February 2017 Newsletter
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CHART 6: DIVERSITY IMPACTS HIRING / SOURCE: 2016 SPHERION EMERGING WORKFORCE STUDY Job candidates consider diversity and inclusion when evaluating a potential employer The composition of a company’s workforce has great influence on my desire to work there 64% MILLENNIAL 57% GEN X 52% BABY BOOMER SHOULD I WORK HERE? CHART 5: DIVERSITY REPORT CARD / SOURCE: 2016 SPHERION EMERGING WORKFORCE STUDY We’ve become more diverse and inclusive We haven’t seen much change We deserve an “A” for effort How well do diversity and inclusion initiatives work? WHAT EMPLOYEES SAY WHAT EMPLOYERS SAY 44% 46% 28% 51% 47% 24% CHART 4: DIVERSITY & INCLUSION RULE / SOURCE: 2016 SPHERION EMERGING WORKFORCE STUDY Where employees and employers stand on diversity and inclusion in the workplace It allows us to grow and learn more effectively It’s essential for our continued success Our customers are diverse, so we need to improve to remain competitive 75% 68% 65% 89% 80% 65% EMPLOYEE EMPLOYER Diverse Feelings about Workplace Diversity One of the most common corporate values is a commitment to diversity and inclusion. Employers say a diverse workforce is essential for success. Their employees agree, with both recognizing that a diverse and inclusive workplace fosters growth and learning. Despite this mutual understanding, both employees and employers also agree that diversity and inclusion initiatives could be better executed. Only 24 percent of employers and 28 percent of workers would give their companies an “A” grade for their efforts to create a more diverse and inclusive workplace. Perhaps more alarming: 32 percent of employers and 33 percent of workers would give their companies a “C,” “D” or “F” grade instead. With diversity and inclusion especially important to Millennials, these scores may have significant implications as employees consider a career move. CHART 3: TEMPORARY WORKFORCE / SOURCE: BLS & STEINBERG EMPLOYMENT RESEARCH Temporary help services gained 14,800 jobs in January, with annual trends showing positive growth year over year since 2010. 2,895,000 2,920,000 2,945,000 2,970,000 2,995,000 2,870,000 2,845,000 2,820,000 EMPLOYMENT (in 1,000s) January ’16 - January ’17 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 CHART 2: TOP INDUSTRIES / SOURCE: BLS SECTOR GAINS +45,900 +39,000 +34,000 +32,100 +32,000 +5,000 JOB INCREASE -4,000 Transportation & Warehousing Retail Trade Professional & Business Services Leisure & Hospitality Healthcare & Social Assistance Financial Activities Manufacturing January 2017 saw job growth of 227,000, with solid gains across multiple sectors. JOB DECLINE SECTOR LOSSES CHART 1: EMPLOYMENT NUMBERS / SOURCE: BLS NONFARM PAYROLL EMPLOYMENT MONTH-OVER-MONTH CHANGE 400 350 450 300 250 200 150 100 50 0 THOUSANDS Employers surged into the new year, creating a healthy 227,000 new jobs in January. January ’15 - January ’17 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 2017 Starts on a High Note with Solid Job Growth Unemployment Rate Largely Unchanged JOB GROWTH: The economy got a boost in January with the addition of 227,000 jobs, signaling a strong start for 2017. That growth was 70,000 higher than last month and about 100,000 higher than in the prior year. TOP INDUSTRIES: In the first month of the year, employment continued to trend up, with the biggest gains recorded in retail trade, construction and financial activities. UNEMPLOYMENT: While not a significant change, the unemployment rate ticked up slightly for the second month in a row to reach 4.8 percent in January. WAGES: Wages rose in January, bringing the annual average hourly increase to 2.5 percent. WORK WEEK: The average work week remained unchanged at 34.3 hours. TEMPORARY JOB TRENDS: An increase of 14,800 new positions was recorded in the temporary staffing sector in January, a year-over-year jump of 3.26 percent. WHAT DOES IT ALL MEAN? The first month of the year offered positive signs for the economy, both in employment and in business investment. While the unemployment rate edged up, it did so for the right reasons as labor force participation also rose, offering clear indications that more people are searching for work. On the downside, there are still too many people not engaged in full-time employment (or actively searching for it), while continued weakness in wages does little to spur consumer spending. As compensation remains the number one driver of employee retention, employers need to step up their game to engage their best employees in other ways. Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, Bloomberg, The Conference Board, USA Today, Staffing Industry Analysts, Fox News, CNBC, Reuters, The Business Journal workforce newsletter FEBRUARY 2017 This newsletter references the BLS Report of January activity, released 2/3/17. Learn more about the Emerging Workforce ® Study and how to subscribe to this newsletter.
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Transcript of February 2017 Newsletter
CHART 6: DIVERSITY IMPACTS HIRING / SOURCE: 2016 SPHERION EMERGING WORKFORCE STUDY
Job candidates considerdiversity and inclusionwhen evaluating apotential employerThe composition of a company’s workforce has great influence on my desire to work there
64%
MILLENNIAL
57%
GEN X
52%
BABY BOOMER
SHOULD IWORK HERE?
CHART 5: DIVERSITY REPORT CARD / SOURCE: 2016 SPHERION EMERGING WORKFORCE STUDY
We’ve become more diverse and inclusive
We haven’t seen much change
We deserve an “A” for effort
How well do diversity andinclusion initiatives work?
WHATEMPLOYEES SAY
WHATEMPLOYERS SAY
44%
46%
28%
51%
47%
24%
CHART 4: DIVERSITY & INCLUSION RULE / SOURCE: 2016 SPHERION EMERGING WORKFORCE STUDY
Where employees and employers stand ondiversity and inclusion in the workplace
It allows us to grow and learn more effectively
It’s essential for our continued success
Our customers are diverse, so we need to improve to remain competitive
75%
68%
65%
89%
80%
65%
EMPLOYEE EMPLOYER
Diverse Feelings about Workplace DiversityOne of the most common corporate values is a commitment to diversity and inclusion. Employers say a diverse workforce is essential for success. Their employees agree, with both recognizing that a diverse and inclusive workplace fosters growth and learning.
Despite this mutual understanding, both employees and employers also agree that diversity and inclusion initiatives could be better executed. Only 24 percent of employers and 28 percent of workers would give their companies an “A” grade for their efforts to create a more diverse and inclusive workplace. Perhaps more alarming: 32 percent of employers and 33 percent of workers would give their companies a “C,” “D” or “F” grade instead.
With diversity and inclusion especially important to Millennials, these scores may have significant implications as employees consider a career move.
CHART 3: TEMPORARY WORKFORCE / SOURCE: BLS & STEINBERG EMPLOYMENT RESEARCH
Temporary helpservices gained14,800 jobs in
January, withannual trends
showing positive growth year over year since 2010.
2,895,000
2,920,000
2,945,000
2,970,000
2,995,000
2,870,000
2,845,000
2,820,000
EMPLOYMENT (in 1,000s) January ’16 - January ’17
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
CHART 2: TOP INDUSTRIES / SOURCE: BLS
SECTOR GAINS
+45,900
+39,000
+34,000
+32,100
+32,000
+5,000
JOB INCREASE
-4,000Transportation & Warehousing
Retail Trade
Professional & Business Services
Leisure & Hospitality
Healthcare & Social Assistance
Financial Activities
Manufacturing
January 2017 saw job growth of 227,000, with solid gains across multiple sectors.
JOB DECLINESECTOR LOSSES
CHART 1: EMPLOYMENT NUMBERS / SOURCE: BLS
NONFARM PAYROLL EMPLOYMENT MONTH-OVER-MONTH CHANGE
400
350
450
300
250
200
150
100
50
0
TH
OU
SA
ND
S
Employers surged into
the new year,creating a
healthy 227,000 new jobs in
January.
January ’15 - January ’17
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17
2017 Starts on a High Note with Solid Job GrowthUnemployment Rate Largely Unchanged
JOB GROWTH: The economy got a boost in January with the addition of 227,000 jobs, signaling a strong start for 2017. That growth was 70,000 higher than last month and about 100,000 higher than in the prior year.
TOP INDUSTRIES: In the first month of the year, employment continued to trend up, with the biggest gains recorded in retail trade, construction and financial activities.
UNEMPLOYMENT: While not a significant change, the unemployment rate ticked up slightly for the second month in a row to reach4.8 percent in January.
WAGES: Wages rose in January, bringing the annual average hourly increase to 2.5 percent.
WORK WEEK: The average work week remained unchanged at 34.3 hours.
TEMPORARY JOB TRENDS: An increase of 14,800 new positions was recorded in the temporary staffing sector in January, a year-over-year jump of 3.26 percent. WHAT DOES IT ALL MEAN? The first month of the year offered positive signs for the economy, both in employment and in business investment. While the unemployment rate edged up, it did so for the right reasons as labor force participation also rose, offering clear indications that more people are searching for work. On the downside, there are still too many people not engaged in full-time employment (or actively searching for it), while continued weakness in wages does little to spur consumer spending. As compensation remains the number one driver of employee retention, employers need to step up their game to engage their best employees in other ways.
Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, Bloomberg, The Conference Board, USA Today, Staffing Industry Analysts, Fox News, CNBC, Reuters, The Business Journal
workforce newsletterF E B R UA RY 2 0 1 7
This newsletter references the BLS Report of January activity, released 2/3/17.
Learn more about the Emerging Workforce® Studyand how to subscribe to this newsletter.
