Economic News

New Research Shows the IT Talent Shortage Is Wreaking Havoc on the Enterprise

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Despite more than one-third of total HR budget dedicated to the IT talent gap, 25 percent of projects are abandoned altogether because of IT capacity limitations Ninety percent of C-level executives agree that recruiting and retaining technology talent is a top business challenge, according to a new survey by Appirio, a global cloud services company and leader in enterprise crowdsourcing. Developed in conjunction with Wakefield Research, the IT Talent Wars and the Gig Economy Survey explores how the gig economy is impacting enterprise IT by examining key drivers in the war for talent, and outlining worker expectations for retention and workplace satisfaction.

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U.S. Organizations Report Highest Compensation Spend in 39 Years

Variable Pay Drives Record Spending; Companies Controlling Fixed Costs Research from Aon Hewitt, the global talent, retirement and health solutions business of Aon plc, shows total compensation and spending for U.S. employees  reached a record high of 15.8 percent in 2015, with the majority of funds allocated toward variable pay, such as incentives, bonuses and cash awards. According to Aon Hewitt’s 2015 U.S. Salary Increase Survey of 1,214 organizations, salaried exempt workers will see base pay rise by 2.9 percent and variable pay increase by 12.9 percent in 2015. By comparison, total compensation and spending budgets for salaried exempt employees was 11.4 percent in 1996, with 3.9 percent accounting for salary and 7.5 percent accounting for bonuses. “Organizations are under immense pressure to keep costs in line to remain competitive, and as a result, we are seeing more than 90 percent of companies shifting more of their spending to variable pay because this type of strategy enables them to recognize and reward performance without growing their fixed cost,” said Ken Abosch, broad-based compensation practice leader, Aon Hewitt. “Pay is a top engagement driver for employees, and as the market continues to improve, organizations will need to differentiate through variable pay …

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It Takes an Ecosystem to “Future-Skill” a Workforce

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As Emergent Trends Demand Continuous Expansion and Evolution of Employee Skillsets, Companies Face Urgent Need for Holistically Integrated Talent Strategies. For the American worker, Labor Day may arrive this year with an unusual level of reflection—on the changing nature of work itself. From new expectations for global collaboration and work/life balance, to hypercompetitive employee monitoring and rating processes, to the eclipse of full-time salaried jobs by the “gig economy,” recent months have sparked multiple public conversations on the technology-led transformation of jobs, careers, and the workplace. More significantly, perhaps, leading companies are engaged in a parallel dialog behind the scenes—one that will define how they attract, develop, and retain their workforces for decades to come.

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Online Labor Demand Rises 83,700 in July

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Online advertised vacancies rose 83,700 to 5,384,400 in July, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series,released today. The June Supply/Demand rate stands at 1.57 unemployed for each advertised vacancy with a total of 3.0 million more unemployed workers than the number of advertised vacancies. The number of unemployed was 8.3 million in June. Following a weak June, labor demand rises in July Small increases spread across most States Services/Production occupations rebound from June losses “Demand has flattened over the past five months, with alternating monthly increases followed by decreases,” said Gad Levanon, Managing Director, Macroeconomic and Labor Market Research. “Overall, 2015 has shown moderate gains averaging about 38,000 per month, largely due to the very strong January and February increases.”

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Employee Confidence Remains High as U.S. Unemployment Rate Drops to 5.3 Percent

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Although Randstad’s U.S. Employee Confidence Index (ECI) decreased slightly from 62.3 points in the first quarter of 2015 to 61.9 (-0.4) in the second quarter, survey findings indicate employee confidence remains exceptionally high, with 2015 marking the first year the U.S. ECI has reached 60.0 points or higher since the survey’s inception in 2004. The U.S. ECI, calculated from the results of an online survey among over 2,000 employed adults and conducted by Harris Poll on behalf of Randstad, measures employed workers’ perceptions regarding the overall strength of the economy, availability of jobs and personal employment prospects. Despite the minor second-quarter decline, nearly one-third of workers (32 percent) believe more jobs are available and more than half (53 percent) indicate they are confident in their ability to find a new job.

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Emerging Workforce Study Reveals Workers Feel Insecure About Their Job Skills, Career Advancement

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For years, employers have struggled with finding qualified workers. However, new findings from the 2015 Emerging Workforce Study (EWS) commissioned by Spherion Staffing reveal workers feel they are sorely lagging behind in their job skills. These results underscore a new skills gap story from the worker’s perspective that will affect the future of the workforce. The study was conducted online by Harris Poll among 225 U.S. human resource managers and 2,027 employed U.S. adults (aged 18+).

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Restaurants Add 30K Jobs in June After Choppy Performance This Year

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The National Restaurant Association’s Chief Economist Bruce Grindy breaks down the latest employment trends from today’s Department of Labor jobs report:  “Restaurant industry job growth accelerated in June, according to preliminary figures from the Bureau of Labor Statistics (BLS). Eating and drinking places added a net 29,900 jobs in June on a seasonally-adjusted basis, the strongest monthly gain since February. 

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ATA Applauds Sen. Fischer’s Efforts to Create Jobs and Ease Driver Shortage

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New Bill Creates Pilot Program to Allow Younger CDL Holders to Cross State Line. Today, the American Trucking Associations thanked Sen. Deb Fischer (R-Neb.) and offered its support for her bill to create job opportunities and address the growing shortage of commercial truck drivers by studying lowering the age commercial drivers can operate across state lines.

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Online Labor Demand Rose 83,100 in May

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Job demand gains in May offset most of the April loss, gains are widespread across areas and occupations Online advertised vacancies rose 83,100 to 5,445,000 in May, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series, released today. The April Supply/Demand rate stands at 1.59 unemployed for each advertised vacancy, with a total of 3.2 million more unemployed workers than the number of advertised vacancies. The number of unemployed was 8.5 million in April.

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