Demand for US jobs among Russell 3000 companies continued to slip as job advertisements during May fell 18.7% compared to April as companies face continued uncertainty due to the COVID-19 pandemic. Hiring demand has fallen especially among higher paying positions. This is according to labor market intelligence firm Greenwich.HR, which tracks hiring and pay behaviors.
‘Companies pulled back aggressively on hiring starting in April, and continued uncertainty is driving hiring levels even lower,’ Says Cary Sparrow, CEO Greenwich.HR. ‘Open listings in every sector are down dramatically.’
The recent relaxation of social distancing across many states is having no apparent effect on hiring outlook among the Russell 3000. ‘Companies appear to be taking stock of the course of any recovery before committing to hiring for new positions. Many larger companies are redeploying workers where possible, and taking stock of hiring options now that many remote work strategies have proven viable. All of this means companies are holding on most hiring until they have a clearer sense of their own recovery plans’ said Sparrow.
This analysis is based on job listing data from all Russell 3000 companies. It includes data from over 2.9 million US job listings which were open during May 2020, April 2020, and May 2019. Greenwich.HR tracks the hiring and pay behaviors of over 3.1 million organizations.
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