Talent Market Insights - October 2024

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Welcome to our Talent Insights Monthly Digest! Each month, we deliver a talent intelligence newsletter filled with North American market updates, in-depth analyses, practical resources, and recommended reads. Our goal is to help you stay ahead in the dynamic talent landscape, navigate your career success, and empower your team.

?? Key Indicators ??

Canadian Employment:

• Employment Rate in Canada decreased to 60.70% in September from 60.80% in August of 2024. (Statistics Canada)
• Unemployment Rate in Canada eased to 6.5% in September of 2024 from the 34-month high of 6.6% recorded in the previous month, defying market expectations of an increase to 6.7%. This marks the first monthly decrease in the unemployment rate since January and helps alleviate concerns about a softening labor market recently raised by policymakers at the Bank of Canada.?(Statistics Canada)
• Interest Rate: The Bank of Canada cut its key interest rate by 25bps to 4.25% in its September 2024 meeting, as expected, to mark the third consecutive 25bps slash after having left the hiking cycle’s terminal rate of 5% for 10 months. (Bank of Canada).

U.S. Employment:

• Employment Rate in the United States increased to 60.20% in September from 60% in August of 2024.?(U.S. Bureau of Labor Statistics)
• The Unemployment Rate fell to 4.1% in September 2024, the lowest in three months, down from 4.2% in the previous month and surprising market expectations, which had forecasted the rate to remain unchanged. (U.S. Bureau of Labor Statistics)
• Interest Rate:?The Federal Reserve officials were uncertain about the extent of interest rate cuts at their September meeting, but opted for a half-point reduction to balance inflation confidence with labor market concerns, according to minutes. (Federal Reserve Board)

?? The Market in Brief ??

Employee Experience

• Oct 16: As artificial intelligence continues to transform HR practices, HR managers can leverage AI to create personalized employee experiences, streamline processes, and make data-driven decisions, but must also prioritize responsible AI frameworks to maintain employee trust and optimize the combination of human and automated work.
• Oct 15: Nearly one in five workers are ignoring their companies' return-to-office mandates, often finding ways to circumvent policies requiring them to be in the office.
• Sept 26: Workers report that social media trends are threatening workplace productivity, prompting employers to seek new ways to boost engagement and efficiency.

Recruitment

• Oct 18: Nokia lays off nearly 2,000 employees in China and 350 in Europe as part of cost-cutting efforts to reduce workforce to 72,000-77,000 by 2026.
• Oct 17: Airbus announces plans to cut up to 2,500 jobs in its Defence and Space division amid ongoing losses in the satellite sector.
• Oct 16: Meta has confirmed layoffs impacting employees in various divisions, including WhatsApp, Instagram, and Reality Labs, as part of the company's continued reorganization and cost-cutting efforts.
• Oct 15: Boeing announced plans to cut 17,000 jobs as ongoing strikes and production issues have significantly affected the company's finances.
• Oct 8: A recent survey reveals that 2 in 3 employers are open to increasing starting salaries by up to 30% for employees willing to work onsite full-time, as companies navigate the challenges of enticing workers back to in-person arrangements.

Compensation & Benefits

• Oct 19: California is exploring the option of increasing the state’s minimum wage to $18 per hour from 2025.
• Oct 17: The Ontario government is making it easier for workers to save for retirement by expanding access to workplace pension plans, especially for those without pension coverage.
• Oct 8: A new Mercer study finds that paid leave benefits are expanding at companies, despite challenges in complying with a patchwork of state and local leave laws.

Diversity, Equity & Inclusion

• Oct 19: HR concerns grow as DEI scale back threaten employee psychological safety and inclusion, particularly for LGBTQ+ community.
• Oct 15: A group of Democratic members of Congress is calling on major U.S. companies to maintain their DEI initiatives as legal battles and Supreme Court decisions pose challenges to such programs.

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?? Monthly Reading Picks ??

"The First 90 Days" by Michael D. Watkins

A guide for leaders in new roles, this book outlines proven strategies for getting up to speed quickly. It helps readers navigate transitions, build credibility, and accelerate learning in the first three months.

"Atomic Habits" by James Clear

This book offers practical strategies for forming good habits and breaking bad ones. James Clear explains how tiny changes can lead to remarkable results, providing a framework for improving every day.

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