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    The Paradox of Plenty: Why Job Growth Slows While Openings Increase

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    The Job Openings and Labor Turnover Survey (JOLTS), released by the Bureau of Labor Statistics (BLS) on July 2nd, 2024, offers valuable insights into the current state of the U.S. labor market. This analysis delves into the key findings of the May 2024 report, exploring job openings, hiring activity, and separation rates.
    Job Openings: A Persistent Plateau
    The headline figure from the May JOLTS report reveals a continuation of the trend observed in recent months. Job openings remained relatively unchanged at 8.1 million on the last business day of May. This persistent level signifies a sustained high demand for labor across various sectors of the economy. While not a record high, it reflects a tight labor market where employers struggle to fill open positions.
    Several factors might be contributing to this plateau. One explanation lies in the ongoing effects of the “Great Resignation,” where workers are reevaluating careers and prioritizing work-life balance. This shift in worker preferences may lead to a more selective approach towards job openings, resulting in a slower filling rate despite high vacancies. Additionally, lingering concerns about the pandemic and economic uncertainty could prompt some to remain cautious about job changes.
    Hiring Activity: Stagnant Momentum
    The May JOLTS report also indicates a lack of significant movement in hiring activity. The number of hires remained steady at around 5.8 million, mirroring the trend in job openings. This suggests that employers find it challenging to attract and retain qualified candidates despite the abundance of open positions.
    This stagnation in hiring could be attributed to a skills mismatch between available workers and job requirements. The rapid pace of technological advancements might necessitate specific skillsets that a portion of the workforce may lack. Additionally, competitive wages and benefits offered by other employers could entice potential hires away, making it difficult for companies to fill vacancies.
    Labor Turnover: A Breakdown of Separations
    The JOLTS report sheds light on the reasons behind job vacancies by analyzing separations, including quits, layoffs, and other departures. Total separations remained stable in May at around 5.4 million. Notably, the report categorizes separations into three key areas:

    Quits: The number of quits, representing voluntary resignations, stayed relatively flat at approximately 3.5 million. This statistic aligns with the narrative of the “Great Resignation,” suggesting that workers are still confident enough in the labor market to pursue new opportunities or prioritize non-work activities.

    Layoffs and Discharges: Layoffs and discharges, representing involuntary separations, also exhibited minimal change, hovering around 1.7 million. This data point suggests a degree of stability in terms of employer-initiated workforce reductions.

    Other Separations: This category encompasses retirements, deaths, and other reasons for leaving a job. The May report showed no significant fluctuations in this area.

    Implications and Future Considerations
    The May JOLTS report paints a picture of a labor market characterized by high job openings, stagnant hiring activity, and a persistent “quits” trend. This dynamic presents both challenges and opportunities for businesses and policymakers alike.
    Challenges:

    Attracting Talent: Employers must implement strategies to attract and retain workers in a competitive environment. This may involve offering competitive compensation packages, fostering positive work cultures, and providing opportunities for growth and development.

    Skills Gap: Addressing the skills mismatch requires collaborative efforts from educational institutions, training programs, and businesses. Investment in upskilling and reskilling initiatives can equip workers with the necessary skillsets to meet evolving job demands.

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      Evolving the Workplace Through Rebellious Trends

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      Over the past few years, we’ve seen a number of workplace trends develop which have taken over the headlines of nearly every career website and blog. Some, like remote and hybrid work, have resulted from the natural evolution of a post-pandemic workplace. Others, like “quiet quitting,” are simply old concepts (employee disengagement) given a catchy new name by TikTok influencers.
      But still, other trends take on a different form – one of rebellion and dissension. Today’s employees have watched the workplace change drastically in a relatively short time, and not always for the better. The current strength of a candidate’s job market and the ubiquity of trending hashtags have emboldened workers to make a few changes of their own, both to their post-pandemic work routine as well as to the way things have always been done.
      As employees continue to push boundaries, employers must now choose their battles as they determine which are really necessary to retain top talent while driving growth and profitability. Let’s look at a few workplace trends that have resulted from dissatisfaction and a desire for change.
      Coffee Badging
      Over the past year, many employers that have allowed employees to work remotely since the start of the pandemic have reversed course, now demanding a return to office. Leading the charge are high-profile companies like Google, Meta, Apple and Microsoft, all extolling the virtues of “coming together” in the office several days a week. However, some employees who have worked from home for over three years are taking issue with the requirement. Their solution? Make a brief appearance in the office just long enough for security badge records to show they were there, then head out. While some may see this as a dishonest method of gaming the system, others view it as a way for employees to take back the leverage they rightfully earned while keeping companies afloat throughout the pandemic.
      Office Peacocking
      Upon witnessing the backlash to RTO mandates, some employers are hoping to quash the rebellion by doing some redecorating. After years of working from the comfort and familiarity of their homes, employees need some extra incentive to reacclimate to an office setting. Forgoing the allure of ping-pong tables and free snacks that workers now consider way too 2010, employers have opted to overhaul their offices, replacing sterile cubicle farms with inspiring décor. These redesigned workspaces prioritize collaboration and comfort through their use of vibrant colors, plants and natural light with the intention of easing employees’ transition from home back to a corporate environment.
      Hush Tripping
      Each year, millions of paid vacation days go unused. Furthermore, when employees do take time off, 29% say they feel guilty for doing so. If only there were a way to take some much-needed time away from work without burning any PTO, all while avoiding the ire of managers and coworkers who are left to cover the workload. For some, the answer is simple – pack up and go, then work remotely while enjoying vacation time that no one needs to know about. After all, as long as work gets done, does it really matter where it gets done? And if it helps prevent a disengaged or burnt-out workforce, all the better. This trend highlights the importance of work-life balance to employees, as well as the need for open communication with managers.
      Resenteeism
      For those who don’t like their jobs, there used to only be two options – keep slugging it out or quit. Now, there’s a custom flavor for every disengaged worker’s palate. For those who are willing to complete their job duties but not go above and beyond, there’s quiet quitting. For those who want to throw a wrench in the system and go out with a bang, there’s loud quitting. But somewhere in between, there are those who are openly dissatisfied with their jobs, but unwilling or unable to make a move due to economic or job security concerns. In fact, due to recent tech layoffs and the spiraling cost of living, both quiet and loud quitters may show signs of resenteeism and stick with their current roles – a distinct departure from the Great Resignation.
      Every few months, the workplace evolves, and the ease with which we’re now able to communicate via social media has accelerated its evolution. Workers haven’t been shy about voicing their concerns and frustrations, and while employers may push back on some issues, they have had little choice but to bend in order to stay competitive. The number of viral workplace trends and hashtags over the past year demonstrates employees’ dissatisfaction and desire for change. And though we’re nearly three years removed from the COVID-19 pandemic, the workforce is caught between settling into old habits and prompting the change that should have occurred years ago. Stay tuned…the next chapter is soon to come.
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      4 Career Tips for Gen Z Job Seekers and Employees

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      It’s rare to find a career-related blog or article today that doesn’t mention the Great Resignation in some shape or form. After 47 million American workers quit their jobs in 2021 with millions more following throughout 2022, 10.8 million U.S. job openings now remain, making it seem like a job seeker’s paradise. But as Gen Z transitions into the workforce, they do so not with optimism, but with uncertainty, anxiety, and feelings of unpreparedness. So why the disconnect?
      Despite a record number of job openings and seemingly unlimited opportunities, the workforce’s newest generation is plagued by doubt, consistently missing the on-ramp to the career highway where they can set their focus on cruise control. Considering how many bright young candidates are produced by top universities and internship programs, one has to wonder why so many feel unsure of themselves.
      Part of the reason may be that the job landscape has changed drastically in recent years – far faster than most educational or job training programs. If those with decades of work experience are having trouble adjusting, how can those with no work experience assimilate without a model or blueprint to follow? While there’s no clear-cut answer, there are some helpful insights that can point Gen Z job seekers and employees in the right direction. Here are a few career tips for our youngest generation of workers.
      We’re all new to this.
      As mentioned above, the job landscape has changed, and the post-pandemic workplace differs from the pre-pandemic workplace. As the first generation to start their careers post-pandemic, you have an advantage. Remote and hybrid work will be your norm, and Zoom will be your conference room. While the rest of us have struggled to adjust, it will be business as usual for you. This advantage will also come with disadvantages, as not all employers have figured out remote work, much less remote interviewing, hiring, and onboarding. However, once they do, you will be at home among several generations of tourists.
      It’s okay to spend your early career searching.
      Everyone knows a handful of people who had their career path mapped out from day one and achieved success quickly. But for many, there are several bumps in the road. Some employees are unsure of what path to follow early in their career. Some won’t discover their strengths until mid-career. Some will change jobs due to layoffs, and some will shift gears to follow their passion. It’s okay if your career takes you in a different direction than you had originally planned. Now is the perfect time to accept new challenges and discover new talents. Your goals may change, and experience will come with time. Remember that a successful career isn’t a race, and it may take several years and a few false starts to achieve.
      Prioritize employers that are willing to invest in you.
      Salary is important. So are benefits. But if these are the only things you prioritize in your career, you’ll likely be disappointed. A career is a journey, and hopefully a long one. In order to avoid disengagement and burnout, there must be progress and a record of achievement. Good employers will make this their mission, to identify and develop employees’ talents, provide training, learning, and growth opportunities, and celebrate workers’ accomplishments. Lesser employers will pay you for your work and consider that enough. Make sure to identify and target employers from the first group, and you’ll be glad you did, particularly after you’re no longer the youngest generation in the workforce.
      Networking and communication are essential.
      In the past century, the starting point for a job search has progressed from store windows to newspapers to online job boards to social media and online networking. As a result, a solid social network is helpful for a successful job search, and in some industries, it’s essential. Similarly, communication has always been considered a top soft skill sought by employers. Now that so many employees work in a remote or hybrid environment, communication skills are even more critical to building strong connections with coworkers and clients, and working effectively on distributed teams. Network with everyone, and prioritize clear and direct communication. There will never be a time in your career when both of these aren’t paramount to success.
      Every generation struggles to find its footing when transitioning from student to employee. However, Gen Z was thrown a curve ball when COVID-19 transformed the workforce just as they were entering. Now, they’re having to navigate employment with the same uncertainty that all first-time employees experience, while entering the new job landscape with the same apprehension that the rest of us have. But with these challenges comes opportunity; primarily, to be a part of the most significant shift the workforce has seen in the last century and help shape it. So a little advice for Gen Z job seekers and employees – it won’t be easy. (It never is for groundbreakers and trailblazers.) But the workforce is long overdue for some changes, and it’s a great time to be at the starting line. So go be great.
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      in Talent Acquisition

      New Research Reveals Priorities for Recruiters Amid the “Great Resignation”

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      Recruiters are confronting a dramatic shift from one year prior when the world was facing job losses, layoffs, and staffing reductions. Today, the country is seeing a return to early 2020 employment numbers, with the economic recovery allowing many companies to increase staffing levels rapidly.
      According to Jobvite’s 2021 Recruiter Nation Report, 39% of recruiters said their organizations are increasing staffing levels and hiring rapidly – an increase of 13% since 2020. However, priorities and expectations in the workplace have shifted. Companies are experiencing a new kind of worker revolution where candidates and employees feel empowered to choose a job where they feel supported and valued. As workers’ confidence continues its upward trajectory, recruiters face new challenges to win over top talent.
      Companies are Struggling to Find Talent
      While there are millions of jobs available, recruiters are finding it incredibly hard to place job seekers. Jobvite’s new report found that 59% of recruiters say their organizations have experienced increased turnover since the onset of the pandemic. The lack of qualified/skilled candidates is also the number one challenge that recruiters face right now. As a result, organizations are under enormous pressure to rethink hiring processes and adapt to labor market trends.
      What Workers Want
      In the past year, 54% of recruiters have seen candidates turn down an interview or job offer due to a lack of flexibility and remote work options in the workplace.
      2020 showed many companies that employees can be productive while working remotely and do not need to stick to a rigid schedule, which is being brought into the job search. Fifty-seven percent of recruiters believe the lack of flexible or work-from-home policies makes it harder to attract potential candidates. In contrast, 60% believe organizations will lose employees if they do not transition to a hybrid, fully remote, or remote-first culture.
      Workers also want to be part of a welcoming work environment where they feel like they belong, and this year’s report reaffirms that companies must prioritize Diversity & Inclusion (D&I) initiatives to succeed. Nearly half of recruiters say that job seekers are inquiring about D&I initiatives more than they did in the previous year – up 16 percentage points from 2020.
      And while most organizations are putting more emphasis on building a diverse workforce than the previous year, 20% of organizations still have no D&I goals. This could lead to challenges for attracting talent, as 44% of recruiters surveyed said candidates have turned down an interview or job offer due to a lack of diversity.
      How to Adapt
      The best hiring teams have adapted to this new labor market by adopting an agile recruiting strategy. Agility in recruiting allows teams to remain flexible and adjust as the market changes. Seventy-eight percent of recruiters reported that their priorities shifted over the last year – and agility helps teams quickly adjust.
      But agility is not just about being flexible and shifting priorities. It’s about executing a well-rounded recruiting strategy. According to the Recruiter Nation report, here are some ways that organizations are reimagining recruiting processes to hire top talent more effectively:

      40% said recruiting budgets have increased, while an impressive 64% of recruiters reported that they expect budgets to increase over the next 6-12 months.
      35% of recruiters are outsourcing more jobs to freelancers, while 54% of organizations plan to outsource even more jobs moving forward.
      40% are making more internal hires to meet hiring needs better, and nearly half are seeing higher participation in employee referral programs in 2021.
      Previous job experience and cultural fit have diminished in importance, proving that more recruiters are taking chances on different types of candidates to adapt to the labor shortage.
      54% plan to increase their use of texting in recruiting processes in the next year, and half also plan to incorporate more chatbots in the recruiting process.

      Social media and employer branding are more vital in an organization’s recruitment marketing efforts, as TA teams see success in sourcing and engaging candidates on social media. According to the report, today’s recruiters use social sites to post job openings (66%), reach passive talent (47%), build an employer brand (57%), and learn about candidates (30%).
      Finally, companies are paying workers more, with three out of four recruiters reporting an increase in candidates and current employees negotiating higher wages – 20% higher than the previous year.
      In Conclusion
      Companies are competing for top talent – and those that do not adapt to this ever-evolving workforce will continue to have trouble attracting the right candidates. The pressure is on for organizations to respond to these challenges by being agile and strategic while also embracing initiatives that align with candidates’ values and priorities.
      By: Jaylan Fisher, Talent Business Partner at Jobvite.
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