Last year began a major shift in the booming jobs market, with December seeing rising wages, payroll growth, and a surge of new employees joining the workforce. Transitioning military veterans are an important subset of that group, offering diversity, intangible skills, and vast networks.
We’re keeping an eye on these four trends that will affect hiring in 2019:
RETENTION TAKES CENTER STAGE
Replacing employees is expensive, with an average cost per hire north of $4,200, and gone are the days of spending one’s career with the same organization. The median number of years employees work for their current employer is 4.6. However, this longevity varies by age and occupation: the median tenure for workers aged 25 to 34 is 3.2 years.
These factors mean that it’s never been more important to analyze company culture and employee contentment. Employees don’t leave for a few more dollars – they get away from poor management and toxic cultures. Creating an environment that makes new hires happy and makes current employees want to stay is vital in 2019. Besides salary, employees value flexibility, personalized health benefits, workplace-sponsored wellness events, and companies with a social mission.
THE PROCESS MATTERS
Recruiting itself is reacting to a shift towards what might be termed “a buyer’s market.” If the hiring process is too lengthy, lacks clarity, or leaves any kind of negative impression, it can not only mean the loss of qualified candidates, but dings to a company’s reputation that are difficult to erase. Military veterans are a close-knit community. They love to share information about great opportunities with their buddies, as well as companies to stay away from.
JOB OPENINGS OUTNUMBER JOB SEEKERS
As unemployment continues to hover between historic lows of 3.7–3.9%, analysts predict the labor market will likely remain tight in 2019 across most industries as companies compete for solid workers.
What’s more, the trickle of retiring Baby Boomers that began in 2011 is becoming a river, leaving gaps in the workforce. That’s why this shift will not only continue, but grow in 2019.
EMPLOYEES OF ALL AGES
As one generation of workers is aging out, another—one with different talents, skills, and priorities—is beginning to dominate. It’s believed that by 2020, the workplace will consist of five generations. Gen Z workers are expected to comprise 36% of the workforce by 2020.
More than 35% of American labor force participants are Millennials, making them the largest generation in the U.S. labor force, according to a 2018 Pew Research Center analysis of U.S. Census Bureau data.
Recruit Military is operated by Bradley Morris, MTI’s Official staffing firm for transferring retired military into private industry. For more information on Bradley Morris services, CLICK HERE.