Top Stories & Industry Insights For Staffing Leaders This Week
Get an inside scoop on what's happening in the staffing and recruiting world with this roundup of the top news stories, industry trends, and blog posts from around the web from this week.
Within the next six months, 45% of Americans plan to look for a new job, according to?new research from TalentFusion. But many are finding it challenging to secure a job, particularly one that matches their salary expectations and experience. Alongside the company’s official launch, TalentFusion surveyed 1,000 U.S.-based adults to find out how they feel about the job search and hiring process.
Based on a survey of more than 3,000 HR leaders and 8,100 white-collar workers across nine countries, the primary drivers for layoffs have “significantly” shifted from over-hiring to poor performance (30.2%) and lack of appropriate skill sets (29.7%). Redeployment programs — which focus on retaining and reskilling talent — have gained traction, with 82% of HR leaders saying they’re considering redeployment as an alternative to layoffs.
Digital nomads now represent 11% of the US workforce, or 18.1 million workers, though their employers may not know it, according to a report released Aug. 20 by MBO?Partners. Digital nomads are those who work while traveling, and their US number rose by 4.7% this year compared to 2023, MBO Partners reported. That compares to an explosive growth in the number of digital nomads during the pandemic. The number of digital nomads is up 147% since?2019.
Open enrollment is fast approaching, and the vast majority of employers will once again offer a range of voluntary benefits to help their workforce leverage benefits to fit their specific needs-all with the goal of avoiding increased organizational spending. In fact, 86% of employers consider voluntary benefits crucial to their overall wellbeing strategy, according to a recent survey by Buck, a Gallagher Company.
The July 2024 SCE Labour Market Survey revealed that the rate of employees transitioning to a new employer has reached its highest level since the survey began, with 7.1% of employed respondents moving to different jobs, up from 5.3% in July 2023. This increase in job switching is largely driven by women, according to the New York Fed.
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Now more than ever, skills-based hiring is at the forefront of business conversations. While?skills-based hiring?isn’t new, organizations willing to undergo a company-wide transformation and take a skills-first approach are seeing success with building relevant taxonomies and developing employees’ careers faster than those operating in more traditional models.
In a survey of more than 5,000 U.S. adults, job switching behavior appears to be on the rise, with a 2% increase in job changes during the second half of 2023 and a predicted 3% jump in the next six months of 2024. The increase suggests a “robust trend toward mobility,” according to the report, particularly among Gen Z employees.
A critical issue in the hiring of AI talent is the disconnect between technical expertise and organizational context. Many new hires, particularly recent graduates with strong technical backgrounds, often struggle to align their skills with the practical needs of the organization, says Lee. This challenge is exacerbated by the pressure to meet both performance and ethical standards in AI implementation, he says.
The job market cooled more than analysts expected in July, according to the Bureau of Labor Statistics’ (BLS) latest jobs report. Unemployment continued to tick upward, hitting a three-year high, while the number of jobs added fell from June. Let’s take a closer look. Diving into the data. The unemployment rate jumped up to 4.3% in July, up from 4.1% in June.
This week's industry insights are brought to you by the team at the KTRIAN. Weekly digest for staffing leaders to gain a better understanding of the economic trends influencing their business, as well as the human capital issues affecting staffing and recruiting to make more informed decisions.
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KTRIAN Solutions, an offshore recruitment process outsourcing solutions provider for staffing firms based in the U.S. and EU region offering a spectrum of services - full life cycle recruitment, sourcing and screening, MSP/VMS support, and executive search.