Dallas/Fort Worth is at the epicenter of an epic year for the labor market. Near record-low unemployment, coupled with skills shortages are challenging businesses to find employees to continue fueling their growth. Jed Kolko, Indeed’s chief economist, says there is now a job opening for every unemployed worker.
Employers that want to remain competitive need a complete picture of hiring on the national and local levels for mid-year 2018. To inform your hiring plans for the remainder of the year, we have selected 20 of the most significant trends, statistics, and predictions to consider just past the midway mark.
Strong National Economy: 58% of employers are hiring primarily to support business growth. (Indeed)
National Service Sector: Professional and business services has consistently been one of the strongest-performing sectors. 521,000 new jobs have been added in 2018. (Bureau of Labor Statistics)
The Southwest is Booming: One region is racing ahead of every other region in the U.S, with 75% of companies in the Southwest looking to hire more people in 2018 (compared to 62% for the West). (Indeed)
Texas Is an Economic Powerhouse: The state labor market has grown 3% in 2018. 22 areas in Texas have seen business expansion in 2018, while only 4 have experienced business contraction. (Texas Workforce Commission)
Texas Service Sector: Professional and business services grew for the 10th consecutive month in June, adding 7,300 jobs. (Texas Workforce Commission)
Hiring Sprees: Because of a strong national economy, 61% of employers expect to hire more people in 2018 than in 2017. Texas hiring is even stronger. (Indeed)
Wage Increases: Employers will have to compete harder for talent. 30% plan to increase starting salaries for new employees by 5 percent or more. (CareerBuilder)
Training: To fill many roles, 66% of employers said they will hire and train workers who may not have the skills they need, but have the potential to succeed. (CareerBuilder)
Flexible Hours: Searches for jobs using terms like “remote,” “telecommute” and “work from home” are up by a 1/3 over last year. 51% of job seekers say “flexible hours” is one of the top three factors that would attract them to a new job. (Forbes)
Diversity: 78% of talent professionals and hiring managers say that diversity is the top trend impacting how they hire. Among the top reasons for this focus, 78% of companies say diversity improves culture and 62% say it improves company performance. (LinkedIn)
College Graduates: Employers are courting college students aggressively and early, with 64% planning to hire recent graduates this year. (CareerBuilder)
Non-U.S. Citizens: Organizations are looking beyond American borders for talent, with 23% planning to hire foreign workers to work in the U.S. (CareerBuilder)
Recruitment Marketing: In such a tight candidate-driven market, recruiters must be marketers, adopting “recruitment marketing” strategies that build the employer’s brand on social media and trusted job research sites like Glassdoor. (TalentLyft/HR Gazette)
Positive Candidate Experience: A smooth and efficient hiring process is more important than ever, as candidates are fielding multiple offers. This is also essential for positive social media coverage and referrals. (Human Resources Today)
Digital Interview Tools: Digital interview tools, such as those included in talent management platforms are gaining acceptance with 56% of talent professionals and hiring managers saying these are the top trend impacting how they hire. Online skills assessments are one of the most important tools to maximize the odds of success for new hires. (LinkedIn)
New Interview Strategies: Video conferencing and other redesigned interview strategies are necessary to expedite the interview process to avoid attrition, and to widen the geographic base of candidates. (Human Resources Today)
Data Informing Talent Decisions: 50% of talent professionals and hiring managers say data is the top trend impacting how they hire, as well as how they evaluate skills gaps, build better job offers, and understand candidate needs. (LinkedIn)
AI Is Now Playing a Pivotal Role: 35% of talent professionals and hiring managers now say that AI is the top trend impacting how they hire. It is regarded as most helpful in sourcing, screening, and nurturing candidates. (LinkedIn)
Diverse Hiring Teams: Paul D’Arcy, SVP of marketing for Indeed, recommends a team of diverse ages, races, genders, and experience to check the potential unconscious bias of any one hiring manager and to make collaborative, more informed hiring decisions. (Forbes)
Contingent Worker Screening: The rapidly-growing contingent workforce (not on the employer’s payroll) requires more advanced background screening tools for risk mitigation. (SHRM)
Are there any statistics, trends, and predictions you think deserve to crack the top 20, that are making a huge impact on your hiring plans for 2018? Share your thoughts with us on Facebook!