October 01, 2016

DCR National Temp Wage Index - October 2016

According to the latest employment report by the U.S. Bureau of Labor Statistics (BLS), the nation’s economy added 151,000 jobs in August 2016, while the unemployment rate remained steady at 4.9 percent.  This fell short of economists’ expectations and predictions of a gain of approximately 180,000 jobs and a small dip in the unemployment rate to 4.8 percent.

Among all industries, food services and drinking places had the largest gains in employment, adding 34,000 jobs during the month. This was followed by social assistance adding 22,000 jobs, and professional and technical services adding 20,000 jobs. Employment in sectors such as manufacturing, transportation and warehousing, construction, and wholesale and retail trade remained unchanged or decreased. Healthcare jobs continued to increase, but at a slower pace than in recent months.

Average hourly earnings increased by 3 cents to $25.37. According to government data, average hourly earnings have risen by 2.4 percent over the year.

Stress in the Workplace

A recent survey of 23,000 professionals by Deloitte found significant variation in how respondents react to workplace stressors. The majority of respondents reported moderate levels of stress.

Reported Levels of Stress

Source: Deloitte

Among workplace stressors, the majority (82 percent) indicated errors as their top stressor. Other types of situations that were viewed as stressful included:

  • A challenging workload (52 percent)
  • Moments of conflict (52 percent)
  • Situations that create urgency (46 percent)
  • Face-to-face interactions (45 percent)

The Explosive Growth of the Freelance Economy

Recent data indicates that nearly 53 million people work as freelancers in the United States currently. A recent study by Paychex examined 400,000 freelancers’ resumes from Indeed.com to reveal insights on the state of freelancing in the country:

  • Freelance graphic design is the most popular gig across 34 states
  • 14.3 million freelancers are “moonlighters” (people who have full-time jobs and freelance on the side)
  • 9.3 million have multiple sources of income
  • Nearly 50 percent of freelancers have been in their position for less than 3 years

Millennials Pose a Flight Risk

A new Gallup poll reveals that only 50 percent of millennials plan to stay in their current job a year from now. The poll also discovered that millennials are increasingly acting as “consumers of workplaces” as they want to be interested in their work and also have ample opportunities for advancement.

The survey also found that millennials are different from older generations in various ways:

  • Millennials are 40 percent more likely to say they sent or read email messages “a lot” within the past day
  • Millennials are 2.5 times more likely to say they posted or read messages on social media sites “a lot” within the past day
  • Millennials are 2.5 times more likely to send or read text messages “a lot” within the past day

Respondents indicated that they think companies need to investigate brand strategies to attract skilled new employees, especially since millennials currently make up 38 percent of the American workforce, and are expected to make up 75 percent in 2025.