8 Job Market Stats that will shock you!

It is a good economy and the digital era has made a huge impact on job seekers and the war on talent. There has been a “perfect storm” of economic growth, rapid expansion of the jobs market, and retiring Baby Boomers.  Are you feeling the talent drought yet?

Here are 8 statistics that prove it is on the way.

  1.  Unemployment is at 3.5%; the lowest it has been since 1969!
  2.  44M people report having a “side hustle”. (Money.CNN.com). From DoorDash to Uber, people are earning side incomes.
  3.  51% of employees are actively looking for a new job or watching for new job openings. (Gallup) That’s half the workforce!
  4. The Millennial Generation will be 70% of the workforce by 2020. (Gallup)
  5. 83% of people polled in a Redshift Research survey said that a company’s online reviews impacted their decision to apply to a job.
  6. Compared with other job seekers, top performers are 46% more likely to be attracted by a better company reputation and 29% more likely to be attracted by more interesting, challenging work. (Indeed)
  7. By 2030, there will be a global human talent shortage of more than 85 million people (Korn Ferry) as the majority of baby boomers will have moved out of the workforce, but younger generations will not have had the time or training to take many of the high-skilled jobs left behind.
  8. Among HR professionals, 75% of those having recruiting difficulty say there is a shortage of skills in candidates for job openings (SHRM).

What are you going to do?

Employees: Make sure you have the skills for tomorrow. Trade skills, Data Analytics, Engineering, and Medical are going to stay strong.  Customer service roles will continue to be replaced with automation, AI and yep….Robots.   Check out our jobs of the present here

Employers: Invest in recruiting, retention and training. Make sure you have a solid employer brand and a good online reputation. The Society of Human Resources Management (SHRM)  encourages companies to consider accepting people with felonies, part-time retired workers and people with disabilities. We agree 100%!

Read more at SHRM

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