On Friday, the Department of Labor’s Bureau of Labor Statistics released data from its Employment Cost Index. The data confirms what many employers are experiencing; wages are increasing. On a national basis, costs for wages and salaries among private industry increased 3.5%. This is the largest increase in more than 14 years.
ASE has released the results of our most recent COVID-19 Business Impact Survey. The COVID-19 Return to Work Survey, launched on May 13, 2021 and examined employers’ plans around return to work.
The impact of the pandemic on college recruitment has been significant. According to a recently released survey by the online employment website Monster, nearly half (45%) of the class of 2020 are still looking for work. This impact is likely familiar to those who had the misfortune of graduating college during past recessions.
A recent Forbes article pointed to the impact of the pandemic on talent acquisition. The article, among other highlights, suggested that the digital transformation of talent acquisition is well underway and here to stay. While this may not come as a surprise for some who are well into their journey, there is some evidence that employers need to do more for certain groups of applicants, namely college graduates.
Looking for ways to attract talent, some employers saw the student loan debt challenge as a potential recruitment tool and began offering student loan repayment assistance. Historically, the benefit has not been overwhelmingly popular with employers.
In the just released 2021 National Business Trends Survey from the Employer Associations of America (EAA), 44% of executives expect the overall outlook for the 2021 economy to be improving. This annual survey shares information on what executives nationally are doing to address the changing business climate. Survey responses also reflect the impact COVID-19 has had on this year’s business trends.
According to research by the ethics and compliance firm LRN Corporation, the current pandemic may prove to be an unintended test of cultures and codes of conduct as businesses determine how to reopen and navigate the inevitable strain of operating during a pandemic.
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