7. Unemployment rate decreased by 0.4% at the start of 2021.
Statistics from January marked the number of unemployed people dropping to 10.1 million with the influx of new jobs. The unemployment rate is 6.3% currently.
This is still well over the pre-pandemic numbers—however, the job market seems to be recovering.
8. The nonfarm hiring rate was 4.2% in November 2020.
At the same time, the separation rate was 3.8%. The most significant spike in hiring numbers occurred just a month earlier—in October, the hiring rates were at 42%, with the separation rate at 3.6%. The separation rate includes both voluntary quits and involuntary discharges, as well as retirement.
9. Reports show 227,000 jobs were lost in December—the first negative numbers since May 2020.
The initial report estimated that the number would be 140,000. However, just like in November, the gravity of the situation was significantly underestimated.
Job market statistics for November projected 336,000 new jobs, but only 264,000 were added to the economy in reality.
10. The average cost of a bad hire is around 30% of the employee’s first-year earnings.
(wepow) (Apollo Technical)
According to the US Department of Labor’s estimation, hiring the wrong person can cost a company thousands of dollars. Based on this information, we can conclude that a bad hire can negatively affect a company.
The cost of a bad hire statistics show that approximately 41% of companies stated that last year, their cost of a bad hire was at least $25,000. For 25% of companies, that cost was at least $50,000.
11. 80% of employees prefer more benefits over a salary increase.
Employees tend to value benefits more than a salary increase, as 57% of employees consider perks and benefits as the top factor to take a job.
Most adults with children also prefer benefits, as 82% of women and 76% of men with kids think that benefits are more important than salary.
12. Tech hiring trends showed that 112,000 jobs were lost in April 2020.
The figure erased a year’s worth of new jobs created in the technology industry. Of course, the overall number was proportionally more shocking, with 20.5 million jobs lost across all US sectors.
13. Men believe they only need to fulfill 60% of the requirements when applying for a job.
Recruitment statistics from 2020 reveal that there is a difference in how men and women perceive job applications. Women think they need to fulfill 100% of the requirements if they want to apply for a job.
Only 12.7% of men don’t apply because they believe they can’t do the job, while 21.6% of women think the same. This is probably due to the stigma around gender bias.
14. 24.5% of employee turnover costs are the delays or products or services.
Retention-focused hiring is one of the most popular hiring trends in 2020. The costs of employee turnover are high, and that’s why many employers endeavor to hire employers with retention in mind.
Losing employees can lead to losing customers, but employers don’t hire people just to fill the positions. They need productive workers.