Monster 2008 Dallas Job Mkt

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Monster 2008 Dallas Job Mkt

  1. 1. The Dallas Job Market Brought to you by Monster Intelligence Fourth Quarter 2008 P a g e |1
  2. 2. TABLE OF CONTENTS A Word about Monster Intelligence 2 2008-9 Dallas Insights and Analysis 3 The State of the Dallas Job Market 4 Dallas Employment Situation 5 Unemployment Rate 5 Payroll Growth 5 Dallas Online Recruitment 6 Monster Employment Index 6 Top Index Growth Occupations 7 Dallas Monster Performance Report 8 Job Posting Trends on Monster 8 Resume Trends on Monster 8 Dallas Job Postings Analysis 9 Top 10 Job Occupations by Volume 9 Top 10 Job Occupations by Growth 9 Dallas Talent Availability Analysis 10 Top 10 Job Seeker Occupations by Volume 10 Top 10 Job Seeker Occupations by Growth 10 What do Recruiters think? 11 Anticipated Hiring Needs 11 Percentage of Open Positions Considered “Difficult to Fill” 11 Sourcing Tactics in Use 12 What do Job Seekers Have to Say? 13 Perceived Usefulness of Resources 13 Importance of Employer Benefits & Characteristics 14 Improving Recruitment and Sourcing in 2008-9 15 A Word about our Methodology 15 A Word about Monster Intelligence As the online recruitment leader, Monster has consistently maintained a leadership position in defining and driving innovative products and services to champion online recruitment. We see tremendous value in providing our clients, the online recruitment industry and the public at large with analysis on both job seeker and employer behaviors, as well as general employment market trends. In direct response to our customers’ needs for strategic Human Capital intelligence, Monster has created a new initiative, entitled Monster Intelligence that is focused on providing business leaders and HR Executives real-time insight into market trends that will guide them in future recruitment planning. As the market leader, Monster is uniquely positioned to provide strategic information on employment trends to Corporate Executives and Hiring Managers. These tools provide our customers views into the labor market and comprehensive information to further our customer’s employment strategy. More details are available on the Monster Intelligence website at: http://intelligence.monster.com. We welcome your insight and comments on the Monster Intelligence Reports and encourage you to let us know your thoughts by providing feedback at Intelligence@monster.com. P a g e |2
  3. 3. 2008-9 Dallas Insights and Analysis The Dallas Job Market Report delivers insights and analysis of key job seeking and recruiter activity trends in the Dallas labor market. A global leader in HR related intelligence, Monster’s reports can help companies land the most talented Dallas professionals. Inside you’ll find out what’s happening in this highly competitive region for 2008-9 hiring and recruitment planning. Key Insights • The Dallas metro economy has been affected by the housing slowdown and the global financial crisis, but less so than many other parts of the country. Indeed, Texas as a whole leads all states in terms employment growth over the past year. • Online recruitment activity has eased in Dallas with overall employer demand now well below year-ago levels. However, opportunities for healthcare professionals have skyrocketed as there are not sufficient candidates to satisfy the need for workers. • Monster’s Dallas usage data suggests that the labor market balance is shifting in favor of employers: while job posting activity has moderated considerably, resume trends in 2009 have been closer to steady, giving recruiters a larger pool from which to source candidates. • Employers posting their jobs on Monster in Dallas are particularly looking for computer software engineers, computer support specialists, accountants, computer systems analysts, and customer service representatives. • Meanwhile, the greatest increases in worker demand compared to a year ago in Dallas are for machinists, registered nurses, industrial machinery mechanics, mechanical engineers, and natural science managers. • On the seeker side, Dallas’s candidate supply is most abundant for customer service representatives, executive secretaries, general managers, sales managers, and office/administrative supervisors. • Over the year, resume submissions in the Dallas region have expanded most notably for credit analysts, mechanics/installers, construction supervisors, software engineers, and rebar workers. • Despite the labor market shift providing employers with a greater quantity of candidates, Dallas recruiters’ most common concern is finding appropriately qualified applicants for available job opportunities. • Dallas-based job seekers expressed that getting an employer or recruiter to contact them and finding a job that matches what they want as being the most common challenges when looking for a new employment opportunity. P a g e |3
  4. 4. The State of the Dallas Job Market While conditions in the Dallas economy appear to be more sound that those seen nationally, waning global/national business activity is increasingly weighing on the local market. Adding further downward pressure on Dallas were the temporary disruptions created by Hurricanes Gustav and Ike on the state of Texas. In summary, economic conditions are pushing Dallas into a less favorable situation than just six months ago. The labor market has loosened somewhat, with a deceleration in job growth coinciding with a rise in unemployment. The Monster Employment Index illustrates a likewise decline in online recruitment activity. Looking toward the end of the year, the sluggish economy promises to impose considerable weight on hiring decisions of Dallas area employers. According to Manpower’s latest quarterly survey, about 18 percent of employers plan to add workforce in the fourth quarter, a decrease from the 22 percent who planned new hires in the third quarter of 2008. The survey also finds that 12 percent of surveyed employers are planning to reduce staff in the fourth quarter, in contrast to 2 percent in the previous survey.1 While expectations appear to be substantially tempered heading into the final months of the year, it is worth noting that net hiring is likely to remain in the positive. In September, the Dallas-Forth Worth-Arlington area was churning out new jobs at a pace exceeding 54,000 per year. Overall, the largest job gains in sheer numbers came in education and health services; natural resources, mining and construction and leisure and hospitality. The annual employment growth rate for the metro area was 1.8 percent in September, outpacing the nation by a significant margin. With the exception of manufacturing and information, all major industry sectors featured positive job growth. Even the financial services industry, which has endured countless challenges nationwide this year, appears somewhat strong in Dallas, and should remain so in the fourth quarter. Robert Half International’s latest survey of area CFOs finds that 8 percent expect to add staff in the fourth quarter and 2 % anticipate reductions in personnel.2 Despite the job gains, however, the local labor market continues to loosen. Between August and September, the number of unemployed residents in Dallas-Forth Worth-Arlington grew by approximately 3,800 persons, pushing the jobless rate to 5.3 percent – the highest level in two years. This flood of out-of-work jobseekers likely consists of new entrants to the workforce, as well as laid off workers from large corporations such as Forth-Worth based AMR Corp. owner of American Airlines, which recently reduced its job staff to cover heavy fuel costs. Dallas-Forth Worth was ranked by a Bizjournal study as the third hottest job market in the nation. Generally, Texas is doing well as it also includes two other top labor markets – Houston and Austin. The high energy costs that trouble the rest of the nation provide a source of lift for the Texan markets. In addition, employment is growing in the natural resources, mining and construction industry. 1 Manpower Employment Outlook Survey, September 2008 2 Robert Half International Financial Hiring Index, September 2008 P a g e |4
  5. 5. Dallas Employment Situation Unemployment Rate The unemployment rate continued to rise across Texas in September, with the rate reaching 5.3 percent in Dallas-Forth Worth-Arlington during the month. September’s jobless rate was slightly up from a revised 5.1 percent rate for August. The unemployment rate is a key measure of tightness in the labor market. Dallas vs. National Unemployment Rate, % 6.5 6.0 5.5 5.0 4.5 4.0 3.5 Sep-05 Nov-05 Jan-06 Mar-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 Jul-08 Sep-08 May-06 May-07 May-08 Dallas National Payroll Growth Employment trends in the Dallas-Fort Worth-Arlington area have remained relatively strong, with an annual growth rate of 1.8 percent in September. Indeed, local payrolls are growing at a significantly faster pace than the national average. Payroll growth is a key measure of new job creation. Dallas vs. National Payroll Growth, % YoY 4.0 3.0 2.0 1.0 0.0 -1.0 Sep-05 Nov-05 Jan-06 Mar-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 Jul-08 Sep-08 May-06 May-07 May-08 Dallas National P a g e |5
  6. 6. Dallas Online Recruitment Monster Employment Index The Monster Employment Index presents a monthly snapshot of employer online recruitment activity nationwide and for 28 of the largest metro areas, and is generally regarded as a key indicator of demand in the labor market. The Index is based on a real-time review of millions of employer job opportunities culled from a large, representative selection of corporate career sites and job boards, including Monster. Using a baseline value of 100, the Index can be used to compare hiring trends across local markets and occupational groups. As such, a higher Index figure means stronger growth in online job availability. Dallas’ online job availability declined in October, reflecting a slowdown in online recruitment and job posting activity in the area. The four percent decrease was largely driven by a sharp drop in demand for healthcare workers. However by measurement of year-on-year change, online opportunities for healthcare professionals – both specialized practitioners and generalist support staff – rose significantly. In the last three months, 5 of 21 occupational categories tracked by the Index logged increased online job demand for workers. Despite the decline in hiring activity across most occupations, several categories continued to show robust growth. Job postings for education, training and library occupations registered the sharpest rate of growth among occupations in the last three months, surging 16 points. Reduced demand for construction and finance occupations is one of the main drags on the market, reflecting an adverse impact of the housing market’s decline. Monster Employment Index -- Dallas 160 150 140 130 120 110 100 90 80 Aug-05 Nov-05 Aug-06 Nov-06 Aug-07 Nov-07 Aug-08 Feb-06 Feb-07 Feb-08 May-05 May-06 May-07 May-08 P a g e |6
  7. 7. Top Index Growth Occupations The following table shows the fastest growing occupational categories over the last 3 months: 2008 Dallas Oct Jul Education, Training, and Library 150 134 Food Preparation and Serving Related 202 198 Military Specific 120 117 Life, Physical, and Social Science 124 122 Production 150 148 In contrast, the following five categories saw the largest decreases over the last 3 months: 2008 Dallas Oct Jul Healthcare Support 279 373 Healthcare Practitioners and Technical 312 337 Installation, Maintenance, and Repair 212 236 Community and Social Services 155 175 Building and Grounds Cleaning, Maintenance 124 143 Top five growth categories year over year: Oct Dallas 2008 2007 Healthcare Practitioners and Technical 312 195 Healthcare Support 279 189 Food Preparation and Serving Related 202 187 Installation, Maintenance, and Repair 212 203 Production 150 141 Top 5 declining categories year over year: Oct Dallas 2008 2007 Arts, Design, Entertainment, Sports, and Media 126 165 Life, Physical, and Social Science 124 157 Computer and Mathematical 112 144 Business and Financial Operations 113 144 Office and Administrative Support 120 150 For more information about the Index, visit http://corporate.monster.com/Press_Room/MEI.html. P a g e |7
  8. 8. Dallas Monster Performance Report In Dallas, monthly job volume has tapered in 2008. Taking account for typical seasonal swings, the general trend reflects slower demand conditions in the region. Overall job posting volume in the autumn season resembles that seen in 2005. But what about the other side of the equation – job seekers? In the Dallas metro area, monthly resume submissions on Monster have eased slightly compared to a year ago. This might point to longer job search cycles, in which Dallas seekers are more apt to revise existing resumes as opposed to create new ones in the Monster database. P a g e |8
  9. 9. Dallas Job Postings Analysis Employers in Dallas are looking for a wide variety of worker skills, but Monster data indicates that IT professionals remain in particularly high demand, although less so than a year ago. The chart below reveals the 10 job posting occupations in the Dallas metro area with the highest volume of activity for Q3 2008. Top 10 Occupations in Dallas - Hightest Volume, Q3 2008 % of Q3 2008 Rank Job Posting Occupation Postings YoY Change 1 Computer Software Engineers, Applications 4% -27% 2 Computer Support Specialists 3% -12% 3 Accountants and Auditors 3% -27% 4 Computer Systems Analysts 3% -28% 5 Customer Service Representatives 3% -43% 6 Executive Secretaries and Administrative Assistants 3% -37% 7 Sales Representatives, Services, All Other 2% -21% 8 Sales Managers 2% -39% 9 General and Operations Managers 2% -29% 10 Network and Computer Systems Administrators 2% -15% While IT is among the largest recruitment segments, other skill areas have shown stronger upward growth in the past year. Demand for talent has most notably rocketed among specialized engineering/production and healthcare occupations. There was also a strong increase in demand for select transportation/logistics workers. Top 10 Occupations in Dallas on Monster - % Change, Q3 2008 Rank Job Posting Occupation YoY Change 1 Machinists 114% 2 Registered Nurses 98% 3 Industrial Machinery Mechanics 33% 4 Mechanical Engineers 23% 5 Natural Sciences Managers 17% 6 First-Line Supervisors/Managers of Retail Sales Workers 8% 7 Engineering Managers 5% 8 Electrical Engineers 3% 9 Transportation, Storage, and Distribution Managers 1% 10 Shipping, Receiving, and Traffic Clerks 1% (Categories with at least 100 jobs posted in Q3 2007) P a g e |9
  10. 10. Dallas Talent Availability Analysis The chart below reveals the 10 job seeker occupations within the Dallas metro area with the highest volume of activity for 2008. There is a particularly high concentration of secretarial and administrative support workers among Monster resumes submitters in Q3. Dallas also boasts a relatively large proportion of upper-level sales and marketing professionals. Top 10 Job Seeker Occupations in Dallas on Monster - Hightest Volume, Q3 2008 % of Q3 2008 Rank Job Seeker Occupation Resumes YoY Change 1 Customer Service Representatives 8% -15% 2 Executive Secretaries and Administrative Assistants 6% 6% 3 General and Operations Managers 4% -6% 4 Sales Managers 3% 2% 5 First-Line Supervisors/Managers of Office/Admin Support Workers 2% -15% 6 Receptionists and Information Clerks 2% 4% 7 Managers, All Other 2% -20% 8 Marketing Managers 2% 9% 9 Secretaries, Except Legal, Medical, and Executive 2% -24% 10 Computer Software Engineers, Applications 2% 8% Over-the-year trends reveal a notable surge in credit analysts adding resumes to Monster amid a less-favorable employment situation. Construction- and installation-related workers are also noting elevated activity on Monster, coinciding with the steep downturn in residential and commercial spending in the region. Top 10 Job Seeker Occupations in Dallas on Monster - % Change, Q3 2008 Rank Job Seeker Occupation YoY Change 1 Credit Analysts 57% 2 Heating, Air Conditioning, and Refrigeration Mechanics and Installers 41% 3 First-Line Supervisors/Managers of Construction Trades and Extraction Workers 41% 4 Computer Software Engineers, Systems Software 35% 5 Reinforcing Iron and Rebar Workers 33% 6 Electrical and Electronics Repairers, Commercial and Industrial Equipment 29% 7 Hotel, Motel, and Resort Desk Clerks 25% 8 Protective Service Workers, All Other 24% 9 Security Guards 22% 10 Sales Engineers 18% (Occupations with at least 100 new resumes in Q3 2007) P a g e | 10
  11. 11. What do Recruiters Think? Monster continuously surveys recruiters and hiring managers to uncover the viewpoint of those on the front lines of hiring. Dallas area recruiters share similar concerns with recruiters throughout the rest of the U.S.: finding appropriately qualified hires is a top issue. When asked how their hiring needs might change, the chart below reveals that 45% of hirers predict hiring levels to remain the same as last year. 4% Increase Remain the same 51% 45% Decrease Anticipated 2008 Hiring Needs Key Findings • Nearly half of recruiters (49%) in the Dallas area predict that their hiring needs will remain the same or decrease. In 2008, recruiters predict a comparatively stable hiring situation; this is in stark contrast to 2006-07, when recruiters in many sectors faced a more aggressive market for qualified talent. Although the market for talent is less aggressive, some recruiters in today’s economy are still challenged to find the most appropriate hire. The chart below reveals perceptions of “difficult to fill” positions. 32% 32% Less than 10% 10-25% 25-50% More than 50% 12% 24% Percent of Positions Considered “Difficult to Fill” P a g e | 11
  12. 12. Key Findings • Among recruiters for the Dallas area, nearly one-third find that at least half of their job openings are difficult to fill. Most recruiters for the Dallas area are concerned with finding appropriately qualified candidates to fill open positions. The table below reveals the recruiters’ most common concerns for the upcoming hiring cycle: 62% ability to find qualified applicants 18% retaining quality staff 16% convincing quality staff to join their employer So what are recruiters doing to fill their positions? The bar chart below indicates reported use of various sourcing and hiring tools by recruiters for the Dallas area. Sourcing Tactics in Use: Dallas Area Large online job sites (e.g., Monster) 84% Information from a friend or colleague 43% An employment agency or recruiter 39% Online networking (e.g., LinkedIn, Facebook, etc.) 37% Niche, occupation focused job websites 33% College career office 22% Small, locally focused job websites 22% A career fair 14% A newspaper (print version) 12% Dept. of Education & Training (unemployment office) 8% Help wanted sign/walk-in and apply 8% A trade or industry publication 6% A newspaper (online version) 6% Union or work group association 4% Key Findings • As can be seen above, large online job boards are the most common resource used to source job seekers in the Dallas area. • Dallas employers also leverage referrals through friends and colleagues as well as online networking. In addition, employment agencies play a popular role in recruitment initiatives. P a g e | 12
  13. 13. What do Job Seekers Have to Say? Along with recruiters and hiring managers, Monster monitors the activities and opinions of job seekers throughout the U.S. The chart below displays seekers input on the usefulness of various job seeking resources. For each source, the bar indicates the percentage of job seekers who feel the source of is “useful” or “very useful.” Perceived Usefulness of Resources - Dallas Job Seekers Large online job sites (e.g., Monster) 76% Information from a friend or colleague 68% An employment agency or recruiter 53% Niche, occupation focused job websites 44% Small, locally focused job websites 41% A newspaper (online version) 39% A newspaper (print version) 39% Online networking (e.g., LinkedIn, Facebook, etc.) 32% A trade or industry publication 31% A career fair 28% Help wanted sign/walk-in and apply 26% Dept. of Education & Training (unemployment office) 21% Union or work group association 16% College career office 16% Key Findings • Most of Dallas-based job seekers feel that large online job sites as well as information from a friend or colleague are useful or very useful resources when seeking a job. This is no surprise given that these resources are commonly used by the Dallas employers surveyed. Job seekers – especially those not currently employed – often experience a great deal of anxiety when looking for work. The table below captures the most common challenges faced when looking for a job, as perceived by more than 400 Dallas-based job seekers: 54% Getting an employer or recruiter to contact me 52% Finding a job that matches what I want 31% Searching for a job 14% Determining the right occupation 13% Finding the time to get a new job Key Findings • Given Dallas’ current labor market conditions, it’s not too surprising that 54% of job seekers struggle to get employers or recruiters to contact them. • According to just over half of Dallas job seekers, finding the right opportunity for one’s needs and goals is a common challenge when looking for work. P a g e | 13
  14. 14. Employers use many different approaches to attract, select, and retain talented employees. How do job seekers feel about the various benefits and incentives offered by potential employers? The chart below indicates the percentage of current job seekers who feel that the individual benefit offered or characteristic of the firm are “important” or “very important” to them. Perceived Importance of Benefit or Characteristic - Dallas Job Seekers Competitive salary 98% Enjoyment of work 98% Bonuses and raises 93% Healthcare benefits 92% Opportunity for career advancement 89% Paid time off (PTO) 84% Corporate culture 68% Flexible work schedule / work from home 66% Reimbursement for education, certification, or training 63% Recognition programs 62% Wellness programs (e.g., gym) 43% Product / store discounts (e.g., company discount programs) 27% Onsite daycare 10% Key Findings • The vast majority of Dallas job seekers feel that having competitive compensation, enjoying their work, earning bonuses and raises, accessing healthcare benefits, and having the opportunity to advance in their career are important or very important in a new job. • PTO, corporate culture, and flextime are also benefits that employers can leverage to attract the right talent. P a g e | 14
  15. 15. Improving Recruitment and Sourcing in 2008-9 Where does a busy recruiter go from here? Based on best practices in recruiting, as well as the peculiarities of the Dallas market, Monster offers the following tips for improved sourcing and acquisition of employees in 2008-9: • Don’t assume that competition for the best candidates has lightened up in the wake of a declining economic situation. Employers posting their jobs on Monster in Dallas are particularly looking for computer software engineers, computer support specialists, accountants, computer systems analysts, and customer service representatives. • Tailor job postings to the most desirable applicants. Some roles are characterized by high performing employees who remain in the job for very specific reasons: Competitive compensation, enjoyable work, bonuses and raises, healthcare benefits, and the opportunity for career advancement. Discover these aspects of the job situation and promote these features to strong candidates. • Prioritize high turnover roles and those with a long time-to-fill. Simple metrics may be utilized to track these trends. • Track the success of your different sources of applicants and alter your sourcing strategy around each variety of job or occupational sector. Successful recruiting is not easy, but a metrics-based, tailored approach to acquiring top talent quickly becomes a competitive advantage when strategies are established and the appropriate tools are put in place. A Word about Our Methodology Monster’s database includes millions of annual new resumes and job postings, and transactional data from an average of 130 million job searches and 100 million job views per month nationwide. Monster is the sole source of information for this report; it should only be interpreted as a definitive activity report on Monster and its subsidiaries. Monster’s in-depth data-driven approach improves on typical survey-based methodologies by dramatically increasing the depth and breadth of information collected as well as by capturing actual behavior rather than intended behavior. Data is current through October, 2008. The main uses of this report are to support managers, HR Professionals and business owners in their online recruitment strategy, guide Monster site usage and improve return on investment. In certain markets, the percentage of the market that is using Monster may be large enough that the trends reflect the market as a whole. As such, Monster Intelligence provides a critical slice of analysis to complement other labor market information and should be considered essential for any true understanding of recruiting and job-seeking activity. If you read this report and think we could do more to help you hire the best and brightest, let us know by emailing your comments to: Intelligence@Monster.com. This information is proprietary and confidential to Monster, Inc. and subject to the confidentiality provisions of your agreement with Monster, Inc. Any unauthorized disclosure is prohibited. Copyright © 2008 by Monster, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of Monster, Inc P a g e | 15
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