What Job Seekers Want in a New Opportunity

According to Business Insider and a recently released survey by Gallup Research, here are the top 5 things job seekers are looking for in their next job:

1. The opportunity to do what they do best – 60% of job seekers said being able to do what they do best was very important for them in their new role. They want a strong match between their skills and the requirements of the role.

2. Better work-life balance and personal well-being – 53% of job seekers said that a good work-life balance and a better well-being are very important to them. Work is important, but having an employer that understands work-life balance is important too.

3. Job stability and security – 51% of both millennials and Gen Xers are looking for stability and security in their roles. This would most certainly hold true for other job seekers regardless of tenure. Job seekers want to work for companies that they believe in, develop their skills and careers, and grow with the company.

4. Opportunity to work for a company with a brand or reputation – Working for a company with brand recognition and a good reputation are factors when job seekers look for a new job. Job seekers want to be proud of the companies that they work for. They want to work for companies that are aligned with their values.

5. Money – 41% of job seekers said that more money was important when they were considering a new opportunity. Although compensation was not the only driving motivation, it is important. As their skills and contribution grow, job seekers expect their salaries to grow too.

As an employer, understanding these motivations could help position your company and job opportunity to attract and retain new employees.

Click here to read the Gallup Research article.

Employment – Skills Gap

The number of job openings in April rose to the highest level seen since records were kept. There are now over 6 million job openings. Yet, there are still 6.9 million unemployed people. Now, it would seem logical that this problem would resolve itself, right? There are 6.9 million unemployed people and 6 million open jobs. Unfortunately, it’s not that easy.

Analysts suggest that about half of the 6 million unemployed (3 million) have the desire to work but lack the skills to fill open positions. This is a skills-gap problem. Employers do not need low skilled employees. Rather, our economy has evolved and the demand now is for skilled employees who can contribute immediately. These are employees with the right skills, education and experience. The pool of potential employees in the jobs market cannot fill the demand for these openings.

Compounding the problem, some employers have moved away from training employees due to the cost of training. They also fear losing those trained employees to another company who can offer better compensation, benefits, and opportunity. This is a big problem for businesses as they struggle to defend against other companies recruiting their trained employees.

May Jobs Report Reflects Continued Job Growth

The May jobs report indicated a gain of 138,000 new jobs in May. This pushed the unemployment rate down to 4.3%. Depending upon what source you choose to rely on (Bureau of Labor Statistics or ADP), the U.S. economy has added over 650,000 new jobs since the beginning of the year. This is a good news!

There are some analysts that suggest that the U.S. jobs market is at or nearing full employment. If so, the next development should be some upward movement in wages as companies compete for employees.

More Confidence in the Jobs Market

The Bureau of Labor Statistics generates data on job openings, hires, and separations. It is a survey referred to as the Job Openings and Labor Turnover Survey (JOLTS). It recently showed that the pace of “quitting” is now over 2.0%. This is an indication that employees feel comfortable with the economy and their job prospects to quit and pursue new employment.

It also indicated that more highly paid employees are separating from their employment than is normally the case as well.

Click here to read the full article.

Employment Index Number Is Good From The Conference Board

The Conference Board is an independent, non-partisan, and non-profit organization that provides business insight. As a part of its services, it tracks employment trends by combining information from a variety of sources into one index – The Employment Trends Index.

This index is currently at 132.64 which by itself does not mean that much until you compare it to the Index reading of the same time last year. The Index has improved 4.1% over the course of the last twelve months.

“The Employment Trends Index has been expanding rapidly in 2017, suggesting that robust job growth will continue into the summer,” said Gad Levanon, Chief Economist, North America, at The Conference Board. “A tight labor market is about to get much tighter, with solid employment growth occurring at a time when there is almost no growth in the working-age population.”

Pulled all together, this is good news for the general jobs market for those looking for jobs.

Click here to read the full article.

Economy Adds 211,000 Jobs in April – Unemployment Rate Down

According to the Bureau of Labor Statistics, the economy added 211,000 jobs in April. The unemployment rate dipped to a 10-year low of 4.4%.

These statistics are good news and evidence of a growing jobs market. Since January 1, 2017 the economy has added 744,000 jobs. The growing challenge in the jobs market now lies in the skills-gap. Some employers are facing challenges of identifying, recruiting, and hiring employees that have the prerequisite skills to fill open positions.

Click here to read the full article.

Unemployment Rates Down in Vast of Majority of Metropolitan Areas

According to a report released today by the U.S. Bureau of Labor Statistics, unemployment rates were lower in March, 2017 than a year earlier in 336 of the 388 metropolitan areas, higher in 38 areas, and unchanged in 14 areas. There were twenty-three areas that had jobless rates of less than 3.0 percent.

This report is additional information that the jobs market continues to improve for most of the larger metropolitan areas across the U.S.

Click here to read the full article.

Twenty-seven states had significant employment increases for year ending March 2017

According to the Bureau of Labor Statistics, twenty-seven states had increases in employment for the 12 months ending March 2017. Two states lost jobs over the same 12-month period, while employment remained essentially unchanged in 21 states and the District of Columbia over the year.

The largest over-the-year job gains occurred in California, Texas, and Florida (large population states). The largest percentage gain occurred in Utah (+3.2 percent), followed by Florida, Georgia, and Nevada (+3.0 percent each). Only 2 states experienced employment declines (Alaska and Wyoming – low population states).

These numbers continue to show that the job market is improving. Presumably, should federal legislation, namely healthcare and taxes, be passed the job market could continue its positive gains.

Click here to read the full article.

More Good Trends on Employment – Employment Characteristics of Families (2016)

The Bureau of Labor Statistics recently reported that unemployment within families is trending downward. This is good news! In 2016, 6.5 percent of families included an unemployed person, which is down from 6.9 percent in 2015. The Bureau also reported that of the nation’s 82.1 million families, 80.4 percent had at least one family member who was employed 2016.

This employment trend and other statistics continue to support the conclusion that the job market is improving.

Click here to read the full 2016 news release

Unemployment rates decline in 274 metropolitan areas over a 12 month period ending February 2017

According to recently released information by the Bureau of Labor Statistics, unemployment rates were lower in February 2017 than a year earlier in 274 of the 388 metropolitan areas. The largest over-the-year percentage increase in employment among the metropolitan divisions occurred in Camden, New Jersey, and Dallas-Plano-Irving, Texas (+3.7 percent each).

The increase in employment across so many metropolitan areas is good news for job seekers. A robust labor market is shortening job searches and providing opportunities for many job seekers across the country.