Algrim.co, a website that’s dedicated to becoming the Wikipedia of career and HR-related knowledge has shared facts and survey data from their 2019 HR condition report. These findings were conducted by speaking with more than 50 HR executives, CEOs, and market leaders.
Young generations and job market changes:
• Millennial and Gen-Z job seekers are still “on the move” with roughly 58% of employees ages 21 – 28 change jobs within one to three years of employment.
• Benefits programs are continuing to evolve. With more than 42% of Millennial and Gen-Z job seekers idealizing job flexibility, vacation pay, remote working, and other job flexibility benefits as more important than traditional 401k and retirement plans.
Cost of living, wages, and living conditions:
• On average, more than 40% of adults in large metropolitan areas are living in “doubled-up” households. A strong indicator of lack of wage growth in accordance with true or “real” cost of living index (as indicated by Glassdoor).
• While wages are growing, the “real wage index” calculation by Glassdoor in contrast with changes of wages from 2018 to 2019 would indicate that in 2020 we could expect the cost of living to outpace average wages by about 1.8% per year in metropolitan areas.
How job seekers are finding their positions:
• Less than 11% of new hires are being made through online job applications or online job board listings. Down from 14.9% in 2017. 11% is the conservative figure as a result of the business polling.
• On average less than 10% of hiring managers are using resumes and cover letters as an indicator of a job applicant’s strength. Instead, they are seeking referrals and public previous work history as part of their measurement for a high-profile candidate.
Read more at https://www.algrim.co/872-job-market-insights-for-2020
