A Tough Year for Worker Confidence
COVID-19 left its mark on employee sentiments around job security in 2020.
By Larry Basinait
As the rollercoaster of 2020 came to an end, the results of the Worker Confidence Index (WCI) followed suit. The year started with the U.S. unemployment rate reaching its lowest level in nearly 50 years while the stock market soared at an all-time high. But once the pandemic hit critical mass in March, the economy was plagued with job losses, high unemployment, and nationwide lockdowns.
Falling Downward
Worldwide employment rate staggers from COVID-19’s impact.
By Larry Basinait
2020 was a year like no other. The United Nations estimates that the coronavirus pandemic caused the equivalent of more than a quarter of a billion lost jobs. The UN’s International Labour Organization (ILO) found that a full 8.8% of global working hours were lost in 2020 compared to the fourth quarter of 2019. That is equivalent to 255 million full-time jobs—a number “approximately four times greater than the number lost during the 2009 global financial crisis,” the ILO said in a statement.
HR Tech Fares Well in 2020
The circumstances of COVID-19 are driving learning, virtual, and employee engagement technology investment.
By Larry Basinait
While the economy was slowed by COVID-19 in the fourth quarter of 2020, the development of new HR technologies continued at a rapid pace. In total, there were 127 major announcements—those with at least $1 million in funding—up substantially from the 77 announced in the third quarter of 2020. Private equity and venture capital firms continued to invest heavily in HR technology, totaling $1.02 billion in the quarter, down 13.3% from $1.18 billion in the third quarter. The average investment declined from $26.0 million to $16.5 million.
HR New Technology Report – Fourth Quarter 2020
Despite lasting effects on the global economy at the conclusion of last year, HR new technology announcements and investments continued to be made in rapid succession.
An impressive 127 announcements were made in Q4 of 2020 alone – with learning and upskilling products at the forefront of HR technology this quarter.
Technology announcements that addressed mobility or working in a virtual environment were also frequent, and closely related to that were the many citations revealing solutions for increased employee engagement.
Flash Report: HR Recruiting Technology, Greater Efficiencies Through Consolidation
Organizations have turned to HR technology for further efficiency and productivity gains, despite lasting impacts from the pandemic.
In spite of the plethora of new products offered, integrations of multiple platforms are a continuing challenge and efficient use of the systems is far from optimized.
To test efficiency, HRO Today examined the shelf life of “silver medalists” of the talent pool in this new flash report.
HRO Today Research Roundup
Get insight from our top research studies.
By Larry Basinait
REPORT: CHRO Compensation and Fairness: What a Difference a Year Makes
Flash Report: Low Confidence in 2021 Workforce Planning
The only change we collectively looked forward to in 2020 was that the year would eventually end. Now into the throws of 2021, the effects of unprecedented revenue and profit loss, furloughs and layoffs, and salary reductions still remain.
But amidst these concerns, company decision makers are expected to lead their team back to pre-pandemic profitability and performance levels.
Workforce planning always faces some amount of trepidation, but 2021 includes uncharted territory – so is it a surprise that confidence remains low?
Worker Confidence Index: Fourth Quarter 2020
2020 was a rollercoaster of a year, defined by a global pandemic that set the economy into a tailspin and plagued workers and employers alike. The year started that way, but then unemployment spiked before somewhat falling back, though still higher than pre-pandemic levels. As such, worker confidence reflected the many ups and downs we experienced during the most unusual year.
Even with 2021 now underway, the residual effects of 2020 will remain. But for how long? How secure are workers actually feeling in their jobs? And has trust in company leadership grown or declined?
These topics and more are covered in our Fourth Quarter Worker Confidence Index Report.
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.
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