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SHRM Report: Hiring Expected to Edge Up in October
Alexandria, Va. – Hiring will inch up slightly in October despite the cool economy according to a survey of human resource professionals at more than 1,000 U.S. private-sector companies across the country.
The Society for Human Resource Management’s (SHRM) Leading Indicators of National Employment® (LINE®) Report shows hiring expectations for the manufacturing and service sectors increased on an annual basis for the 12th straight month, with double-digit growth in both sectors.
“Even though HR professionals in manufacturing and private service-sector companies say they are bringing on more workers in October compared with a year ago, hiring activity has slowed somewhat in recent months raising concerns that a jobs recovery is still a long ways off,” said Jennifer Schramm, manager of workplace trends and forecasting at SHRM.
The LINE Report — the only national employment index of HR professionals’ month-ahead hiring expectations — forecasts that the manufacturing hiring index for October will rise 11.4 points and the service sector by 26 points in compared with a year ago.
October layoff levels in the manufacturing sector will reach a four-year low for the month with 12.5 percent of organizations expecting to cut jobs. In the service sector, October layoffs are expected to come close to a four-year low for the month with 6.3 percent of HR professionals reporting staff cuts.
LINE provides a snapshot of anticipated hiring for the month ahead and also examines data from the previous month.
Looking back at September, HR professionals reported a small increase in recruiting difficulty. In the manufacturing sector, a net of 4.8 percent of employers reported difficulty with recruiting employees, as did seven percent in the service sector
“For higher-level, higher-skilled job seekers, things look to be improving with the ball a bit more in their court,” said Schramm. “HR professionals reported that recruiting top talent in September was more difficult compared with one year ago.”
New-hire compensation packages had mixed results in September. HR professionals in the service sector reported a year-over-year net decrease of 0.6 percent in new-hire compensation and benefits. The manufacturing sector saw a year-over-year net increase of two percent in September.
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 October, for the 12th straight month, hiring will increase in manufacturing and services on an annual basis.
In July, the index for recruiting difficulty rose moderately in both sectors compared with a year ago.
The rate of increase for new-hire compensation in July 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. Follow us on Twitter.
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