Stay Informed: May 12, 2023 - Industry News and Updates for the week.

There was plenty of news this week relating to hiring, screening, hiring, and compliance. Here are three top stories you may have missed.

Where the jobs are: These are the industries that are hiring – and firing

All signs were pointing to a cooling labor market. Instead, the latest jobs report showed the unemployment rate fell to 3.4% in April after 253,000 jobs were added last month.

But hiring isn’t strong across the board, and is concentrated in a handful of industries.

“Employers continue to hire for in-demand skills while pulling back on non-essential headcount,” said Becky Frankiewicz, president and chief commercial officer at ManpowerGroup, a staffing agency.

The bulk of the new jobs last month came from gains in professional and business services, health care, leisure and hospitality, specialized construction contractors and food and drinking services.

In total these five industries hired 165,000 new workers in April. That amounts to 65% of the overall jobs added.

Even though the jobs report showed a net positive gain, there were some sizable layoffs.

The largest cuts hit workers who are involved in helping other workers get hired, such as recruiters, careers coaches and human resources professionals. Across that industry, known as employment services, there were 24,000 layoffs last month.

Read More: Where the jobs are: These are the industries that are hiring – and firing

Related: Why now is a great time to rethink and optimize your HR strategy

CFO Hiring Was Streamlined During Covid, But More Thorough Vetting Is Back in Vogue

Companies are taking more time to vet CFO candidates despite brisk competition for top talent, a return to typical hiring practices spurred by demand for recession-ready finance leaders as well as increased investor activism.

Many companies in search of a chief financial officer over the past two years or so eased up on due diligence during the hiring process as CFO candidates often had more than one offer and hiring managers had to act quickly, recruiting experts say. What was typically a three- to six-month search and vetting process before the pandemic was sometimes cut to around two months last year.  

But companies are now returning to the thorough vetting that was standard operating procedure pre-pandemic, and are in some cases taking a second look at sitting executives. Seasoned CFO candidates can help keep activist investors at bay, by making sound strategic decisions and helping deliver performance metrics that don’t arouse activist interest in the first place. And now, as the economic outlook gets cloudier, a CFO who has been battle-tested by a recession or layoffs can be an invaluable guide to navigate any corporate belt-tightening.  

Read More: CFO Hiring Was Streamlined During Covid, But More Thorough Vetting Is Back in Vogue

Related: Is your screening program built for today’s workforce?

Platforms for Human Resource Management: From Evolution to Revolution

HR executives have gone through a fair share of tough times to be around in the corporate arena.

They have found ways to adopt hybrid work and redefine the future of a human-centric approach. thereby achieving technology-enabled workplaces.

The ever-changing corporate landscape stimulates innovation. Yet, today’s leaders have signed up for altering HR practices, policies, and technologies. The change increases productivity and empowers the workforce to optimize business outputs.

The HRMS software market is worth USD 15.59 billion in 2020 as per verified market research. Above all, it might reach USD 33.57 billion by 2028, increasing at a CAGR of 10.10% from 2021 to 2028.

HRMS are on the edge of revolution. These solutions will continue to use assistive technologies to simplify HR operations. Leveraging innovative technologies, HRs can be way more for real-time situations.

HRMS aid in task planning, compliance, and employee data management. They can transform up to 85% of the businesses processes.

Hence, enterprises are adopting the human resource software ecosystem. It has added to the productivity of corporate firms.

Read More: Platforms for Human Resource Management: From Evolution to Revolution

Related: Consolidating screening vendors to reduce costs, hire faster, and build efficiency