Job Openings & Labor Turnover January 2024 + Staying Up to Date with Training Compliance

A Look at Job Openings & Labor Turnover for January 2024?

• Job openings were at 8.9 million?on the last business day of January
• Hires showed little difference overall at 5.7 million, hires decreased in state and local government education?
• The number of quits remained steady at 3.4 million?
• The number of layoffs and discharges was little changed at 1.6 million, with a rate of 1% for the third month in a row?

?

With 8.9 million job openings, filling talent needs is essential – which means it’s a good time to look at your interview process.??

How your company presents during the interview process can make or break how you attract great talent. Because it’s not just the company doing the evaluation – candidates are mutually assessing an organization and its hiring managers as well.??

According to SHRM, 46% of candidates will forgo a job opportunity because of perceived ‘red flags’ when they are interviewed by hiring managers.??

This is primarily influenced by the language hiring managers may be using.?

• “Fast paced working environment.” Candidates may wonder if their work life balance is at stake.?
• “Must wear many hats.” This may send a message to candidates that job objectives are unclear.??
• “Looking for self-starters.” Job seekers might question if your company can provide managerial direction and feedback.?

Attraction, retention and recruitment can be challenging especially when things can go amiss during interviews. At HTI, we provide Hiring Manager Training to guide hiring managers with interviewing and hiring best practices to ensure talent attraction and retention is strong.?

?

Costs of services boost final demand for Producer Price Index.??

U.S. producer prices increased more than expected in January amid strong gains in costs of services such as hospital outpatient care (Reuters). Overall, the Producer Price Index for final demand increased 0.3% in January, seasonally adjusted. The index for final demand services moved up 0.6% in January, the largest increase since rising 0.8% in July 2023 (Bureau of Labor Statistics). The rise in producer prices for services can be attributed to wage increases we’ve seen over the past year.??

The Producer Price Index (PPI) is one of the official measures of inflation. Since inflation impacts the purchasing power of employees, companies consider PPI when setting salaries and offering benefit packages to be competitive in attracting talent.?

?

Stay up to date on training compliance.??

We are already reaching the end of the first business quarter of the year, which means it is past time to make certain that your training compliance is up to snuff.??

72% of employees strongly agree that when compliance training is excellent, their organization creates an environment where people feel comfortable speaking up (Gallup). Additionally, employees continue to cite training and development opportunities as a key motivational driver in the workplace.?

Here are a few of our most popular training modules that help our clients stay compliant:?

• Conflict Resolution – To improve organizational effectiveness, we cover how to communicate for understanding, how and when to give feedback, and when to elevate a situation to ensure it is handled with care and within appropriate legal guidelines.??
• Leadership Fundamentals – When leadership is effective this can positively impact your workplace culture from top to bottom. Discover how to lead well by understanding yourself first, how to manage and communicate effectively, and how to drive employee performance based on their unique skills and needs.?
• Harassment Training – To better prepare and protect your employees, we thoroughly define what harassment is and how to prevent it – covering legal guidelines, harassment investigations, types of harassment and how they impact the workplace environment, and more.???
• Hiring Manager Training – The hiring and interview process for candidates is a big deal because it’s all about the first impression. We cover the 5 essentials of hiring manager excellence: know your interview style, align expectations to hiring criteria, evaluate candidate fit, create an incredible interview experience, and avoid bias and legal pitfalls.??
• Strategic Business Plan Facilitation – Our strategic planning facilitators will lead custom strategy sessions using best-practices, analytic tools, and hands-on exercises to engage your team and build an effective business plan tailored to your organization.???

Stay compliant and prioritize offering training as development opportunities – not just to check a box, but to achieve excellence within your organization and stay committed to being people-centric.???