NEW YORK, Aug. 12, 2021 (GLOBE NEWSWIRE) -- PandoLogic saw a significant uptick of 35 percent in job openings in July 2021, despite monthly job reports reporting underwhelming hiring results during this month. PandoLogic's platform data collected from over 125,000 employers coupled with a recent study on the state of the job seeker uncovered that it is not a lack of jobs available that is delaying hires but the continued difficulty for employers to find people and hire them in a timely basis.
The most critical areas in need of workers, as indicated by job opening growth, were truck drivers, supply chain infrastructure workers, QSR workers and hospitality workers. In July, there was also a regional surge in job openings for healthcare workers in Florida, Texas, California and New York. The 35 percent growth in job openings in July was preceded by increases in June (21 percent), May (17 percent) and April (38 percent).
"Demand to fill jobs far outstrips supply. The top job openings represent the economic engine in the U.S. – without truck drivers, our package delivery infrastructure fails; the inability to find hospitality or restaurant workers keeps these businesses closed. We have talked to many companies coming out of the pandemic – the issue for their services is not demand – it's finding workers. U.S. companies need more efficient methods to connect to qualified talent," said Terry Baker, president and CEO of PandoLogic.
The company noted that BLS numbers indicated that there are more potential workers who are "marginally attached" to seeking employment. The U3 rate is at 5.4 percent, yet the U6 rate is at 9.2 percent in July, down from 9.8 percent in June. The U6 unemployment rate counts people without work seeking full-time employment, plus counts marginally attached workers and those working part-time for economic reasons.
Separately, PandoLogic's "State of the Job Seeker" research concluded that job seekers' attitudes have altered due to the impact of the global pandemic. Specifically, the research determined that job seekers are ambivalent about the overall hiring experience and participate out of necessity. With stimulus payments anticipated to end in September, it is expected that more people will be actively seeking opportunities. PandoLogic has learned through research conducted in partnership with industry expert Tracey Parsons that job seekers are reevaluating their post-pandemic priorities. They have a large degree of mistrust for employers and sectors that had to lay off massive amounts of people due to the pandemic, making it more difficult to entice former employees to return to them.
Added Parsons, "For companies to make connections with available talent, they will need to understand that the pandemic changed the attitudes of workers. People want to work, but on terms where work is fulfilling, stable and life-sustaining."
PandoLogic reported it on average delivers 30 percent more qualified applicants through AI and automation in the same timeframe across industries. When AI is used to automatically showcase what job seekers care about, the difference in volume is transformational. PandoLogic's data shows nearly a 13 percent increase in response rate to a job when pay information is included in the title. When the title also includes shift and working conditions (remote, hybrid, in-office), the response rate rises by nearly 40 percent compared to the original job description.
It was announced on July 19, 2021, that Veritone, Inc. (Nasdaq: VERI), the creator of the world's first operating system for artificial intelligence, signed a definitive agreement to acquire PandoLogic, Inc.
About PandoLogic
PandoLogic is the leading programmatic job advertising and vendor management platform in North America. Referred to as the "best-kept secret in HR," its programmatic job advertising platform, pandoI, automates and optimizes job ad placements to help companies meet hiring needs while maximizing recruitment ad spend. Evaluating 100T job data points and making 7,000 micro-decisions per minute, pandoIQ eliminates inefficiencies and waste by reaching the right candidates on the right sites at the right time for the right price via a single performance-based platform.
Hire Intelligence means one vendor, one source of truth, lower costs and better results. Learn more at pandologic.com.
