Hiring Recovery Spreads Across The Nation
Don’t look now, but the economy may be showing signs of recovery. According to the LinkedIn April Workforce Report 2021, “nationally, across all industries, hiring in the U.S. was 15.2% higher than in March 2020." If you’re an employer, this means that you have to keep your company competitive to retain and attract top-tier talent.
Let’s take a closer look at these trends from LinkedIn and then discuss how a solution like Spentra’s Money Earned® feature can help you stand out to potential employees.
Key Insights from the April Workforce Report 2021
This report, which LinkedIn releases monthly, is based on data from more than 176 million people in the United States who have LinkedIn profiles. Here is some of the most important and relevant information from the report:
- “Nationally, across all industries, hiring in the U.S. was 15.2% higher than in March 2020. National hiring was 0.1% lower in March from February 2021. The industries with the most notable hiring shifts month-to-month in March were Recreation & Travel (9.8% higher); Consumer Goods (7.5% higher); and Transportation & Logistics (6.4% higher).
- After a big gain in February, US hiring held steady in March near its highest levels since the pandemic began. Hiring is now only 2.0% below its pre-COVID level. Furthermore, we’re beginning to see the recovery broaden. Twelve industries are now hiring at or above their pre-COVID level, versus nine a month ago and five two months ago.
- The breadth of the recovery is improving as more cities and industries are regaining their pre-COVID hiring level. Seven metro areas of the 20 we track regularly are now hiring at or above their pre-COVID level, versus two last month and zero two months ago. These cities include Atlanta (3.3%), Austin (6.0%), Boston (0.5%), Denver (1.5%), Miami (1.7%), Nashville (1.3%), Phoenix (1.4%)”
How Money Earned Helps
This is where Money Earned steps in. By giving your employees a payroll card with the option to access 50 percent of earned wages at any time before payday, you set yourself apart from your competitors by offering a perk potential employees won’t find anywhere else.
When employees have peace of mind about their finances, it leads to better production. In fact, according to a report from SHRM, “higher absenteeism and lower engagement are found among workers with money angst.” When you bring on a solution like Money Earned, however, you set up both existing and potential employees for financial success.
If you’re interested in seeing how Spentra and Money Earned can help increase the appeal of your company to prospective employees, contact us today for a demo.