Economic Recovery brings Optimism to Temp Employment
According to a Right Management survey of more than 2,000 human resource executives in 14 countries, 52% of U.S. executives said that 2013 would be a year of recovery and growth with increased investments in talent as a high priority.
Hiring executives in Brazil, China and India are even more optimistic with 68% of executives in Brazil, 73% in China and 80% in India expecting recovery.
According to CareerBuilder’s annual job forecast, 40% of employers have plans to hire temporary and contract workers this year, up from 35% in 2012. And the newest Jobs Outlook Survey by the Society for Human Resource Management finds that “half of HR professionals are confident that the U.S. economy will add jobs in the second quarter of 2013”.
Another surprising indicator of optimism for the job market is the trend of longer workweeks. The average workweek in February 2013 was at 34.5 hours, up from 33.8 in 2009 and within sight of the 34.7 hours per worker per week at peak economy in 2006. According to Drew Matus, an economist at UBS, this indicates that employers are nearing the end of their ability to get more work done by extending workweeks, thus leading to a need for accelerated hiring. At near-peak workweeks, employers see a slowdown in productive growth, which motivates the hiring of new workers. In the fourth quarter of 2012, economists said that productivity fell at an annual rate of 1.9% (the sharpest drop since late 2008). Moody’s Analytics economist Marisa Di Natale provides the construction industry as an example of this trend, where the average workweek is now 39 hours, demonstrating a reason for the industry adding 48,000 jobs in February 2013.
Leading areas of job growth are in human resources and home health aides. Human resources, training and labor relations specialists are seeing a 25% growth and a median hourly wage of $26.44. Meanwhile, home health aides have a growth rate of 21% and a median hourly wage of $9.96.