Global Labor Market Report – Q2 2020
The second quarter of 2020 saw business sharply decline amidst the COVID-19 pandemic, with global employment numbers also hitting their lowest levels since the financial crisis of 2008.
Interestingly, as HRO Today‘s latest research findings illustrate, each region of the globe fared differently in response to the virus – and it is reflected in their employment rates.
So, how did your region’s employment numbers fare during the second quarter, and how will it effect the remainder of the year? Download the Global Labor Market Report for Q2 2020 below to find out this and more.
How to Hire the Best Talent
Research shows four key themes organizations can leverage to improve their recruiter training programs.
By Larry Basinait
In the U.S., the July 2020 Employment Situation Summary by the Bureau of Labor Statistics confirmed the tightest labor market in half a century. As companies recover from the impact of COVID-19, many are once again looking for specific skill sets when bringing on new employees. Employers should prepare to be inundated by candidates, many of whom may not have the needed background. Effective recruiter training is key to parsing out the best from the rest.
Prioritizing Privacy
Much work remains to prepare recognition programs for new privacy regulations despite stiff penalties for non-compliance.
By Larry Basinait
Over the last two years, an increasing number of countries and U.S. states have enacted privacy laws designed to protect individuals. Privacy laws are legal frameworks that set guidelines for the collection, storage, and processing of personal information.
The Impact of COVID-19 on Worker Confidence
The most recent study shows that confidence in job security declined sharply, but trust in management remains high.
By Larry Basinait
The results of the worker confidence index (WCI) report for the first quarter of 2020 and April are largely consistent with the widely reported economic impact being felt in the U.S. By mid-April, jobless claims exceeded 22 million, the highest since 2009. In the first quarter of 2020 (see Figure 1), the WCI decreased by 1.8 points from the fourth quarter of 2019 to 112.4, marking the second consecutive decline. However, the index remained higher than the first quarter of 2019, as the impact of COVID-19 was only beginning to make its mark during the time the survey was fielded. Preliminary April results show a very different scenario, with the WCI for the month falling to 94.3, by far the lowest since study’s inception.
Post-Pandemic Strategies
New research indicates how companies are planning to adapt their recruitment and return-to-work policies post-COVID-19.
By Larry Basinait
To better understand how companies are managing their workforce in the wake of the worldwide pandemic, HRO Today is conducting a series of pulse surveys. The HRO Today Coronavirus Knowledge Portal addresses how businesses and HR leaders are handling the outbreak. Because the office environment will continue to be severely impacted going forward, this brief report examines how HR will function in the new normal.
A Strong Finish
Despite economic turmoil largely caused by COVID-19, the overall worldwide employment environment in the final quarter of 2019 was stable.
By Larry Basinait
Deploying a global workforce and ensuring access to the best talent is a crucial component of success for all multinational enterprises. Global labor market intelligence is an invaluable tool for these HR departments and can be used to inform critical decisions around the best countries and regions in which to grow.
The Differences Are Clear
New research shows the varying ways salaried and hourly employees are recruited and hired.
By Larry Basinait
Are there differences in which hourly and salaried positions are recruited? According to new research from HRO Today and Cielo, yes—and the differences are actually quite significant.
The Next Stage of RPO Helps You Recruit the Right Talent – Right When You Need It
With the extremely low unemployment rate and a growing skills and talent gap, U.S. companies are struggling more than ever to find, retain, and compete for the right talent to help their business grow and become a competitive player in their industry.
But as the recruiting environment grows more complex and fast-paced, RPOs must go the extra mile to deliver value-added services and speedy solutions. This whitepaper, presented by Pierpoint, delves into how the next stage of RPO – Recruitment Resources Outsourcing (“RRO“) – is beneficial for companies to implement.
Here’s what you’ll learn:
Global Unemployment Report: Q1 2018
Global Unemployment Report
Deploying a global workforce and ensuring access to the best talent is a crucial component of success for many enterprises. Global labor market data is an invaluable tool for multinational HR departments and can be used to inform critical decisions around the best countries and regions in which to grow. PeopleScout, a global provider of RPO, MSP, and total workforce solutions, has partnered with HRO Today Magazine to produce quarterly reports that compile current international labor market data and important trends from the world’s leading economies by country and region.
What else does the report show that impacts HR? Download the full report below to find out.
Worker Confidence Index – First Quarter 2018
The Worker Confidence Index (WCI) for the first quarter of 2018 increased by 2.6 points, and has increased in each of the last three quarters.
Of the four components of the WCI, Likelihood of Promotion rose the most, improving by 9.7 points, while the Likelihood of a Raise also improved by 4.6 points. Job Security and The Trust in Company Leadership indices showed modest declines in the quarter, but were similar to the first quarter of 2017.
Concern about job loss is the most important indicator in estimating worker confidence about their current and near-term financial outlook. Women continue to report the highest level of job security since the inception of the study. The percentage of males who felt that they would lose their job decreased slightly in 1Q 2018.
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