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PeopleScout U.S. Jobs Report Analysis – July 2020

Posted on August 8, 2020December 16, 2022 by nfuqua

U.S. employers added 1.8 million jobs in July, a slowdown from the previous month. Despite the growth, the jobs numbers still remain far below pre-pandemic levels. The unemployment rate fell to 10.2%. Year-over-year wage growth was at 4.8%.

The Numbers

1.8 million: The U.S. economy added 1.8 million jobs in July.

10.2%: The unemployment rate fell to 10.2%.

4.8%: Wages rose 4.8% over the past year.

The Good

July marked the third straight month of job growth, and the unemployment rate fell to 10.2% from nearly 15% in April. The biggest private-sector gains were in leisure and hospitality, retail, education and health services and professional services. The Wall Street Journal reports that the number of people who are temporarily laid-off has continued to fall, indicating that more employers are bringing workers back.

The Bad

While the job gains are good news, July’s growth lagged significantly behind the 4.8 million jobs added in June, suggesting the recovery is slowing. Additionally, the gains over the past three months only account for less than half of those lost to the pandemic. Currently, 16.3 million people are still unemployed and looking for work. The Washington Post reports that hiring slowed as coronavirus infections began to rise again, and the economic recovery was weakest in the states with the highest numbers of new coronavirus infections.

The Unknown

Several factors could have a significant impact on the economy. First, the U.S. has had more than 5 million confirmed cases of the virus, with around 50,000 added each day. The New York Times reports that the longer the crisis continues, the greater the impact will be for businesses, especially small businesses.

Also, the additional $600 in unemployment payments expired at the end of July, and congress has yet to agree on an additional relief package. It’s not clear yet how much those payments were boosting the economy and what the impact of losing them will be.

PeopleScout Jobs Report Analysis – June 2020

Posted on July 2, 2020December 16, 2022 by nfuqua

U.S. employers added 4.8 million jobs in June as more states began to ease coronavirus restrictions; however, the data was collected before some states paused or reversed reopening plans due to an increase in COVID-19 cases. The unemployment rate fell to 11.1%. Year-over-year wage growth was at 5%.

The Numbers

4.8 million: Employers added 4.8 million jobs in June.

11.1%: The unemployment rate fell to 11.1%.

5%: Wages rose 5% over the past year.

The Good

The overall numbers for June are good news. According to MarketWatch, analysts had expected a gain of 3.7 million jobs. Most of the gains game in the leisure and hospitality sector, where many restaurant workers returned as more states reduced restrictions. However, the overall numbers only show an incomplete picture.

The Bad

Economists say despite the job growth in June, they still have concerns. According to the New York Times, the data was collected before the latest surge of coronavirus cases that led several states to either delay or walk back reopening plans. Despite that, while the unemployment rate has fallen, it is still higher than any previous recession recorded since WWII. Additionally, the Labor Department has struggled to collect accurate data as many workers do not know if they have a job to return to.

The New York Times also reports that 1.4 million people filed unemployment claims in the last week of June, and economists fear that more jobs could be lost in states like California and Texas, where coronavirus cases are rising.

Finally, many workers are only returning to part-time hours. In June, 9.1 million workers reported working part-time for economic reasons – more than double the number before the pandemic struck.

The Unknown

It is not clear what the impact of the recent surge in coronavirus cases will mean. Some states have stepped back or delayed their reopening plans. The Washington Post reports that some workers are now being laid off or furloughed for the second time in just months.

PeopleScout Jobs Report Analysis – May 2020

Posted on June 5, 2020December 16, 2022 by nfuqua

In a surprising May jobs report, the Labor Department reports U.S. employers added 2.5 million jobs as some states began to ease coronavirus restrictions. Economists had expected further job losses. The unemployment rate fell to 13.3%. Year-over-year wage growth was at 6.7%. This is because the vast majority of the job losses in April were in lower-wage roles.

The Numbers

2.5 million: Employers added 2.5 million jobs in May.

13.3%: The unemployment rate fell to 13.3%.

6.7%: Wages increased 6.7% over the last year.

The Good

The May numbers surprised economists and point to good news. According to MarketWatch, analysts had expected the May report to reflect a third straight month of job losses—a predicted loss of 7.25 million. Economists surveyed by Dow Jones expected an even worse 8.33 million loss. However, in May, employers added 2.5 million jobs, the highest single month gain since records began in 1948.

Nearly half of the job gains came in leisure and hospitality, a reflection of restaurants reopening as some states began to ease coronavirus restrictions. Additionally, many bars and restaurants received assistance from the government Paycheck Protection Program. This indicates that the U.S. economy may be on the road to a faster than expected recovery from the coronavirus pandemic.

According to CNBC, the job gains nearly perfectly mirror the 2.7 million Americans who had reported their layoffs as “temporary.” Economists had been concerned that many of those layoffs would become permanent.

The Bad

While the large increase in employment is good news, the unemployment rate is still higher than any other recession since the Great Depression. Additionally, a broader measure of unemployment that includes jobless workers, those working part time and those who have given up the job search because they are too discouraged was at 21.2%, according to the Wall Street Journal.

The unemployment rate also varies based on gender and race. The rate for Hispanic and Latino workers was 17.6% and it was 16.8% for black Americans. While Asian-Americans face 15% unemployment and white workers are at 12.4%. The unemployment rate is also higher for women.

Job postings have also started to rise but are still far below the pre-pandemic numbers.

The Unknown

The COVID-19 pandemic leaves employers and economists with a lot of unknowns. As the New York Times reports, the $2.8 million stimulus is still helping the economy, but much of that assistance is set to end over the summer, including the enhanced unemployment benefits, which are set to end at the end of July.

It is also unclear how long companies can survive with decreased business, as many consumers choose to stay home and spend less. Additionally, experts worry about a second surge in coronavirus cases, which could hit in the fall.

PeopleScout U.S. Jobs Report Analysis — April 2020

Posted on May 8, 2020December 16, 2022 by nfuqua

U.S. employers shed 20.5 million jobs in April as the coronavirus crisis began to show its real impact. The unemployment rate rose to 14.7%, the highest level since the Great Depression. Year-over-year wage growth rose to 7.9%. This is because the vast majority of the job losses were in lower-wage roles. The numbers are even more bleak than they appear. The government’s definition of unemployed typically requires that people be actively looking for work. Additionally, 9 million workers claimed they were out of work for other reasons. If those people are counted, the unemployment rate jumps closer to 20%.

The Numbers

20.5 Million: The U.S. economy shed 20.5 million jobs in April

14.7%: The unemployment rate rose to 14.7%.

7.9%: Wages rose 7.9% over the last year.

What We Know

The New York Times reports that the job losses in April alone are more than double the entire previous recession, where 8.7 million jobs were lost and unemployment peaked at 10% in October 2009. The only comparable period was during the Great Depression. In 1933, unemployment reached around 25%, but the government did not report official monthly statistics until 1948.

The leisure and hospitality industry was hit especially hard, with more than 7.65 million jobs lost. That includes all jobs gained in the industry since 1988. Women and minorities were particularly hard hit, with the unemployment rate for Latino and Hispanic workers jumping to 18.9%, and the rate for women jumping to 16.2%.

The massive increase in hourly wages reflects the fact that the majority of the layoffs were in lower-wage positions, while higher-paid, white-collar workers were more likely to hold on to jobs.

What We Expect

The unemployment rate will likely continue to rise in May, according to CNBC, which predicts a rate around 20% for the month.

The numbers may also already be higher than the report currently reflects. MarketWatch reports that some furloughed workers or others who considered themselves employed, even though they weren’t working, were not counted. If those workers were counted, the rate would be around 20% already.

Are There Any Bright Spots?

“Bright spot” is relative in this report. However, 78.3% of those who were laid off in April consider the separation temporary, while 11.1% say the layoff was permanent. This means those jobs could return if the COVID-19 crisis improves, but it also means those layoffs could become permanent if the situation worsens.

There may also be a bright spot for companies who have the resources to hire during the crisis. Harvard Business Review reports that this is an unprecedented opportunity to hire high-quality talent. There are a lot of highly skilled workers, from recent graduates to experienced leaders who are looking for work right now. Employers who can hire during this crisis can bring in strong people who otherwise might not have been seeking new opportunities.

Hiring Solutions for Healthcare Providers with Krista Sullivan de Torres

Posted on May 8, 2020March 13, 2024 by jpatel

As organizations around the globe confront talent scarcity challenges, even the most seasoned talent leaders find themselves in uncharted territory. This profile shares insights from PeopleScout Global Leader of Solutions Design, Krista Sullivan de Torres. Krista is a seasoned professional with more than a decade of human resources and talent acquisition experience. While Krista’s professional experience spans many industries, she has a passion for and deep expertise in healthcare recruitment. Her experience includes launching RPO programs for healthcare startup organizations, managing RPO operations for managed care, population health, behavioral health, and healthcare system clients. Krista’s specialties include global talent acquisition team design, talent acquisition operations, analytics and reporting, recruiting, sourcing and retention. Krista holds a bachelor’s degree in Mathematics from the University of California, Santa Cruz.

Krista shared her insights about hiring solutions for healthcare providers from her home office in Florida.

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What are some of the hiring challenges facing the healthcare industry right now?

Prior to the COVID-19 crisis, there were already many challenges around healthcare hiring. We all hear about the shortage of nurses, but there’s also a shortage of clinicians across the board. Since the outbreak of COVID-19, we’ve seen an increased number of patients, so these shortages have become even more acute — particularly in the areas that have been hit hardest with the disease. In addition, some challenges arise when clinicians who have COVID-19 risk factors, or live with someone who does, are now unable or unwilling to work in order to protect themselves and their families — causing a large strain in hiring for these specialized roles.

Hiring for a healthcare role, clinical or nonclinical, is much more difficult than hiring in many of the other essential industries right now. How and why is that?

Regardless of whether we’re hiring for a role that is clinical or nonclinical, there are a lot of additional requirements for working in healthcare than there are in most other fields. If a candidate is going to be working directly with patients, particularly those that are most vulnerable, an extremely thorough background check is necessary to protect the safety of patients. So, rather than a traditional pre-hire online form and standard background check, healthcare candidates will undergo additional criminal history checks, fingerprinting and more. These critical checks tend to slow down the hiring process and can add a layer of complexity when we’re looking at the available workforce.

Another factor affecting hiring is that a lot of people are a little afraid to work in the healthcare industry right now. As I mentioned earlier, people may be cautious about taking a job in healthcare in order to protect themselves or high-risk family members against COVID-19. In addition to there being a challenge in the number of candidates available to start, we are faced with the challenge of selecting the right people for the job and ensuring we have a pool of candidates who are excited and available to work during this unusual time.

Lastly, a major factor we consider in the healthcare industry — particularly in a clinical setting — is ensuring healthcare workers are extremely customer-focused. We look for people who are very focused on the patient and the patient’s family. We’re facing challenges in the spike in the number of people who are severely ill, so ensuring we have workers who are correctly educating and caring for patients is of the utmost importance.

What sort of hiring solution for healthcare providers are available right now?

A lot of healthcare organizations are really trying to get creative during this critical hiring time due to the healthcare talent shortage. They’re looking to potentially bring back previously retired workers, flexing up hours for part-time associates and bringing in traveling nurses or clinicians to support them where their internal teams are at capacity. Many organizations are also interested in implementing a recruitment process outsourcing (RPO) solution to quickly get short-term support in locations that are particularly hard-hit.

How do these RPO solutions work in practice? What are some of their benefits?

That’s a great question. One of the many benefits of healthcare RPO is that we’re able to ramp up very quickly to meet client needs. For example, a client came to PeopleScout when they needed to rapidly scale up hiring to support their hospitals. We spoke with the client, came up with a solution and worked through the contracting phase all within three days. It helps that PeopleScout has a large team of clinical and nonclinical healthcare recruiters who are trained to know the industry and can identify high-quality candidates to get the pipeline filled quickly.

When it comes to on-demand recruitment support, the beauty lies in rapid engagement and disengagement. Once immediate hiring needs are fulfilled, an RPO provider can pull recruiters back in-house and assign them to a new project. This is a great benefit for clients — they don’t need to deal with the stress of layoffs and furloughs because they’re able to engage and disengage experienced recruiters as needed.

The most important thing right now is to keep everyone safe and healthy. What is the best kind of solution for that?

One important way to keep people safe while still meeting critical talent needs is to use a virtual hiring solution for healthcare providers. PeopleScout has a bit of an advantage here because we were a virtually based culture even prior to the COVID-19 crisis, so many of our recruiters were already working from home. Our virtual solution allows us to conduct digital interviews — on-demand or live — so we can continue to safely service our clients without interruption. We’ve been able to effectively maintain — and in some cases exceed — productivity while also minimizing the risk for our clients, candidates and internal teams.

Are there any final thoughts on hiring solutions healthcare providers you’d like to leave us with?

We’re all going through a really challenging time right now and trying to support one another. We’re all in this together and PeopleScout is here to support our clients, candidates, teams and prospects in any way we can.

Tips for Leading Through Crisis

Posted on April 29, 2020December 16, 2022 by jpatel

Leaders have great responsibility – to inspire and motivate teams to work toward a common purpose in good times and bad. In times of uncertainty, the importance of good leadership is elevated to an even higher level.

As organizations across the globe face the unprecedented challenges brought about by the outbreak of coronavirus (COVID-19), our leadership team at PeopleScout is starting first and foremost by leading with compassion and empathy. While each of us is experiencing the COVID-19 crisis differently, we are all in this together as it relates to the uncertainty and fear we face.

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Five Tips for Leading Teams Through Crisis

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Lead by Putting People First

Now, more than ever, people must come first. Effective leaders focus on what their teams need to be successful. Right now, needs have shifted in dramatic ways, as has the definition of success. As leaders, we need to empathize with those needs and quickly adjust how we respond.

In the case of COVID-19 or a similar public health crisis, it is important to be intentional about putting people first in two main ways:

Provide leadership that safeguards people. Because COVID-19 threatens the basic human need for safety, this is the most obvious and immediate need and it requires decisive leadership. Quick action is necessary to keep employees and clients safe and to keep business running during an extreme crisis. Even when we don’t yet have all the facts or understand the long-term outcome, we must make the best decisions possible to safeguard our people given what is known about the situation.
Lead with empathy. As a leader addressing a rapidly unfolding crisis, this can certainly be difficult to remember to do deliberately. But by endeavoring to understand the variety of ways people are experiencing a crisis – both directly and indirectly – one can more effectively communicate and lead.

These are unprecedented times, with people facing tremendous fear. Fear for their health and the health of their loved ones. Fear of the unknown. Fear of the economic impact. Fear because their job – in the case of first and second responders – puts them at elevated risk.

This fear is magnified by the new stresses that we are all facing in different ways in day-to-day life. To be effective, you must seek to understand the variety of unique fears and stresses being experienced and provide the necessary leadership to best meet people where they are.

Aspire to the Philosophy of Servant Leadership

Through servant leadership, the good of the team and understanding the experience of the team is always central. Grounding yourself on those tenets can be helpful when facing any crisis – especially one of this magnitude.

As we consider leadership through crisis, there are several servant leadership principals that I find highly applicable, such as:

Seeking to understand by listening
Being aware of people’s feelings
Striving to empathize

In our organization, we have some incredibly talented leaders. Some of the best decisions I make are because I listen to those who may have a different viewpoint, instead of believing my way is always right.

As we face this unprecedented situation, where uncertainty reigns, it is our responsibility as leaders to lead by example and with integrity, humility and an unwavering commitment to treating people the right way. This is essential, because during crisis it is easy to allow emotions and the need for rapid decision making to distract from the necessity of putting people first.

Communicating During Crisis

Access to information for employees is critical during a crisis, and even if you think you’re communicating enough, you probably aren’t.

In times of uncertainty and instability, the quality of the message is paramount. Employees will be hyper-focused on every message you share and need to know you are being transparent and authentic. They need to trust you are telling them what you know, as well as what you don’t know, and that you are sharing honest information on the decisions being made and the actions being taken.

Sometimes we are afraid to be transparent, which can cause us to lose the trust of our people. Balance can be difficult during crisis, so we must stay focused on being honest, but optimistic. We need to believe we will get through this, without minimizing the pain in the journey.

It is also important for leaders to be visible. Given the scale of the crisis, it is easy to go into bunker mode as you and the crisis team home in on the response and the most pressing concerns. While that focus is critical to business stability and keeping people safe, it is also important that leaders are visible to their teams and the broader organization.

The lack of visibility of key leaders and any perceived silence on topics that are creating stress in the business breeds rumors and anxiety. So, it is critical to get out there and avoid the tendency towards introverted leadership that naturally arises in times of crisis.

Team Leadership During Crisis

As a leader, you must be highly engaged in the response, but you must also empower your teams to make decisions quickly by making it clear that you support them and that they won’t be second guessed. A few select leaders will not have the capacity or expertise to manage all aspects of the crisis response, so it’s important to give your teams the ability to make decisions independently.

As we’ve seen with the pace of the COVID-19 crisis, the situation is evolving quickly, so it’s essential to create a crisis management function that can keep up. Cross-functional teams should be created with members from across the organization to address the evolving situation from a variety of perspectives.

As we manage through COVID-19, our crisis leadership team is meeting regularly to ensure we are acting quickly and responsibly. That team isn’t dependent on me; they will meet and take action even if I’m not available, and they know I trust their judgement and respect their decisions. That said, I make a concerted effort to be present because it allows me to be informed and provide input in real-time.

Personal Leadership During Crisis

From a personal leadership style, leaders must balance optimism with realistic thinking and act based on a realistic assessment of how the crisis will unfold.

Care must be taken not to give in to doomsday thinking – which is easy to do in this cycle of bad news and scary headlines. Conversely, it is important for leaders not to take an overly optimistic stance. My goal through COVID-19 and other crisis situations is to provide informed optimism – to avoid eroding trust and future back peddling.

Self-management is also critical during a prolonged crisis. If you don’t maintain your health, balance and perspective you can’t be level–headed and exercise good judgement. Although it would be easy to skip in favor of one more call or email, I prioritize taking a break for my 7 p.m. walks with my 8-pound JackChi dog to relax and process the events of the day.

Another important trait to focus on is resilience. The resilience you demonstrate and your daily intent to be your best self through crisis will motivate others to do the same – to believe in your leadership and to stay engaged even when things are difficult. It is our role as leaders to provide level-headed, calm leadership that enables employees to have confidence that we are taking the most thoughtful approach possible given the situation. This will allow them to be their best selves through adversity.

Looking Beyond the Crisis

While this can be difficult – especially in the case of a public health crisis that threatens employee safety – you must look for and examine the long-term opportunities that are created by the change.

The world will change permanently as a result of COVID-19, and those who harness innovative, long-term thinking through the crisis will find new ways to operate and will create solutions to meet new client needs. This sort of thinking will allow you to identify opportunities to optimize how you operate, communicate, manage and deliver services, and create ways to be more responsive, scalable and flexible.

It will be through effective leadership that these opportunities will be identified and acted upon, rather than allowing the crisis at hand to blind you from them. Even in a terrible situation like this, I do believe we will find silver linings. As a leader, intentionally looking for those silver linings helps to maintain balanced and informed optimism and good long-term decision making.

How to Successfully Engage with Remote Work Teams

Posted on April 6, 2020December 16, 2022 by jpatel

While remote work is new for some — especially amidst the changes that organizations have implemented since the outbreak of coronavirus (COVID-19) across the globe — I have been working from a home office off and on for almost 20 years, and it’s allowed me to be uniquely prepared for the new reality that COVID-19 has brought to the workforce.

I have been fortunate to work for a few companies, including PeopleScout, who were very comfortable with a virtual work environment — in some cases, almost everybody in the organization was working remotely. I also worked for several years where the culture was the opposite, and it would have been impossible for me to advance in my career if I was unable to physically come into the office each day. That experience really solidified what I already knew — I thrive in a remote work environment.

The experience I’ve had working remote for most of my career has been an absolute blessing. It’s allowed me to spend extra time with my kids, work flexible hours and form relationships with colleagues who I would not have met if I were only working in an office.

At PeopleScout, nearly half our teams were regularly working remote before COVID-19 social distancing protocols were put in place, and our experience managing these remote teams has helped in the transition as that number increases.

In this article, I’ll share how to determine whether a remote work strategy is right for your organization during this time, highlight some best practices for engaging and managing a team of remote workers and outline the reasons why remote work matters.

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Is Remote Work Right for Your Organization?

Due to COVID-19 social distancing protocols, many people who wouldn’t normally fit the criteria for remote work are now adjusting to working virtually. However, in a scenario when you have the choice for whether a role should be remote, there are some ways you can help make that determination.

How can you be sure if a remote work program fits into your organization? Consider the following:

Does your team need to be together?

If your team works best with a lot of hands-on collaboration, like brainstorming sessions, whiteboarding, and other in-person activities, shifting to remote might be challenging. But if you find that it isn’t truly necessary for each team member to meet face-to-face each day, a virtual strategy could work. Consider collaborative documents and team video calls to offset the facetime you’d be missing if everyone were in the office.

Do my employees have the tools they need to work virtually?

In order to successfully communicate and complete tasks, a remote work strategy is dependent on workers having access to a computer, internet and phone. If they do, you’ll also want to restructure your onboarding process to account for remote workers. Although virtual workers can work flexible hours, you’ll want to make sure they understand if there are any specific hours they are required to be “online.” Also, ensure everyone is aware of any time zone differences that could impact communication.

Can roles be converted to remote?

Certain roles, such as client-facing or other positions where working in person is a necessity, might not be able to shift to remote work as easily as positions where a person primarily works on a computer. Alternately, if your clients are spread over a wide geography, a virtual worker might be closer to a client and be able to provide even better service than an employee in your main office. Consider offering other benefits, perks and flexible work options to employees where full-time virtual work isn’t a viable option to ensure that no employee feels left out.

Remote work doesn’t have to be all or nothing. There’s a spectrum when it comes to flexible work options, and here are a few examples:

Part-time telecommuting
Weekly/monthly work from home days
Sponsored co-working spaces outside of the office

What Does a Successful Remote Team Look Like?

Whether an employee is newly hired for a remote role or you’re transitioning an existing position to remote due to COVID-19, utilizing the right technology is critical. Tools like Slack, Asana and Zoom can simplify employee collaboration and serve as a substitute for face-to-face interactions in a virtual environment.

In addition to utilizing these communication tools, here are some additional tips for staying connected with remote workers that I use while leading teams at PeopleScout:

Set up regular phone calls. I make sure to schedule weekly check-ins with each of my team members to see how they are doing and to stay aligned on project updates.

Embrace informality. When teams are working from a large distance apart, informal communication (in addition to necessary formal conversations like meetings and conferences) can help foster strong connections between team members. Sometimes I’ll send team members a quick text message or IM to check in and remind them I’m available if they need anything.

Celebrate successes. In an environment where it can be easy to feel secluded, remember to personally thank team members for all they do to contribute to the goals of the organization.

Try new ways of connecting. It’s important that your virtual team doesn’t feel left out from events that may be occurring in the main office. Each year, my team holds a virtual holiday party where we all get together for an hour or so to bring our little community together and reflect on the year’s successes.

Capitalize on face-to-face interactions. While travel is currently limited, when I’m able to visit a PeopleScout office or a town where a team member lives, I’ll always make a point to try to schedule a lunch or coffee break to catch up with colleagues in-person.

Communicate purposefully. Be intentional when reaching out to people. Especially while we are all no doubt facing uncertainty, stress and anxiety about the current COVID-19 situation, be sure to remember to check in and make sure your team members are doing okay. We’re all facing this incredible challenge together, and your team members should feel that their manager truly cares.

Another important engagement strategy is fostering company culture, which can be difficult to do successfully when not everyone is together in an office each day. At PeopleScout, we have our DNA culture principles which make us who we are. To ensure my team feels connected to these culture principles, I make a point to celebrate each of their individual characteristics.

One of the beautiful things about having a virtual team is that it allows for a diverse workforce full of people with different backgrounds, talents, experiences, and points of view. Each person brings something unique to the team which continues to add value to our clients in ways that a small local team may not be able to.

Remote Work is Here to Stay

While at one time it may have seemed like a fleeting trend, remote work has proved it’s far from temporary. Virtual work has established itself as a workplace norm, and with the challenges brought upon by the outbreak of COVID-19, it doesn’t appear to be leaving anytime soon.

It’s in the Numbers

66% – A 2019 report by Zapier shows that 2 in 3 knowledge workers think the traditional office will be obsolete by 2030.

69% – According to data from the Society for Human Resource Management (SHRM), organizations have increasingly offered telecommuting options over the last five years, with ad hoc telecommuting showing the greatest growth. At 69%, it’s up 13% from 2015.

74% – 74% of U.S. knowledge workers would be willing to quit their job to work remote, and 26% have already done so, according to Zapier.

It’s What Employees Want

According to SHRM, just over a quarter of organizations already offer full-time telecommuting, so setting up a strong remote work system before the rest of the competition can help you stand out in candidates’ eyes.

Virtual work has benefits for both employees and employers. The leading reasons employees want remote work options are to save money, to be able to work anywhere and have more time with family. Many employees also say they’re more productive at home, and this increased productivity carries over into the organization. In addition, remote work can have a positive impact on the mental health of employees, leading to a stronger company culture and overall employee experience.

Working Together Toward Remote Work Success

As you implement a remote work strategy into your organization, especially during these uncertain times, it’s important to lead your teams with a lot of understanding and grace. Establishing a successful work from home strategy is going to be a transition for all — and for some, not an easy one.

Understand that life is going to happen. Doorbells may ring, dogs may bark or kids may yell down the hallway while you’re on video calls. However, it is through consistent communication and purposeful engagement that you and your team will be able to navigate this new normal together.

To learn more about ways employers can respond to the coronavirus (COVID-19) outbreak, visit our Resource Center.

PeopleScout U.S. Jobs Report Analysis — March 2020

Posted on April 3, 2020December 16, 2022 by nfuqua

U.S. employers shed 701,000 jobs in March as the coronavirus crisis began to impact the country. The unemployment rate rose to 4.4%. Year-over-year wage growth rose to 3.1%. This ends the longest continuous economic expansion in U.S. history.

The numbers are expected to grow even more bleak in the coming months. The March numbers are based on reports from the first two weeks of the month, before many states implemented stay-at-home orders. Therefore, the full impact is not yet known.

The Numbers

701,000: The U.S. economy shed 701,000 jobs in March

4.4%: The unemployment rate rose to 4.4%

3.1%: Average hourly wages rose 3.1% over the last year.

The March Losses

The job losses are most significant in the leisure and hospitality sector, which shed 459,000 jobs as bars and restaurants closed and international and most domestic travel came to a halt. The March jobs report was the biggest monthly drop since the worst months of the Great Recession.

According to the New York Times, even industries that had initially continued running, like manufacturing, are starting to see major impacts as factories close. The job losses are also spread across industries considered essential, including healthcare, as dentists and other non-essential healthcare providers have closed their doors until the pandemic lifts.

There are very few bright spots in the report. Some employers in the transportation and warehousing sector and grocery stores have picked up hiring to meet increased demands.

What’s to Come

The numbers are likely to get far worse in the coming months. As MarketWatch reports, the March numbers don’t reflect the approximately 10 million people who filed for unemployment during the final two weeks of the month.

The Wall Street Journal reports that the U.S. could lose 27.9 million jobs and have an unemployment rate as high as 16% by the end of May. The nonpartisan congressional budget office predicts that unemployment will pass 10% in the second quarter of the year. April’s job report could show the largest ever drop in employment.

PeopleScout U.S. Jobs Report Analysis — February 2020

Posted on March 6, 2020December 16, 2022 by nfuqua

The Labor Department released its February 2020 jobs report which shows that U.S. employers added 273,000 jobs in February, which beat analyst expectations. The unemployment rate fell to 3.5%. The labor force participation rate remained at 63.4%. Year-over-year wage growth fell to 3.0%. U.S. employers have now added to the payrolls for 113 straight months, extending the longest continuous jobs expansion on record.

The Good

The headline numbers in the February jobs report are good news. According to MarketWatch, analysts had expected just 165,000 new jobs—far below the 273,000 added last month. The strongest gains came in healthcare, restaurants, construction and government jobs. Healthcare providers alone added 57,000 positions. This provides a strong baseline for the economy as concerns over the coronavirus grow.

The Bad

Despite the strong numbers, the New York Times reports that there are vulnerabilities in the economy. Business investment and wage growth have been sluggish for months. Hiring in manufacturing is also slowing. Analysts expect job creation as a whole to slow in 2020.

The Unknown

The biggest concern—the novel coronavirus—has yet to make an impact on the jobs report. The numbers in the February report come from the week of February 12—before the U.S. saw an uptick in coronavirus cases or deaths. Experts say the February report demonstrates a strong baseline against which they can monitor the impact of the virus in the U.S.

However, the Wall Street Journal reports that companies are starting to feel the effects. Airlines and hotels are reporting a decrease in business—with some airlines cutting back on the number of flights and announcing hiring freezes. Experts also expect the virus to have a large impact on restaurants, entertainment and retail. At the same time, there has already been increased growth in the healthcare and science sectors.

So far, the New York Times reports that the manufacturing sector is seeing mixed impacts from the virus. Those who depend on parts from China may be experiencing supply issues. However, some U.S. based manufacturers are seeing increased demand from companies that previously relied on overseas suppliers. Over the next few months, economists will be watching the impact closely.

PeopleScout U.S. Jobs Report Analysis — January 2020

Posted on February 7, 2020December 16, 2022 by nfuqua

The Labor Department released its January 2020 jobs report which shows that U.S. employers added 225,000 jobs in January, which beat analyst expectations. The unemployment rose to 3.6%. The labor force participation rate rose to 63.4%. Year-over-year wage growth increased to 3.1%. U.S. employers have now added to the payrolls for 112 straight months, extending the longest continuous jobs expansion on record.

The Numbers

225,000: The economy added 225,000 jobs in January.

3.6%: The unemployment rate rose to 3.6%.

3.1%: Average hourly wages increased at a rate of 3.1% over the last year.

The Good

The overall jobs numbers for January look strong. The 225,000 jobs added to the economy beat analyst expectations of just 160,000 in the first month of 2020, according to CNN. The growth was strongest in construction, healthcare and transportation and warehousing. Some of that increase could be attributed to a warmer than average January.

While an increasing unemployment rate can sometimes be seen as a downside, in this report, it demonstrates that more sidelined workers are being pulled into a strong economy. The Washington Post reports that the labor participation rate hit a seven-year high of 63.4%.

The Bad

The strong hiring numbers in January didn’t apply across all industries. Manufacturing continued to lose jobs. Marketwatch reports that those losses were caused by the trade war with China. Jobs in retail also dropped.

Additionally, the January report included a few revisions that decreased the number of jobs created in 2019. The overall employment level for March 2019 was decreased by 514,000 jobs. For all of 2019, the number of jobs added to the economy fell by 12,000 to 2.096 million jobs.

The Unknown

Despite strong job growth, the yearly wage growth remains lower than expected. The Wall Street Journal reports that the growing number of people reentering the workforce could be a factor in keeping the rate of wage growth from increasing more quickly. However, the cause of the persistently sluggish wage growth has been debated by economists for the past couple of years.

It is also still unclear what impact the coronavirus will have on U.S. jobs numbers. The easing of the trade war with China was expected to relieve some of the strain on the manufacturing industry. However, increasing concern about the virus could impact that. The data used for the January report was collected before news about the spread of the virus.