NetHire News is published monthly and emailed to recruiters, HR professionals and managers with hiring responsibilities. It contains information on the latest hiring trends and best practices - particularly in the areas of online and social media recruiting.
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The American JOBS Act and Hiring
The American JOBS Act has received a lot of media attention since it was passed into law on April 5th. Since then, the Act, which increases aid to unemployed workers and job creation projects and targets small businesses as a way to stimulate the economy, has been the source of endless discussions surrounding the future of the economy. For those responsible for hiring and managing staff the JOBS Act has implications for hiring and sources of qualified candidates.
The JOBS Act makes it easier for s mall businesses to start up and grow through increased funding, relaxed regulations concerning IPO's, and greater freedom for research. Expanded policies to reduce and avoid unemployment include unemployment insurance reform that will ease the transition to re-entering the workforce and regulations that encourage job sharing.
The Act also includes direct action to create jobs through investment in physical and IT infrastructure and the prevention of layoffs of teachers, police officers and firefighters. Additionally, to support these job creation measures the Act introduces tax reduction and increased assistance for veterans looking for work. The implication of the JOBS Act is that there will be more businesses to provide jobs, decreased layoffs and an increase in jobs, as well as an increase in the labor force.
While it is hard to say at this early point in the Act’s adoption whether it will be successful or not, it does have implications for hiring and retention practices. The increase in new businesses suggests an increase in demand for jobs in various fields, such as IT, human resources, and administration, making attracting qualified candidates harder. The Act does not have any legislation relating to the training or education of workers, meaning that currently trained workers will feel the majority of the increase in demand. Retention programs used in conjunction with competitive hiring practices will be important to reach and keep qualified employees.
As it stands, the JOBS Act will increase demand for passive jobseekers while broadening the pool of active jobseekers, meaning that diversified hiring practices will be needed to reach different groups of job seekers and strengthen your workforce. Passive, currently employed workers are attractive since they will already be trained and will have all the benefits of already being in the workforce. However, the new reforms for current unemployment insurance legislation introduced by the Act will hopefully increase the number of active jobseekers to match the growing demand, by encouraging and supporting the long-term unemployed. With reemployment assistance and “bridge to work” programs there will be a greater number of potential candidates eager to rejoin the workforce.
The American JOBS Act’s multi-pronged approach to economic stimulus brings a new opportunity for economic growth. Tailoring your hiring and training practices to approach and appeal to the long-term unemployed will broaden your resources and reach candidates that will add fresh perspectives to your workplace, helping your business grow and develop.
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Public sector layoffs. Private sector hiring. Is this such a bad thing?
The government continue's to have layoffs, hiring freezes, wage freezes and accelerated retirement programs to decrease the amount of workers in their ranks. The news has been filled with this information and has largely alluded that this is negative information, however if you asked private sector employees and managers you would be hard pressed to find many that would agree.
The private sector is ruled by revenue and profits. Hiring and wage increases are dependent on business growth and those are usually in line with customer satisfaction. So why is it that governments continued to grant unions and workers better benefits and wage increases at numbers that shocked the taxpayers and continued to hire when budgets did not allow for hiring.
Governments are now streamlining their departments to be more in line with budgets and as such their is an increase of previous public sector workers in the market for private sector jobs.
The National Association of State Personnel Executives said that 73% of public employees worry about their image to private sector employers. As such, when looking to translate their skills to the private sector they are facing a struggle to convince employers how they will be an asset to their organization.
There tends to be a culture shock for public sector employees when they move to the private sector. There is a very different culture and expectations are sometimes difficult to adjust to. The private sector holds their employees accountable for driving revenues and client satisfaction, whereas in government there is very little to no accountability for most workers in terms of budget.
Government downsizing has been ongoing since early 2009 and since then over 485,000 government jobs have been cut. At present, 50% of local and state governments are under a pay freeze, 42% are under a hiring freeze and 22% have employees who are accelerating retirement. Overall, 70% of governments are smaller than they were in 2008.
What is not as largely reported is that all of those cuts have been recouped in the private sector which continues to grow.
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Business Confidence Increasing - Business Confidence Index reports
The new Regus Business Confidence Index (BCI), published this April, shows more positive signs of economic recovery for the near future. Amongst reports of decreasing unemployment rates over the past few months the BCI found that although numbers remain below those reported in 2010, there has been an increase in business optimism in the past six months.
The report attributes the increase in confidence to wide-spread expected increases in revenue growth in the next six months. The rise in confidence means businesses will be willing to spend the increase in revenue; but because confidence levels are still lower than a few years ago the spending will be more cautious. The BCI found that businesses will likely invest in cost-cutting measures that are spread over different areas, diversifying investment while still spending cautiously. While larger businesses might not feel confident enough for large scale hiring, small businesses were found to be more open to increased staffing, which means there will be more job creation in the next few months.
What this report suggests is that an increase in confidence will lead to responsible business spending in the next six months to a year, aiding economic stimulus and contributing to the increasingly positive economy.
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Unemployment Statistics
USA
The U.S. employment rate dipped slightly from last month to 8.2%.
Although there were 120,000 new jobs this month, the new low rate is attributed to fewer jobseekers in the market, rather than to job creation.
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NetHire is a hiring process. It includes profiling and benchmarking to create a job description that targets the ideal candidate and then uses the entire Internet including social media, search engines and hundreds of job boards to reach out to those qualified people. In turn, you get the best candidates in the right area, even for the hardest to fill positions in the US and Canada. NetHire puts your open job postings in front of more of the right people than any single job board or newspaper in the US and Canada.
If you have suggestions for content or inquires regarding this newsletter please email editor@nethireinc.com.
If you would like to post a job immediately or speak with an account manager regarding your hiring and recruiting needs please contact us.
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