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U.S. Hiring Doubles in On-Demand Economy Through First 10 Months of 2016
November 21, 2016 | Business WireEstimated reading time: 1 minute
OnboardIQ, whose software automates the hiring process for hourly workers, today released its first On-Demand Jobs Report, an analysis of trends in job applications, hires, and time to hire across a broad cohort of on-demand companies in the U.S. The report shows a healthy and growing on-demand sector that doubled hiring in the first 10 months of 2016.
The growth in on-demand companies seems to reinforce the positive economic outlook portrayed in the most recent Employment Situation Summary from the Bureau of Labor Statistics (BLS), which estimated that 161,000 jobs were added and that the unemployment rate dropped slightly to 4.9%.
“The future of work has changed, driven by increased flexibility and a more mobile workforce,” said Keith Ryu, OnboardIQ CEO. “Yet many measures of job growth and economic health are based on a 20th Century definition of work, failing to measure the growing importance of the on-demand economy and contingent workforce.”
With insight into nearly 250,000 on-demand applications and more than 27,500 hires from January to October, OnboardIQ is well positioned to identify and highlight trends in on-demand hiring.
Specifically, OnboardIQ’s On-Demand Jobs Report shows:
- Monthly hires doubled over the year to more than 4,400 in October; applications decreased by 14% to 26,000;
- In 2016, on-demand companies hired an average of 11.2% of applicants;
- On-demand companies made faster hiring decisions, with a 48% decrease in the time it took to hire applicants.
However, OnboardIQ’s report also flagged data that suggests growth for on-demand companies is slowing and the applicant pool is narrowing. From September to October, applicants decreased 1%, while hires increased 4%. During the same period in 2015, applications grew at 22% and hires rose 20%.
About OnboardIQ
OnboardIQ is hiring automation software focused on hiring hourly workers and contractors. We automate the grueling tasks of screening and scheduling to save growing companies time and find the right people, fast.
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