Patricia Laya (Bloomberg, Recruiters)

Patricia Laya (Bloomberg, Recruiters) by The Financial Exchange

00:06:47

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

It's boom time for recruiters after the US job market tightens. Recruiters are also known as head hunters were joined by Patricia lay up. From Bloomberg. I don't paddy. I'm sorry yeah good good so why is this a good time to be a headhunter. It's a great time that employers have rarely been as desperate court that you're a rated as six well. And a skilled workers there are already hired. Companies are struggling to find. A good thing for the open but they have eight and that goes up pop act like it but yeah. Got our attention it's temporary worker is the the record we've spoken to over the companies are willing to pay. 25 to 30000 dollar see out for the heck opening that they have a couple of people liked one or you're at. Cool and a lot of McCain's letter ears but what about. The you've mentioned nursing is that something and nursing shortage on a national scale or that regional. Well as other important that I didn't I eat and let that you are but the problem that a settling up a crowd. All industry across the country. So let's go to back this summer of 2009. If I had. You know a hundred job openings. How many applicants were there for every hundred jobs that are available back in the summer of 2009 not that long ago. Right exactly vote the bill opposed recession he got a lot. Six point seven people hurt job opening act in the past without the. That's applicants that that's number yet number of people so I just put that in the back your head folks. Six and a half people for every job right so six and a half applicants for every job opening what is that number today to speak years later. I read that at one point two without because we're Eritrea vacancy in April. While so let me the begs the question how much longer can draw a job growth surge how can how can we create to 300000 jobs a month. When the unemployment rate is only four point 3%. I I think we can't edit it at that point now job growth as expect a it's low. That there will be stopped but the but the not the heat we've been used it for the past couple of years Ellie what we are used it over 200000. Out erode. We'll op unit case that it Ahmad is. They of maturity and every economic recovery that will probably edged. Out. Stop them this year. So when we look at wage growth and I read an article in Bloomberg not too long ago about wage growth and its anemic. So our people discovering that in order to make more money they have to to change jobs like do you. Do you make more income by Sam Wong and I'll leave my job at Raytheon and I'm gonna go work for general dynamics. So right yet which can't have been one of the biggest mystery. Economic recovery that they get is as workers are. They are the aspect. Like what does that work at the wire and it. Offering them money right workers are getting. It at that weight that they are being other current app but they aren't. To get at least they're getting so dot the recent data but people who change jobs at three point 9% higher pay. That a year earlier in the day while people who stated that they had only they are great but it's a blatant out. So that would lead me to believe patty that employers are gonna wise and up and say well. Is it because it's expensive to hire somebody and train them and and get them on board I've got to believe that an employer is gonna say well son of a gun this is this is too expensive and. Now absolutely but that we've been waiting for that to happen for a month at stake at the price only a long time that. That the not currently lives that end of the week at the end. Well patty thank you very much for your time we appreciate it. But Herschel yeah Bloomberg. You know the the commissions these guys or make as pets under. They're they're they're doing okay yeah it's I wanted to get a little bit too was that quick rate that you are talking about there is it's interesting when you look at it. The data that we have on the quick rate which goes back to about 2001 you know gets from the jolts survey was restarted. And back then the overall average quick rate that we had. Was about 2.4 percent okay. Right after the recession we dipped down to one point 3% so you saw the the number of people who were leaving jobs voluntarily moon dipped by 50% effectively. Today we're still only back up to about two point 1% so we still don't have people quitting in leaving jobs frequently and in particular. One of the areas you see that the most in the is they also break this out by sector which is fascinating. In the house hospitality and leisure section which one of the lowest paid industry took a referred all this talk about you know this this push for fifteen dollars an hour minimum wage. The quick rate right now in that sector it's always been higher than the average just think about that sectors a lot of turnover right now it's about four point 4% via. Back in 2001 it was at five point seven. And so are still people are just not turning over in those lower paying jobs and off the set because it aren't skills. I don't know I think that's probably part of skills and confidence perhaps I think that's probably part of I think the confidence peace is a bigger one to be honest I think that is a very big piece there. But you still do not see enough people voluntarily quitting right now. Manufacturing is kind of the opposite manufacturing. Equip rate right now is actually above where it was back in 2001 I think because manufactures say. Look I can go find jobs elsewhere if there are many people with my skills health care I've got to believe with the for what we're seeing in wages and health care sector I've got to believe it that. Quit rates jumping to take a look at health care fight and pulled up doing that too that I bureau curious about the health care in construction health care is lagging. Is it health care back in February of 2001 it was 2.3 percent it's only one point nine to even that flag and a little bit as pensions are pretty attractive maybe that's let's keep it tied in construction. Right now BC here we go construction. Construction again back in march of 2001 it was a three point 0% quick rate today it's 2.0 and not seeing a lot of peak now. In construction does surprised surprises because look how often we heard on I can't find electricians can't find partners. Do you eat your complaints from contractor yep that strange that you're seeing at that alone construction.
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