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Résumé Tsunami

U.S. Job Market Reports Foreshadow a Résumé Tsunami

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U.S. Job Market Reports Foreshadow a Résumé Tsunami

As costly quitting rates rise and the employment-to-population ratio reaches new heights, employers should expect to receive more and more applications than in years past. This impending “résumé tsunami” will make finding and retaining top talent even harder.

That’s why now is a good time for HR pros to consider developing labor trends and their implications.

 New Labor Trends: Is Your Organization Ready?

Trend 1: Employees are Quitting

America’s 2017 turnover rates are on the rise, given an increase in market confidence. After the New Year, workforce data reported quitting rates reached a new high of 2.2 percent.

The same Q1 U.S. Jobs report indicated more than 3 million employees job-hopped, which marked the highest turnover rate in 16 years. This statistic should bring a heightened awareness to employers, who know that employee turnover is expensive. On average, a business can spend from six to nine months’ worth of an employee’s salary to replace and onboard a new employee.

Trend 2: Saturation of Applicants

The U.S. turnover rate isn’t the only factor that will fuel the résumé tsunami. A high workforce ratio is yet another reason to prepare.

In February, the employee-to-population ratio was an astonishing 60 percent; the highest it’s been since 2009. Today, nearly 82 percent of prime-age workers (aged 25-54) are participating in the labor force.

In recent years, Glassdoor.com reported that companies have received an average of 250 applications per job. Early 2017 labor statistics foreshadow an extreme increase in the quantity of résumés throughout the remainder of the year. Employers can expect even more résumés and job applications than in years past due to the rise in American quitting rates and growing employment-to-population ratio.

Trend 3: Attracting the New While Maintaining the Current Talent

Employers should take note that these new labor trends suggest the urgency to balance the means of recruiting quality talent while maintaining your current employees’ satisfaction. To do that, it’s important for employers to understand the needs of today’s workers.

Companies may have to consider offering additional perks, bonuses, experiences and increased compensation packages to retain their top talent. But that’s not all. Today’s millennial workforce evaluates jobs based not only on perks, but if there is an opportunity to develop personally and professionally – this young population wants to make an impact and change the world.

Find out what else your employees want today by downloading What Employees Want: Overlooked Insights in Employee Engagement

Ultimately, innovative recruitment strategies and employee engagement will become a necessity to stay competitive in a market flooded with opportunities and job-seekers.

Preparing for the Incoming Storm

To better prepare for the resume tsunami, listen to our recent webinar New Labor Trends: Is Your Organization Ready? We discuss:

  • creating powerful strategies to help you take control and build the workforce you need
  • attracting and retaining great employees with employee engagement
  • understanding the needs of prime-age workers (age 25-54)
  • retaining top talent with a successful onboarding strategy
  • achieving these goals with technology and talent management software

The job market forecast for the latter part of 2017 calls for a booming wave of workers. The conditions are prime to create a domino effect that will result in an immediate need to back-fill positions, a flood of applicants and a high demand for efficient teaching and training tools as new employees join the company.  Are you ready?

 



Author Bio: A writer, speaker and business leader, Jason has been the communications pulse for a number of organizations, including Paycom where he is the director of public relations and corporate communications. A featured writer on human capital management technology, leadership and the Affordable Care Act, Jason launched Paycom’s blog, webinar platform and social media channels, helping empower organizations around the nation. Jason is attuned to the needs of businesses and helped develop a tool to aid organizations in their pursuit to comply with the ACA; one of the largest changes in healthcare the country has seen. While working in athletics for ESPN and FoxSports, Jason learned the importance of hard work and branding. In his free time he enjoys adventuring with his family, reading and exploring new areas to strengthen his business acumen.

American History

5 Leadership Lessons HR Can Learn from American History

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5 Leadership Lessons HR Can Learn from American History

Here at Paycom we love green, but on the heels of the 4th of July, we thought it would be appropriate to stay with the Red, White and Blue. The story of how we earned our freedom is a vast and important one, and is still relateable, especially in the office. Here are five specific leadership examples that translate well the HR department and your organization as a whole.

The below article was originally posted on February 24, 2017 under the title 5 Leadership Lessons From Crossing the Delaware

Several years ago in a meeting, we were asked to share the name of the best leadership book we’d read in the past year. My colleagues suggested books by Maxwell, Gladwell and Collins, yet my mind went directly to the historical account of General George Washington’s crossing of the Delaware River in 1776, depicted in “To Try Men’s Souls” by Newt Gingrich.

You may remember the story from high school history class. In December 1776 during the Revolutionary War, the Continental Army was demoralized and on the run. Christmas night, while camped along the Delaware River, Washington realized that their only chance to win – or even to survive – was to attack the British at Trenton.

Register today for the July 11, 2017 webinar: 5 Leadership Lesson HR Can Learn from American History 

It wasn’t evident at the time of course, but historians now consider the events of that evening and the next morning as the turning point of the Revolutionary War. As we study Washington’s decision-making during these extraordinary circumstances, five leadership lessons emerge.

1. Heroes Exist in the Unlikeliest of Places

Henry Knox served as Washington’s chief artillery officer, and before the war, Knox managed a bookstore.

According the Washington, Knox’s efforts made the attack on Trenton possible. As a devastating blizzard engulfed the area late on Christmas night, the river seemed impassable. Knox coordinated efforts to load the army’s few remaining artillery pieces onto the creaky flatboats and to navigate the ice-choked river. Once across, it was his leadership that allowed men to transport heavy machinery up and down the icy hills in the midst of an historic blizzard.

Washington later said he was stunned by Knox’s confidence and impressed by the routine, matter-of-fact way Knox explained his plan. He had horses drag artillery pieces up frozen hills in the middle of a snowstorm, in the dark, using malnourished and barefoot soldiers, yet Knox made it seem like an ordinary, routine event.

Like eagles, leaders don’t flock together. You most often find them one at a time, and sometimes a bookseller helps you win a war.

2. Hold Steady in the Face of the “But Sirs”

Once Washington made his decision to cross the Delaware and attack, he never wavered. As soon as the order was disseminated through the ranks, leaders were hit with a barrage of “but sirs.”

• “But sir, the river is filled with ice.”
• “But sir, these boats weren’t designed to transport cannons.”
• “But sir, my men haven’t eaten in three days, they won’t survive the march.”
• “But sir, the British are well-rested and well-fed, what chance do we have in battle?”

But sir, but sir, but sir. As a leader, how often do you deal with resistance to a tough decision? Washington responded by increasing the level of communication so that everyone had better understanding of his decisions, as illustrated in this brief aside to his officers:

“If we do not win soon, there will be no army left. When there is no army left, the rebellion will be over. When the rebellion is over, we will all be hung. Therefore we have little to lose.”

3. Frequently Communicating Vision is a Necessity

Washington didn’t say it just once, he repeated himself over and over, up and down the line of soldiers. The vision: Cross the river, move the artillery and cross Jacob’s Creek. In twelve hours.

Did everyone agree with his plan? Hardly. Did they execute the mission? Definitely.

While the United States of America is more than two centuries old, lessons still can be learned from its Founding Fathers. To learn more, register today for the July 11, 2017 webinar: 5 Leadership Lesson HR Can Learn from American History 

4. Be Visible

A Continental soldier’s diary recounts that for every mile he covered, General Washington probably covered twelve. Riding back and forth, checking on the front line, then crossing the creek to check on the men at the back of the line, then back to the front again. The soldiers knew their leader was invested and that he was fighting right by their side.

A good rule-of-thumb for leaders: the tougher the mission, the higher the visibility.

5. Leaders Aren’t Called to Do Their Best

Washington knew this leadership secret better than anyone. He knew that most of his men’s enlistments expired in a week and that he was outmanned and outgunned. He knew that their only chance of survival was to attack and win at Trenton. Everything else was irrelevant.

It didn’t matter that the river was filled with ice, or that half his men had no shoes and hadn’t eaten in days. The boat boarding passcode that night was “Victory or Death.” This is what Washington believed and it was how he led his army. He knew that as leaders, we are not called to do our best – we are called to do what is required.

Washington’s army went on to win the battle at Trenton, and to win again at Princeton. The momentum of those wins turned the war in their favor, eventually leading to American independence fifteen years later. And I believe the momentum truly began with the perseverance of one man, directing his forces to victory through a blinding snowstorm.

Nearly two hundred fifty years later, General Washington’s leadership lessons are as valuable today as they were that snowy night on the banks of the Delaware River.

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Posted in Blog, Featured, Leadership

Jim Quillen

by Jim Quillen


Author Bio: As director of tax at Paycom, Jim Quillen is responsible for ensuring payments and returns are filed timely and accurately, and for eliminating tax issues with the potential to negatively impact clients. Quillen, a CPA by training, has worked in many fields during his career, including finance, auditing, recruiting, sales, business development and software implementation. Prior to his current role, Quillen has served Paycom as the director of business intelligence, director of new client implementation and director of recruiting.

Self-Service Software

How to Promote Engagement and Efficiency with Employee Self-Service Software

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How to Promote Engagement and Efficiency with Employee Self-Service Software

Employee self-service software often is adopted as a way to improve efficiency within an organization, especially as it pertains to the responsibilities of your HR department. While that’s a common and effective use, organizations also can use robust self-service software as a way to improve employee engagement and productivity.

A recent white paper by Paycom and HR.com illustrates survey results from over 700 HR professionals (representing companies with anywhere from 50 to 20,000 employees) on how they use employee self-service software, and where there is room for improvement. You can download the entire white paper, or keep reading to find out what self-service software means for your efficiency and engagement.

Gains in Efficiency

Employees who use self-service software can alleviate some tedious tasks, freeing up your HR department to do more strategic and mission-critical work (rather than keying in information, often multiple times). Duplicating employee data (especially by hand) is an ineffective use of time, and can introduce errors.

Employee-entered data actually can improve the accuracy of the information you have on file for your workforce. Over 80% of HR professionals surveyed agree that employee accountability for data leads to a higher likelihood of accuracy for that data. In turn, that improved accuracy can help reduce compliance risk.

Gains in Employee Engagement

According to our research, what employees want most out of their self-service software is ease of use, by a large margin of 47%. Single sign on functionality (the ability to use one login for their employee self-service software and for other platforms) was the next most important.

Why does this matter? User-friendly self-service software with a single login can improve employee engagement (more on why that matters below) and also can increase the likelihood that they will complete the forms, training or information that your leadership or your HR department has requested.

What This Means for Your Bottom Line

Increasing efficiency with employee self-service software can help you increase your profit margin by saving time and lowering material costs. Improving employee engagement by selecting a user-friendly self-service software can have significant returns on your investment as well.

Employee engagement can help you reduce turnover, safety incidents and absenteeism. According to a recent Gallup survey, teams that score in the top quartile of engagement exhibit 21% higher productivity and 22% higher profitability that compared to teams in the bottom quartile.

In addition to improving the work environment and production, high employee engagement can help you save on the substantial cost of replacing key personnel. Bloomberg’s Bureau of National Affairs estimates that employee turnover costs U.S. businesses $11 billion per year, and highly educated and experienced employees tend to be the most expensive to replace.

If you’re considering adopting employee self-service software (or adding on to your current platform), be sure to take your employee experience into account, as well as the gains in efficiency that could be made. Choosing to prioritize the elements that matter most to your staff can help you increase employee engagement, boost productivity and maintain an efficient workflow.

Read more about the untapped benefits of employee self-service software in our white paper, The Role of Self-Service Software: Get the Most Out of a Crucial Technology.

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Posted in Blog, Document Management, Employee Engagement, Featured, HR Management, Learning Management, Talent Management, What Employees Want

Lauren Rogers

by Lauren Rogers


Author Bio: As a communications specialist at Paycom, Lauren Rogers keeps employees abreast of company news and events, and provides insight to industry leaders regarding issues affecting human capital management. With experience in marketing and communications, Lauren has written blogs and other materials for a variety of businesses and nonprofits. Outside the office, she enjoys gardening, testing new recipes and sipping something caffeinated with her nose in a book.

Employee Self-Service Software

Missing out on Key Functions of Your Employee Self-Service Software?

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Missing out on Key Functions of Your Employee Self-Service Software?

If you’re like most company leaders, you’re probably making use of employee self-service software to a certain extent. In fact, in a joint study by Paycom and HR.com, 88.5 percent of companies surveyed used self-service tools. And about 87 percent of these organizations considered self-service software to be the most efficient way to provide employees with payroll and HR information.

You can discover more of the results of this survey in our whitepaper, The Role of Self-Service Software: Get the Most out of a Crucial Technology.

However, we also found that a large number of the organizations surveyed aren’t getting as much out of their self-service software as they potentially could. They are leaving functionality on the table and missing out on the opportunity to streamline their training, ensure that forms are efficiently completed and securely stored, and improve the accuracy of information entered by their employees.

Streamlined Employee Training

Companies that use their employee self-service software as a platform for training are able to reach a large number of employees with one streamlined training effort, rather than scheduling several training meetings to accommodate staff schedules, wasting time and losing productivity.

Incorporating training videos and slideshows into existing employee self-service software allows your employees to complete trainings when their schedules allow.

In our research, companies are using self-service technology to serve many functions (some of the most common include accessing payroll information and enrolling in benefits). Unfortunately, only 39 percent of companies we surveyed that are already utilizing self-service software are taking advantage of employee training opportunities through that software. Most organizations are missing out on this opportunity.

Secure, Efficiently Completed Forms

The forms that your employees are already filling out can be integrated with an existing self-service software to make it easier for them to complete and ensure that you can store the forms securely and efficiently. We found that this is another area where many organizations have room for improvement.

Of the organizations we surveyed that used self-service software, HR entered 50 percent or less of employee information in only 40 percent of those organizations. In 29 percent of surveyed companies with self-service software, HR was still entering 90 percent or more employee data.

Having a way for your employees to fill out performance reviews, feedback surveys and other forms within employee self-service software allows them to complete the forms on their own time, allowing your HR department to focus on more mission-critical projects. It can also cut down on paper storage and allow anyone who needs access to the completed forms to find them in one secure location online.

Accurate Employee Information

One surprising finding from our study was that while 87 percent of respondents said that employee self-service software was helpful, HR still enters in over 50 percent of employee data for 60 percent of surveyed companies using self-service software. The most common barrier that kept organizations from having a majority of information entered by their employees (instead of their HR department) was a concern over the accuracy of employee-entered data.

That’s a valid concern, but from our research, employee-entered data has the opportunity to improve information accuracy. Over 80 percent of organizations we surveyed determined that employee-entered data helps hold employees accountable for the accuracy of the data—and 51 percent agreed that employee accountability for that accuracy reduces compliance risk.

In addition to a reduced compliance risk, having employees enter their own information can free up your HR department to do more strategic work. In fact, improving your company’s usage of employee self-service software can help your HR department save up to 10 hours per week!

Learn how other companies of all sizes are making use of their employee self-service software and what can be gained from these and other underutilized capabilities in our whitepaper, The Role of Self-Service Software: Get the Most out of a Crucial Technology.

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Posted in Blog, Document Management, Featured, HR Management, Learning Management, Payroll

Lauren Rogers

by Lauren Rogers


Author Bio: As a communications specialist at Paycom, Lauren Rogers keeps employees abreast of company news and events, and provides insight to industry leaders regarding issues affecting human capital management. With experience in marketing and communications, Lauren has written blogs and other materials for a variety of businesses and nonprofits. Outside the office, she enjoys gardening, testing new recipes and sipping something caffeinated with her nose in a book.

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