Hybrid Work Is Up, But Remote Is Down

Hybrid work seems to be the trending word floating around corporate meetings rooms these days. As a flexible work model that supports a blend of in-office, remote, and on-the-go workers, it offers employees the ability to choose to work wherever and however they are most productive.

Working from home (WFH), telecommuting, and remote work however is a type of flexible working arrangement that allows an employee to work from an out-of-office location for the full scope of their job. Since the pandemic, most companies were forced to go remote and trying to get employees back into the office has proven difficult

Which begs a few big questions when it comes to the WFH arrangements:

  • Do we work better in the office or away? 
  • Can we be just as profitable of a company if we are never physically in the same room? 
  • Will companies that bring their employees back in person prove to have an earlier advantage over those that delay?

Trends are beginning to show that many companies that went fully remote during 2020 and 2021, are slowly easing into hybrid workplaces.

Some common types of hybrid workplace policies include:

  • Offering three days in and two days out 
  • Alternative working spaces onsite (cafe lounges for example)
  • Once-a-month onsite days that include town halls and reviews with manager

To support these trends, we’re seeing more than half of workers (52%) are back to working onsite and less than a third (28%) of workers are remote. Hybrid arrangements are gaining popularity, as 17% of workers report splitting their time between home and the office.

Also not surprisingly, hybrid is proving to be more popular among women. About 20% of women report splitting their time compared to 14% of men. A hybrid model is particularly attractive to working mothers and makes it possible for children to still be taken care of, especially when flu and colds keep children from attending school for longer periods of time. 

“One big trend we are seeing in the companies we hire for is the comfortability talent has for working remotely,” says Jeff Naugle, Co-Founder of Catalyst Career Group. “Job seekers are growing accustomed to working remotely and can afford to choose the position that allows them to do so.” 

Consider how job seekers are viewing hybrid and remote work for your company, How that can help you hire the right people in the right positions at the right price point? Ask us about our virtual job fairs or private hiring events and what job descriptions will draw out the right candidates to help you be successful during this season! Contact Catalyst Career Group today.

Top 6 Best Employee Benefits To Provide In A Recession

With whispers of a recession from increased economic inflation, many hiring managers are considering their benefits packages when sourcing talent. Companies require happy, competent, and healthy team members to be successful, while team members want a stable income, job satisfaction and professional development. The Society of Human Resource Management (SHRM) study shows that the average cost of a new hire is $4,129 per employee. With a cost this high, knowing how to keep employees while still spending the money to do so, takes planning.

Considering both the hiring sides, here are our top six best employee benefits to provide in a recession.

1. Financial wellness program

What does your financial wellness program consist of? Some retirement planning, investing, and also ongoing financial education related to taxes, budgeting, student loans, debt management, estate planning, and saving for college. This financial education will help your team know how finances affect their families and how to have more stability with their money.

A good financial wellness program will help increase your employees satisfaction,” says Jeff Naugle, Co-Owner of Catalyst Career Group. “It also helps them reduce their stress associated with the economy and top headlines of the day. Easing your team’s stress means they will be a happier and more content worker.

2. Short-term employee loans

In the chance that a financial emergency does take place in your team’s personal life, do you have support through your company for them? With most employees living paycheck to paycheck, if they are in need, instead of turning to a high-interest-rate payday loan, consider how your company can help. You can offer low-interest short-term employee loans in this case. Monthly payment can be deducted directly from the employee’s paycheck and can help resolve immediate emergencies without long-term debt consequences.

3. Mental health benefits

Speaking of financial needs, most employees have shown in surveys that financial stress contributes to their mental health issues. These statistics are staggering. 45 percent of U.S. adults depressed about their finances. Other studies show even higher numbers, which is why nine out of 10 companies now offer some sort of mental health benefit. Mental health benefits include EAPs, mental-health insurance coverage, substance abuse treatment benefits, and stress management.

4. Integrated savings accounts and/or savings matching

Once of the best ways to overcome the stress of finances is to help your team save money through a savings account. Accounts can be tied to the employee’s retirement account with payroll deductions.

“This will help your team save for short-term and long-term needs at the same time,” says Jeff Straub, Co-Owner of Catalyst Career Group “Having an emergency fund helps your team eliminate the stress that goes into the unexpected.”

5. Wellness apps

While your company already offers health insurance, you can also offer wellness apps. These may include Castlight, Virgin Pulse, and WebMD. These help your team to develop both their physical and emotional habits.

6. Student loan repayment assistance

Have you considered supporting your team’s student loan payments? You can offer resources to help them refinance or you can do matching contributions to bring down their balance. A SCORE survey found that 75 percent of those who had student loans wished their employers would offer some sort of student loan repayment benefit or refinancing option. If you are looking to keep younger talent, loan repayment support is exactly what those in their 20s-40s are looking for today.

So what is your take? Would any or all of these six benefits help your organization retain and attract top talent? Studies think so and that makes it worth exploring. Consider for your self how your company can be better equipped to retain employees during a recession, which will lessen the negative impact of a weak economy.

Consider how you can beat inflation for your organization and hire the right people in the right positions at the right price point. Ask us about our virtual job fairs or private hiring events and what job descriptions will draw out the right candidates to help you be successful during this season! Contact Catalyst Career Group today.

What does the recent jobs report tell you about a cooling economy and hot hiring?

It’s July, but we are saying “hello” to the May jobs report! Every good Human Resources person stays tuned into what the job market is and how to stay competitive in capturing the best talent for their organization.

Who Paused Hiring In June?

Now that we’ve hit summer, we’re getting numbers in to reflect how people are responding to economic downturn whispers and the talk of pausing hiring from such companies as Coinbase, Tesla, PayPal, Wells Fargo, and more. Despite headline stories of layoffs, especially in the tech and mortgage industries, layoffs increased only modestly in the information (+1,000), financial activities (+10,000), professional & business services (+6,000) industries.

While are only receiving a May report on hiring, news headlines have reporting hiring pauses during the month of June and July. But is this out of caution or because these companies are experiencing a revenue decline? Let’s take a look at the May numbers to get a better idea of hiring strategies right now.

How Many Companies Are Hiring Right Now?

May numbers from the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), that many companies were indeed hunting for new hirings are pretty record levels. This is despite talks of a low economic outlook.

“With over 11,300,000 available positions, we’re still well above the forecasted 11 million number from economists.” says Jeff Naugle, Founder and Co-Owner of Catalyst Career Group. “April showed $11,700,000 so there is a little bit of a drop, but we are still ahead of expectations.”

What do these numbers mean for every unemployed person?

There are two jobs available for every person looking for a position. This data should be encouraging to hiring managers looking to move forward with confidence when recruiting for open positions. In fact, Federal Reserve officials have stated that these numbers are proof that the economy is strong enough to weather even more aggressive interest rate hikes.

How Does GDP Growth Compare To Hiring?

Job openings in May was at 6.9% compared to April at 7.2% and March at 7.3%. This shows us that with a national unemployment rate of 3.6% in May, we are seeing that the labor market remained unusually tight in spite of the -1.6% GDP growth in the first quarter. Analysts are forecasting a negative growth in the second quarter. The next question is whether the June data for the labor market will remain as strong as May.

At the end of the day, the JOLTS report indicates that the labor market was still hot at the end of May. Recession fears picked up in June, so it remains to be seen how labor demand remain. This is a positive sign that the labor market is still strong and businesses should start now to find the top talent before they are snatched up.

Consider how you can beat inflation for your organization and hire the right people in the right positions at the right price point. Ask us about our virtual job fairs or private hiring events and what job descriptions will draw out the right candidates to help you be successful during this season! Contact Catalyst Career Group today.

How Will Inflation Impact Your Hiring This Year?

With gas prices almost tipping to $6 this June in the Chicagoland, the dreaded word, inflation, is the number one cause for grumblings from every commuter and business owner today. Hiring managers this quarter will have to discover how to create a profit while cutting costs. That’s all while balancing workers requesting an increase in pay to offset the increase cost of living. From large corporations to small local stores, organizations from every size and shape are not immune to the result of inflation, but how exactly will inflation affect the job market?

Let’s take a look at how inflation may impact hiring this year and what that means for pay and profits.

Will Hiring Be Touched By Inflation?

For an insight into how high inflation will affect pay, positions, and more this year, let’s reflect on the basic principal that when inflation is low, then unemployment is actually high. To counter the woes of inflation, unemployment usually has to rise.

“Hiring won’t necessarily decrease just because we anticipate unemployment to rise.” says Jeff Naugle, with Catalyst Career Group’s Hiring Fairs.

This idea may sound counter active, but in actuality, during a recession or times of inflation, organizations don’t just stop hiring. They begin to change the way in which they hire for that season.

“We can expect to see hiring managers transition from the concept of hiring a single full-time worker for a position to a multi-hiring part-time hiring to save on costs.” says Jeff Straub, with Catalyst Career Group’s Private Recruiting Events.

Contact, “gig”, and part-time workers are all types of positions we can expect to see more of in the future as we move into more of an inflated economy. Employers won’t have to pay for benefits such as healthcare, and part-time works come at at cheaper rate that full-time team members.

Do You Need To Adjust Salaries In Response To Inflation?

There as been a trend during high inflation periods for team members to ask for more money. This is in response to the greater cost of living. As an example, data from the Bureau of Labor Statistics show that wages have increased by 5.6% in the past 12 months. That is at the same time as prices have increased by 7.9%. There is definitely a definite in wages to prices and there will be movement on this forefront to equalize this across every industry.

“As a hiring manager, one of the big things you’ll have to do is address these concerns on a case by case basis,” says Naugle. “A vice president’s salary is going to look much different than a waitress’s hourly rate, so what is your bargaining power to retain top talent for the position you want to fill?”

Hiring managers that want to retain quality candidates must be creative and source the right talent if they don’t have the budget for typical raise percentages. Other perks and benefits can be a major contributor to hiring and retaining an employee.

Hiring Forecasting: Does Inflation Create Recessions?

The 1970’s showed us that when inflation has reached the levels that it is today (think again about the $6 for gas in the Chicagoland), the government counter acts by pushing the economy into a recession to slow spending and ultimately change the way people spend their money. That is what we can expect to happen today.

Companies can expect to protect themselves during recessions by investing in quality candidates for their most necessary positions, being strategic about their pay, prioritizing their marketing, and focusing on customer service (did someone say talented hires again?).

Consider how you can beat inflation for your organization and hire the right people in the right positions at the right price point. Ask us about our virtual job fairs or private hiring events and what job descriptions will draw out the right candidates to help you be successful during this season!

What Exactly Do Hourly-Based Workers Want?

Choose your own explanation. Overly generous unemployment benefits. A childcare crisis. People are lazy. People are afraid of COVID. People are fed up with what they perceive to be “dead-end” jobs. People are readjusting their priorities. All of the above. 

What Exactly Do Hourly-Based Workers Want? 

More than ever, businesses are experiencing difficulty in retaining and attracting hourly-based workers. According to the Federal Reserve, blue collar employment has declined 17% compared to a 4% decrease in white collar work since the pandemic began. There are several factors that contribute to this issue such as COVID-19 fears and mandates, an abundance of unemployment insurance, the lack of motivation for people to seek employment and people rethinking their career paths. 

In order to attract job seekers, companies are drastically increasing their wages as well as providing monetary incentives. McDonald’s, Walmart, Costco, and Target have increased their wages up to $15 per hour. Amazon is offering job seekers a $1,000 sign bonus when onboarding new hourly-based workers. Companies are not the only ones experiencing difficulty in increasing their workforce but States such as Chicago have increased the minimum wage to $15 per hour in an attempt to motivate people to work. 

Increasing wages and offering monetary bonuses may serve as a short-term fix in attracting job seekers and incentivizing hourly-based workers. However, what exactly do hourly-based workers want? What are viable ways to stand out amongst other competitors seeking to increase their hourly-based workforce? 

Predictable and Flexible Schedules

59% of hourly workers state that they would quit their job because of scheduling issues. Hourly-based workers want to be able to make plans out of work and anticipate time off. Predictable and flexible work schedules allow workers to make time for themselves and enjoy life beyond the workplace. Especially coming out of the pandemic, workers have reflected on their life priorities and career where 80% desire a better work-life balance. Providing predictability and flexibility with scheduling increases the worker’s devotion for their job and company. This is evident in a survey conducted by Voice of the Blue-Collar Worker where hourly workers who stuck with a job for 5 years or more cited their loyalty was because “I liked my work schedule”. 

Paid Time Off and Leave

73% of hourly workers would trade an increase of $1/hr. for an extra 5 days’ time off. As mentioned earlier, hourly-based workers desire a work-life balance. Having to balance household responsibilities, a second job, academics, or having an illness could cause anxiety with worrying about fulfilling their finances. Paid time off and leave allows workers to have more independence and control over their schedule. In addition, this allows workers to set a day to relax from their busy work schedules; which in turn increases worker productivity and employee satisfaction. 

Early Access to Pay

More than 125 million U.S. adults live paycheck-to-paycheck. Of which, 70% of workers state that they’re in financial stress while more than 50% state that it’s affecting their work. Early access to pay allows workers to pay for any necessary purchases as well as avoid pricey payday lenders, late charges and bank overdraft fees. Employee benefits such as Earned Wage access allows employees to receive their wages well-in advance prior to the scheduled payday.Particularly in hiring, providing early access to pay as an employee benefit makes unfilled positions more enticing for job seekers. According to PwC, 72% of millennials and 71% of Gen Xers are more likely to be attracted to a company that “cares about their financial well-being”. 

Career Advancement 

Hourly-based workers seek progression with their position and desire long-term advancement of where it could lead them to. Providing career advancement allows workers to be more engaged with their jobs and committed to the company. A study on employee engagement found that companies in the U.S. lose between $450-$550 billion each year due to disengaged workers. A clear career pathway not only motivates workers but allows businesses to attract more candidates, increase employee retention, reduce hiring costs and increase profitability. According to a study, companies with a highly engaged workforce have a 17% higher productivity in comparison to companies with a disengaged workforce as well as have 21% higher profitability. 

Diversity, Equity and Inclusion (DEI)

According to a survey conducted by GlassDoor, 67% of job seekers consider workplace diversity an important factor when considering employment opportunities, and more than 50% of current employees want their workplace to do more to increase diversity. DEI in the workplace means that the company provides fair treatment to their employees regardless of their age, race, background, gender, culture and religion. Hourly-based workers want to feel a sense of belonging and inclusion in the workplace where they are valued for who they are. Incorporating diversity, equity and inclusion in the workplace provides the notion that the company respects each worker and their needs. 

Companies that instill diversity, equity and inclusion as the forefront of their workforce makes open positions and companies more attractive in the eyes of the job seeker. According to a survey by GlassDoor, 76% of job seekers and employees report that a diverse workforce is an important factor when evaluating companies and job offers. 

Contact us to discuss our recruitment services to help you with your success in hiring.