CHART OF THE DAY: There's Just 5 Million Open Jobs in the USA

Here's your latest Chart of the Day, courtesy of my two favorite online data sources, the Bureau of Labor Statistics, (specifically the Job Openings and Labor Turnover Summary, or JOLTS report), and the FRED data analysis and visualization tool.

First, the chart, then some FREE commentary from your humble scribe:

1. First, the actual numbers - there were 5.028 million job openings in the US on the last business day of December 2014, the highest number since December 2001.

2. The chart shows a pretty much straight up and to the right climb in job openings since early 2009, meaning talk of the recession and the labor market disruptions it caused are really seeming far, far behind us

3. This increase in openings is driving organizations like Walmart to raise wages for many of its workers - for a wide range of industries, and geographies, (including previously 'low worker power' ones like retail), the balance of that power is shifting. 

4. Average weekly earnings for Production and Non-farm employees are climbing as well, not as fast as jop openings, but certainly on the same trajectory.

So what does this mean for you, Mr. or Ms. HR pro?

Probably nothing new, or at least nothing you have not been hearing about and likely experiencing in the last 18 months or so. 

Lots more noise in the system to get your company and your opportunities noticed in a much more crowded market of available jobs.

Many fewer un- and under-employed individuals around that might not always been qualified for your openings, but at least were a source of steady candidate flow. At the depths of the recession, there were about 7 unemployed workers for every job opening. Today that ratio is less than 2/1.

You, having a harder time coming up with explanations/excuses to your leadership and hiring managers who (traditionally) are much slower to accept these changes in the labor market and the ensuing power shifts. I recommend forwarding to them the Walmart story above, with a subject line that says 'See, even Walmart is having a hard time finding and keeping people'.

Long story short, we entering year 6 of an extended recovery/tightening of the labor market. Talent is in shorter supply, opportunities are everywhere, the Dow and the S&P 500 are at record highs, and the people you need to find, attract, and retain are well, harder to find, attract, and retain.

Have fun, it's a jungle out there.

It's a short week, make sure you still put in your 47 hours

Quick shot for a Tuesday that feels like a Monday and also feels like a Wednesday since it seems like I am already two and half days behind.

Just before the long Labor Day weekend Gallup released some figures from its 2014 Work and Education poll that showed Americans that are employed full-time are, on average, putting in about 47 hours per week on the job, almost a full working day longer than what has been the 'standard' 40 work week.

Here's some of the Gallup data in chart form (thanks Forbes), since we know that charts make everything better:

The trends for both full-time and part-time workers, as you can see in the chart, have held fairly stready over time. But what also has not changed is the notion, at least held nominally, of the standard 40-hour work week.

According to the Gallup data, only about half of full-time workers report their normal working week as 40 hours, (or fewer), with almost 4 in 10 workers reporting work weeks of 50+ hours on average. And I have a sneaking suspicion that surveys like this are under-reporting time employees spend tethered to their phones and emails that are spent at night or on the weekends.

There is more data and analysis over at Gallup, but the real point I suppose I wanted to make here is that it probably is time to drop the '40 hours' a week notion if in fact that is not the reality for you or your organization. If you are an 'average' shop, then folks are already working almost 6 days a week now. Just face it if that is what reality suggests and expectations demand.

And now we all better get back to work, going to be tough to cram in 47 into what is now about 3.85 workdays left in the week.

Have a great week!