All good signs in very strange times
Ever since the last unemployment figures were announced I have been meaning to take a look at the total employment trends for this year. My reasoning is twofold. First, at People-Science we have seen a marked increase in hiring interest and actual new hire requisitions. Second, our conversations with the “hiring population” contradict what the press is saying.
This is not unusual or unexpected. Having lived through 3.5 recessions while working in the Hiring profession, I can attest to the fact that we see a lag in what the numbers and press relay and what we are actually experiencing in the real hiring market.
Therefore, when we examine US Department of Labor statistics, we combine them with our first hand knowledge and experience to present what is probably a more realistic view of data and trends. The Labor statistics are from the “B” Tables, tougher to find but they show the number of actual employees. Here are some thoughts:
- Total Private sector employment has been increasing all year.
- Two other sectors, Professional and Business Services and Education and Health services, have also shown consistent growth.
- Based on our own clients’ poll, requests to fill new positions have jumped close to 20 percent within the past month.
Additionally, we are speaking with many companies who are sitting on an unprecedented amount of cash. These companies are well aware that worker productivity peaked earlier this year, and that sooner as compared to later they will have to add talent in order to continue growth trends.
All good signs in very strange times.
Here’s an example of strange — There’s a new Moody’s report that provides an opposing viewpoint, projecting more delays in hiring. Although confirming corporations are stock piling cash, Moody believes re-investment and hiring will not pick up anytime soon. Then the report lists large corporations and their cash status, including Ford, who last week announced $1.7 billion in profit and the expectation of hiring 1,200 new workers.
You are what you measure.