Spherion October Workforce Newsletter

Spherion October Workforce Newsletter

 
                                                                                                           October 2015
U.S. Job Growth Achieves 2015 Monthly High with Addition of 271,000 Positions
Five-percent unemployment rate signifies continued improvement
 Job growth in major U.S. non-farming sectors reached unexpected record-highs in October following modest gains at the end of the summer. The addition of 271,000 new positions this month surpassed expert predictions by nearly 100,000, and marks the highest single-month gain of 2015 thus far.
 
The October report also delivered encouraging news on the unemployment front, as the monthly rate fell to a 2015-low of 5.0 percent. Since October 2014, U.S. unemployment has dipped by 1.1 million people. From a long-term perspective, this month’s unemployment rate is exactly half of what it was (10 percent) during the peak of the Great Recession in October 2009.
 
Additionally, the October report revised the combined job growth estimates from August and September 2015 to add 12,000 more positions, adding a highlight to an otherwise sluggish stretch. These latest statistics indicate the U.S. employment situation may end the year on a high note – as Don Lee noted in the Los Angeles Times, “The strong overall hiring (in October) suggests that the late-summer slowdown was a bump in the road rather than a downshift in growth as the economy heads into the important holiday shopping season.”
 
Professional and business services continue to drive U.S. job growth, with the sector’s 78,000 new October positions representing a single-month high for any industry this year. This total was aided by the addition of 46,000 jobs in the administrative and support services field, which in itself exceeds the job creation number the entire professional and business services sector achieved during each of the last three months. With the holiday season on the horizon, the retail trade market (44,000 new jobs) also enjoyed significant growth this month.
 
The temporary services sector additionally experienced positive growth in October with the addition of 24,500 new positions, bringing the annual total to 2,927,700. The market share for temporary help services (as it relates to all jobs) has increased to 2.05 percent as a result. (Source: Bruce Steinberg, www.brucesteinberg.net)
 
 
 
 
 

Is your Business Planning to Hire Early in 2016? Start Recruiting Now

As 2015 winds down, many companies are finalizing next year’s budgets and determining the next steps to grow their business. In turn, the pressure is on for HR managers and recruiting specialists to secure the next crop of top-tier talent that can help employers reach their business goals. And, with 62 percent of employers reporting in Spherion’s 2015 Emerging Workforce? Study (EWS) that they are more worried about the talent shortage today than they were one year ago, it’s no surprise that recruitment has become a hot-button issue.
 
Recruiting has become increasingly complex – not solely because of the challenges in finding skilled workers. Today’s workforce is more diverse and multi-generational than ever before. Companies must understand which strategies are most effective to successfully attract workers representing different demographics.
 
A few basic considerations can make a significant difference when recruiting among this diverse workforce and help your business stand out. These include:

  1. Emphasize work/life balance as a recruiting tool. The 2015 EWS found that 62 percent of employers believe work/life balance programs have a positive impact on recruitment. Even if you have an amazing work/life balance policy, if job candidates don’t know about it, you’re not letting the perk work for you.
  2. Tailor recruiting strategies for different age groups and professions.Surprisingly, only 50 percent of employers say they do this, even though 82 percent agree that recruiting and attracting Millennials is critical to future success. A candidate in his or her twenties likely values different things than someone decades older, making it critical to play to the strengths and needs of each demographic when recruiting.
  3. Start building your future talent pipeline now. Seventy percent of companies believe Baby Boomers exiting the workforce will leave a major skills gap within their organization, yet only 58 percent of employers say they are already preparing to attract and recruit Generation Z workers to stay ahead of future talent needs. Planning for this gap now will cut down on transition challenges and ensure that capable workers can assume the responsibilities of departing workers.

While the process may seem stressful, recruitment at its core is a chance for your team to emphasize what you do best, and why your company is a great place to work. Getting ahead of your needs for 2016 now will give you an edge when it comes time to make those important hires.

 
 
 

Learn more about the Emerging Workforce Study and how to subscribe to this newsletter.

 
Copyright ? 2015 Spherion, All rights reserved.
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