-growing occupations are in healthcare and related services. Other rapid-growth occupations are in computer and mathematics and in renewable energy fields.
What does this mean for your company? These hiring statistics allow you to focus on the impact on your clients and this also gives you preparation time for recruiting efforts and goals. In a few words – it allows you to be proactive.
What does the employment growth look like for high school degrees and beyond? 12.2 percent growth is projected for occupations in which a high school diploma or the equivalent is typically needed for entry, compared to the highest growth for master degreed individuals at 21.2 percent. Less than a high school education is seeing a growth rate of 14.1 percent and those with some college but without a degree, are seeing growth at 17.5 percent. Knowing which candidates meet certain education requirements will better advance your recruiting efforts and your clients’ needs.
Discouraged Worker Statistics
Are you aware of the huge amount of potential candidates that are “marginal”? This means that they are looking for work, but not finding their work preference. In October, 1.2 million people were marginally attached to the labor force, down by 262,000 from a year earlier. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. Among the marginally attached, there were 341,000 discouraged workers in October, down by 165,000 from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 888,000 persons marginally attached to the labor force in October had not searched for work for reasons such as school attendance or family responsibilities.
To conclude, SourceMatch is equipped with guiding you through the data, hiring statistics trends, recruitment, and hiring costs associated with these current and future trends. The US is seeing low unemployment, high growth in the healthcare, hospitality, education, installation (solar/ wind) and financial sectors. Book a meeting with SourceMatch to learn more and allow us to learn about your vision and growth strategy through a brief introductory conversation.