The job search simply acquired a little bit bit sweeter. 10% of small businesses this previous quarter have supplied — for the primary time — to repay part of pupil loans, chill out drug insurance policies or rent ex-cons, in accordance with the most recent CNBC and SurveyMonkey Small Business Survey. Reeling from the three.7% unemployment fee, businesses giant and small have additionally raised wages and advantages.
The large image:To fill a whopping 7.1 million job openings within the tightest labor market in a half-century, employers are loosening their necessities and elevating conventional advantages to lure employees.
Impact:“Workers are the bigger winners as the labor market tightens,” Indeed’s Chief Economist Jed Kolko tells Axios.
By the numbers:
- 12% of small businesses supplied pupil mortgage reimbursement as a brand new profit within the final quarter.
- 14% relaxed their drug insurance policies.
- 12% thought of candidates with a felony report for the primary time.
These numbers present small businesses are more and more monitoring with cultural shifts affecting present job seekers: an more and more indebted workforce, a rising variety of states legalizing Marijuana use, and an unemployment fee amongst ex-felons that is greater than 7 instances increased than the nationwide common.
Why it issues:
- These survey outcomes place small businesses forward of the curve on pupil mortgage reimbursement.While 12% of small businesses experimented with providing this profit this quarter, solely about four% of corporations general supply pupil mortgage reimbursement advantages, per the Society for Human Resource Management’s 2018 Employee Benefits Report.
- Labor drive participation charges have dropped in areas the place opioid prescription charges are excessive during the last 15 years, Axios’ Caitlin Owens reviews, and as Americans reap the benefits of legalized Marijuana in a number of states, employers could have a vested curiosity in overlooking prior or present drug use to broaden their pool of candidates.
- Unemployment for former felons was 27% earlier this yr, per The Prison Policy Initiative’s estimates (there are no federal figures for former felons’ unemployment), but most human useful resource managers report they’d think about hiring those that have been incarcerated (solely about 14% of human useful resource managers say they will notthink about it), per a report by the Society of Human Resources Management.
Yes, however: While companies are debuting these new practices, there has additionally been a shift in bargaining energy towards employers. Weaker unions, outsized companies and extra noncompetes “make it harder for workers to look for and get outside offers,” Kolko tells Axios.