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SHRM Report: Small Gains Expected for November 2010 Hiring
Alexandria, Va. – November job growth will show small gains over last year in a hiring environment expected to remain largely weak according to a monthly survey of human resource professionals at more than 1,000 companies across the country.
The Society for Human Resource Management’s (SHRM) Leading Indicators of National Employment® (LINE®) Report, which includes the only national employment index of month-ahead hiring expectations, shows a 10-plus point increase in November hiring plans for the manufacturing and service sectors compared to last year.
THE SHRM LINE Report shows manufacturing-sector hiring index will improve by 10.7 points in November 2010 compared with November 2009. In the service sector, an 11.3 point improvement is expected. Though hiring gains will be small, they will outpace layoffs. Widespread unemployment is expected the remainder of 2010.
“Although HR professionals are reporting small gains in hiring this month compared to the same time last year, improvements in hiring expectations have slowed considerably in recent months, especially in manufacturing,” said Jennifer Schramm, SHRM’s manager of workplace trends and forecasting. “On a monthly basis, the manufacturing employment expectations index has actually dropped over the past three months.”
Nearly one-third (28.5 percent) of manufacturers expect to hire in November compared with 17.8 percent last year. While the number of employees expected to gain jobs is not known, the SHRM LINE shows that 44 percent of manufacturers plan to hire in this month while 15.5 percent plan to cut jobs — a net of 28.5 percent. Compared with November 2009 when a net 17.8 percent of manufacturing companies reported plans to hire, November 2010 marks an improvement.
In the service sector, a net of 27.1 percent of employers plan to hire in November 2010. A closer look shows that 33.2 percent of service-sector employers will hire while 6.1 percent plan to cut jobs. The numbers show increased hiring activity when compared with one year ago when a net 15.8 percent of service-sector employers reported hiring plans.
LINE provides a snapshot of anticipated hiring for the month ahead and also examines data from the previous month (see chart below).
The LINE Employment Report examines four key areas: employers’ hiring expectations, new-hire compensation, difficulty in recruiting top-level talent and job vacancies. The LINE Report is based on a monthly survey of human resource professionals at more than 500 manufacturing and 500 private service-sector companies. Together, these two sectors comprise more than 90 percent of America’s private sector employment.
Highlights of SHRM LINE year-over-year findings:
In November, for the 13th straight month, hiring will increase in manufacturing and services on an annual basis.
In October, the index for recruiting difficulty rose moderately in both sectors compared with a year ago.
The rate of increase for new-hire compensation in October rose on an annual basis in both sectors.
Source: SHRM Leading Indicators of National Employment
To read the SHRM LINE Report, visit: http://www.shrm.org/Research/MonthlyEmploymentIndices/Pages/default.aspx and click the “Latest LINE Report” button.
Reporters note: The SHRM LINE Report is released at 8:30 a.m. Eastern time on the third Friday following the conclusion of the week containing the 12th of the month. The SHRM employment expectations index describes the same time period referenced approximately one month later in the Employment Situation Report issued by the Bureau of Labor Statistics.
About the Society for Human Resource Management
The Society for Human Resource Management (SHRM) is the world’s largest association devoted to human resource management. Representing more than 250,000 members in over 140 countries, the Society serves the needs of HR professionals and advances the interests of the HR profession. Founded in 1948, SHRM has more than 575 affiliated chapters within the United States and subsidiary offices in China and India. Visit SHRM Online at www.shrm.org.
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