Hiring Trends – Catalyst Career Group

Hybrid Work Is Up, But Remote Is Down

Posted by catalystcareergroupon September 26, 2022September 26, 2022in Hiring Trends, Job Descriptions, Virtual Hiring

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

Posted by catalystcareergroupon August 16, 2022August 16, 2022in Employee Benefits, Hiring Trends

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?

Posted by catalystcareergroupon July 6, 2022July 20, 2022in Hiring Trends

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.

Is Gen Z Struggling To Return To The Office?

Posted by catalystcareergroupon April 30, 2022May 4, 2022in Hiring Trends, Virtual Hiring

With the incorporation of remote work as a workplace norm, several businesses and employees have experienced countless benefits that a remote-based work environment entails. This is even more applicable for the Gen Z workforce. According to a survey, over 85% of managers believe that having remote workers will become the new normal for many teams. Remote workers are able to attain a better work-life balance, workplace flexibility, better well-being and an increase in satisfaction. From a business’ standpoint, the implementation of a remote workforce calls for a reduction in office expenses, provides the business with a competitive edge in the jobseeker market, have access to a wider and diverse candidate market and have seen an increase in employee productivity up to 77%.

The success of a remote-based workplace has even paved the way for the gig economy to thrive. Currently, about 36% of US workers are taking part in the gig economy. The growth of the gig economy has experts believe that in 2027, more than 50% of the US workforce will participate as a gig worker, freelancer or contract worker.

Gen Z Stepping Foot In Offices

Despite the benefits and rapid growth of remote work, several members of Generation Z in the workforce have not set foot in an office and are experiencing major drawbacks to their wellbeing and career development. Members of Gen Z have been feeling unmoored and anxious which could potentially cause a detrimental effect to their careers in the long run.

Gen Z Working Face-To-Face

Gen Z workers lack the face-to-face interactions they would normally get from working in-person; with regular workplace interactions being replaced with zoom calls and email chains, long gone are company Friday night get-togethers and workplace traditions. The absence of face-to-face office interactions results in Gen Z workers unable to perform at their highest capacity as they have a harder time meeting work expectations, catching up with deadlines and lack the crucial leadership guidance which leads them to fall behind. The outcome of the situation Gen Z workers face implies a low self-esteem, guilt and anxiety. To add on, members of Gen Z working remotely miss the opportunity to interact with other colleagues in order to build their professional network.

Gen Z Working Remote

Working remotely also results in an increased feeling of loneliness and anxiousness. In Q2 of 2020, those who worked from home exclusively reported higher loneliness at 23% through the start of 2021. Beyond working remotely, the feeling of loneliness and anxiousness is more apparent with members of Gen Z as they are accustomed to spending time in front of screens. According to a study conducted by the National Institute of Mental Health, 70% of Generation Z members across all diverse backgrounds state anxiety and depression are both crucial problems among those in their generation.

Gen Z’s Career Crisis

Another issue Gen Z workers encounter with remote work is facing a career crisis where they have less work experience and power in the workplace. This leads them to feeling out of the loop and unable to determine if they are on the right track. Emails and zoom meetings can only depict so much, without knowing how their bosses and supervisors truly feel, they may be more vulnerable to imposter syndrome; where they doubt their abilities to perform and provide meaningful work. In addition, the inability to form a strong connection with their coworkers and supervisors leads to Gen z workers being more susceptible to misunderstanding situations and having bad feelings at work.

Flexibility For Gen Z’s Work Style

In light of the situation, a more applicable strategy would be providing employees with the flexibility to either work remotely or come in-person. This will allow employees and Gen Z workers to attain the comfort of a work-life balance and workplace flexibility while still having the interpersonal connection in office. Companies such as Apple and Microsoft have implemented this strategy through a hybrid workplace model where employees come into the office half the work week and spend the other half working from home.

VIRTUAL JOB FAIRS (Diversity)

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What Industries Are Having The Most (And Least) Success In Hiring?

Posted by catalystcareergroupon March 24, 2022March 24, 2022in Hiring Trends

Did you know that 23% of people working in retail plan or hope to leave their current employer within the next six months? And only 33% of retail workers state that they plan or hope to stay in their current roles over the next six months. As you can see, millions of American workers are feeling restless with their current jobs as they scramble to find new work opportunities. Here’s a glimpse into the minds of employees when it comes to increasing your success in hiring.

Will Increase In Pay Make A Difference For Success In Hiring Retail?

Added workplace stress with an increase in foot traffic are just a few of many reasons why retail workers are making the shift in their careers. Another factor is that several retail stores offer only part-time hours each week. With employees not being able to sustain a reliable income, the best option for many is to make the job shift.

In response, leading retail companies have been offering a sizable pay boost in order to attract candidates and provide an incentive for current employees to stay. Target is even offering up to $24 per hour in contrast to other competitors offering below $15.

Recreation, Travel & Art Industries Success In Hiring

Retail is not the only industry where employees are feeling a high level of restlessness but industries such as the recreation and travel industry and art industry are encountering a similar issue with employees wanting out.

Recreation & Travel Industries: Within the recreation and travel industry, only 37% of employees are planning to stay in their current role and 19% of employees are planning to leave.

Art Industry: The art industry is experiencing an identical phenomenon where 38% of employees are planning to stay in their current jobs while 19% are planning to leave.

Design, Transportation, Logistics, Consumer Goods & Entertainment Industries: Notable industries such as the design industry, transportation and logistics industry and entertainment industry are expected to retain only 41% of employees. While the consumer goods industry is expected to retain only 39% of employees in their current positions.

While 69% of employees are hoping for better compensation or benefits when considering a change of employment, this demand is especially seen within the hardware and networking industry with 79% of employees wanting more compensation or benefits, the entertainment industry at 76% as well as the media and communications industry at 75%.

Can You Get Success In Hiring By Offering Opportunities Or New Skills?

On the other hand, 49% of employees state that a key factor in switching employers and positions provides them with an opportunity to learn or practice new skills or expertise. This is most prevalent with employees working in the wellness and fitness industry at 65% and the recreation and travel industry at 57%.

Other employees are considering the switch due to a misalignment with their interests or values. Where 53% of potential U.S. job switchers are looking for a new employer that offers better alignment with their interests or values. This is most sought after by employees working within the recreation and travel industry at 61%, the wellness and fitness industry and entertainment industry at 60%.

Real Estate Is King When It Comes To Employee Retention!

Despite this, the industry with the highest employee retention is the real estate industry where 54% of respondents say they plan or hope to stay in their current jobs in the following six months. Of which, only 12% state that they plan or hope to make a switch.

The reasoning behind a high retention rate for real estate agents is due to their success in the current housing market. Real estate agents are able to generate high earning power in a time where sustainable income is difficult to attain. In addition, real estate agents have the ability to work on-site or remotely which provides an appeal with the integration of hybrid work as a workplace custom.

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