Economic News Release: Employment Situation Summary (Bureau of Labor Statistics)
In October, and the unemployment rate rose from 6.1 to 6.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported Nov. 7. Employment has fallen by 1.2 million in the first 10 months of 2008; over half of the decrease has occurred in the past 3 months. In October, job losses continued in manufacturing, construction, and several service-providing industries.
Online Advertised Vacancies Essentially Unchanged in October (The Conference Board)
Online advertised vacancies were essentially unchanged at 4,439,000 in October, following a large loss in September, according to The Conference Board’s Help-Wanted Online Data Series (HWOL)â„¢ released Nov. 3. New ads in October (those listed for the first time) dropped by 34,000, continuing their downward trend. “The October labor demand data show losses in the financial sector but the greater impact will likely be in the November numbers,” said Gad Levanon, Senior Economist at The Conference Board.
Monster Employment Index Declines Sharply in October (Monster.com)
Following mild increases in August and September, the Monster Employment Index fell 10 points in October, indicating continued deceleration in online recruitment activity at the onset of the fourth quarter. Year-on-year, the Index is now down 20 percent from the same period in 2007.
Bad Times, Are You Ready? (Staffing.org)
There is no shortage of news about the economic downturn and the subsequent fallout, both in the marketplace in general and within HR departments in particular. What are the strategic things we should be doing to deal with todayâ€™s hiring needs and prepare for the future? Just as great investors like Warren Buffett use downturns to their advantage, there are specific things great companies are doing to capitalize on the current marketplace.
Job Market Bright Spots: 2009 Salary Increase Forecast (Kennedy Information/Recruiting Trends)
Even in the current economy, certain skill sets remain difficult to find, according to the 2009 Salary Guides from Robert Half International. Specialized expertise is a particular asset in these troubled economic times. This includes account reconciliation and credit/collections experience for accountants and web development skills for IT professionals, the report indicates.
Instead of recruiting heading straight down, it will be volatile. This volatility will require more planning than ever before from the recruiting function. Instead of planning for one consistent, long, downward spiral with associated layoffs and hiring freezes, organizations will need to prepare for spurts of growth and continuous hiring in some areas while layoffs occur in others.
10 Ways to Increase Candidate Quality in Tough Economic Times (The Adler Group)
In economic slowdowns there are more people looking, and the best who are fully-employed hunker down and are more difficult to pull out of their relatively safe harbors. Regardless, the goal of increasing candidate quality should not be compromised. With this in mind, there are some things you can do to improve the overall level of candidate quality, both in good times and bad.