Talent Market Insights - September 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. Explore the latest talent management trends, gain valuable insights, and access essential tools for both your career advancement and organizational excellence.

?? Key Indicators ??

Canadian Employment:

• Employment Rate: August Employment Rate in Canada decreased 0.1?percentage points to?60.8%. (Statistics Canada)
• Unemployment Rate: The unemployment rate in Canada rose to 6.6% in August of 2024 from 6.4% in the earlier month, the highest since October of 2021, and surpassing market expectations of 6.5%.?(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 remained unchanged at 60% in August.?(U.S. Bureau of Labor Statistics)
• The Unemployment Rate eased to 4.2% in August of 2024 from the October 2021 high of 4.3% in the prior month, aligning with market expectations. (U.S. Bureau of Labor Statistics)
• Interest Rate:?The Federal Reserve cut the target range for the fed funds rate by a jumbo 50bps to 4.75%-5% in September 2024, the first reduction in borrowing costs since March 2020. (Federal Reserve Board)

?? The Market in Brief ??

Compensation & Benefits

• Sept 20: Plan sponsors can improve dismal benefit engagement numbers by enhancing communication, personalizing benefits to employee needs, and simplifying access to wellbeing resources.
• Sept 20: The number of Canadians receiving regular Employment Insurance benefits increased by 2.2% in July, marking the third consecutive monthly rise across Canada.
• Sept 15: Canadian companies project lower merit increases for 2025, with a 3.0% average for merit pay and 3.4% for total increases, reflecting a slight decline compared to 2024 levels.

Employee Experience

• Sept 18: Almost 8 in 10 CEOs anticipate an end to remote work by 2027, driven by a desire to increase office attendance for improved collaboration and innovation.
• Sept 16: Amazon will require employees to return to the office five days a week starting in January 2025, increasing from the current three-day policy. This decision follows the company's focus on in-person collaboration.
• Sept 16: Canada's federal government is hesitant to use back-to-work legislation, despite pressure from employers, due to concerns about its long-term impacts on labour relations and workers' rights.

Recruitment

• Sept 22: US tech layoffs are affecting primarily Indian workers, especially in light of new visa regulations, creating some challenges for immigrant employees.
• Sept 21: General Motors will temporarily lay off nearly 1,700 workers at its Fairfax Assembly Plant in Kansas as it retools for electric vehicle production, with work expected to resume in mid-2025.
• Sept 19: ApplyBoard, a Kitchener-based tech company, recently laid off 6% of its global workforce as part of restructuring efforts aimed at improving operational efficiencies and better serving customers.
• Sept 19: Cisco's latest round of layoffs has hit the Bay Area hard, with over 800 workers affected, adding to the ongoing tech industry downsizing.

• Sept 4: Canadian employers are increasingly focusing on retraining existing workers instead of hiring new staff to meet labour demands.

Diversity, Equity & Inclusion

• Sept 6: Molson Coors decided to end its formal DEI policies due to concerns that they were creating divisions within the workplace, rather than promoting unity.
• Aug 28: Ford, Lowe's, Harley-Davidson, John Deere, and Tractor Supply are reportedly rolling back their DEI initiatives due to shifts in corporate strategies and responses to public and stakeholder feedback.

?? Monthly Reading Picks ??

"The Making of a Manager: What to Do When Everyone Looks to You" by Julie Zhuo

This insightful book offers practical advice for new and seasoned managers alike. Julie Zhuo shares her experiences from her time at Facebook, providing guidance on how to lead teams effectively, make sound decisions, and foster a positive workplace culture. It's a valuable resource for anyone looking to enhance their leadership skills and navigate the challenges of management.

"Radical Candor: Be a Kick-Ass Boss Without Losing Your Humanity" by Kim Scott

In this engaging read, Kim Scott draws on her experience at tech giants like Google and Apple to introduce a framework for effective leadership grounded in genuine relationships. This book is perfect for understanding how to communicate effectively, give constructive feedback, and build strong team dynamics.

2024 BlackRock Read on Retirement Report

The BlackRock Read on Retirement survey provides insights from a research study of large defined contribution plan sponsors, workplace savers, independent savers and retirees in the U.S. executed by Escalent, Inc., an independent research company. All respondents were interviewed using an online survey fielded January 29-March 5, 2024.?Click here to access the full article.

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