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Talent Intelligence Collective Digest: May 2024

Toby Culshaw

Talent Intelligence, Talent Analytics, Workforce Planning, Exec Recruitment and Research. Occasional Speaker.

发布日期: 2024年5月7日

Welcome to the latest Talent Intelligence Collective Digest. The TIC Digest aims to be your go to source for all matters talent intelligence, workforce planning and people analytics and will publish monthly.

First up we've extended the Talent Intelligence Collective WhatsApp group with subgroups for People Analytics and Strategic Workforce Planning. Amazing engagement so far with some world class thought leadership.

Events:

This months Deep Dive on Friday 10th May we are talking with Tony Wilson ,?Director? Institute for Employment Studies,"Help wanted: What’s really happening to the UK labour force and what can we do about it?". ?Register for the event series?here: https://lnkd.in/eUVmCiXE
The The Executive Research Association (The ERA) @E_R_A is hosting their annual ERA Conference 2024on Wednesday 15th May in London. Register for tickets here
The European Talent Intelligence Week 2024 with Stratigens from @Talent Intuition and Intelligence Group . The European Talent Intelligence Week is an initiative where companies can pose questions about labor market data to experts to optimize their job descriptions and recruitment strategies. Monday May 13 to Friday May 17 2024. Go and submit your questions now here !

News:

Declining Job Vacancies Stoke Hopes for Interest Rate Cuts Amid Cooling Labour Market According to the latest labour market report by Adzuna, a leading job search engine, vacancies have plummeted by over 17% year-on-year, with a further 0.5% decline on a month-on-month basis. Adzuna’s data reveals a total of 862,000 vacancies across the economy, marking the fifth consecutive month of diminishing job opportunities. The ratio of jobseekers per vacancy has surged to 1.87, the highest since August 2021, indicating heightened competition in the job market.
Will the US labor market boom continue? From JP Morgan: The labor market is tight, but it could be easing off according to Michael Feroli, J.P. Morgan’s Chief U.S. Economist. Growing immigration is leading to an increased potential workforce, as well as upping the pace of jobs growth. The recovery of labor force participation has been a welcome economic surprise, and people with disabilities have been central to this recovery. The female labor force participation rate has more than fully recovered following the COVID-19 pandemic and the gender pay gap has declined to a new low of 16.4% in the U.S.
The US labor market is automating and becoming more flexible According to Goldman Sachs: The US labor market is being shaped by three intersecting trends: two of them long-term and the third cyclical. Generative artificial intelligence is poised to automate nearly a quarter of jobs across all industries. The effects of AI will be felt on a workforce that is already “fractionalized,” in which part-time roles supplement or replace full-time ones. Those two megatrends feed into a slowing job market. Goldman Sachs Research expects US unemployment to rise over the next 12 months. In combination, these three forces will profoundly change how US companies recruit and retain talent in the near future.
Large amount of Gen Z workers set to be laid off and replaced by AI, study finds The research showed that 11 of the companies planned to cut 15 to 30 percent of their newly graduated employees, which suggests just how impactful the rise of artificial intelligence will be on the workforce of the future.
US labor market can affect 'people who are not even here' A recent study by researchers including Brian Cadena of the University of Colorado Boulder found that the U.S. labor market can affect the lives of people in Mexico due to strong migrant networks between specific regions in each country. Using data on where Mexican migrants settle in the U.S., the researchers compared how neighboring Mexican counties fared economically during the Great Recession based on whether their migrant populations went to harder or softer-hit U.S. regions. They found that areas connected to regions with bigger labor declines saw more return migration, lower remittances, increased female workforce participation, and decreased school retention.
Tech Layoffs 2024: Tesla, Apple Make Cuts: As of April 25, some 266 tech companies have laid off nearly 75,000 workers in 2024, according to the tracking site layoffs.fyi Bay Area tech layoffs: Cancer screening company to cut 20% of workforce after securing $254 million ?
Spotify CEO Daniel Ek surprised at negative impact of laying off 1500 Spotify employees Ek said Spotify employees were doing too much "work around the work" as he laid off 17% of the group's workforce in December.
Tesla to lay off over 6,000 employees in Texas, California, notices show
Tech’s Tumult: Soaring Profits Amid Surging Layoffs Reshape Career Dreams in Silicon Valley Once the beacon of corporate innovation and lucrative employment, the technology sector is grappling with a wave of layoffs despite reporting robust earnings. Giants like Alphabet and Microsoft continue to post blockbuster results. Yet, according to Layoffs, the industry has shed over 338,000 jobs since 2023, with more than 75,000 cuts already in 2024. FYI, a platform that tracks job reductions in the sector. This paradoxical scenario underscores a shift in the industry’s operational ethos from growth to profitability, significantly impacting employment and altering the career trajectory of aspiring tech professionals.

Jobs:

Overall the market is fairly busy especially when you look at the broader WFP and PA landscape. We are still seeing a new core Talent Intelligence teams being stood up, a few hybrid sourcing and talent intelligence, but overall the market is in a much more positive place than even 6m ago.

APAC:

讯升 1 个月前

#ThriveInFive - Talent Strategy

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