Where Are All the Young Workers?

Organizations used to thrive on bringing in youthful new recruits; it was the first step in building future leaders. But the latest employment stats for 2024 show a steep decline in the hiring of young people, even though they’re generally cheaper than their older counterparts. What’s going on, and what are the consequences? Plus, new laws were meant to encourage firms to be more transparent about pay, but good luck making sense of your firm’s reward system, especially if you’re seeking a match of a competing job offer.

1) For Young Workers, the Rejections Pile Up

In?the current job market, firms may be sacrificing tomorrow’s leaders for today’s needs.?

In a shift that may have long-term ramifications, new data shows the current?unemployment rate for workers aged 20-24 is higher than it was before the pandemic, and?that?the?monthly hiring rate?for those with?little to no?previous?experience?is down?to 13%?from a peak of 20%.?Postings for?internships and entry-level jobs?are also down, according to data?from job-search site Indeed.com. As a result,?job openings for college graduates are projected to?fall by 5.8% in 2024,?the first year of negative growth since 2018.

Traditionally, of course, younger workers have been in demand as alternatives to more expensive veteran employees. Experts say that a reluctance to hire them could eventually pose?leadership?and succession issues for?companies.

Read the full article here.

2) Pay Programs: The Mystery Continues

It happens all the time: An employee receives an offer from another firm. Their manager, after consulting the finance department, comes back with a counteroffer. It all seems straightforward. It’s not.

According to Korn Ferry's latest?Global Total Rewards Pay Survey, only 45% of firms have formal plans in place for retention offers—even though making them is a regular part of business. Only 41% have established procedures for counteroffers, and only 23% for unplanned increases due to high inflation. And that, the survey finds, is only half of the problem with corporate reward programs today—which remain shrouded in mystery. Many managers, it seems, still don’t want employees to know how these things are administered.

Read the full article here.

3) 5 Ways to Make Hybrid Work for You

Three years into the hybrid-work revolution, dividing work hours between home and office is the new norm in the US. According to a?February study, 53% of full-time workers are now hybrid, compared to 27% remote and 21% on-site.

Though hybrid workers report improved work-life balance and efficiency, their schedules come with enormous challenges. Nearly a third complained about insufficient access to equipment and resources; others griped about diminished connection to the culture, decreased collaboration, and impaired coworker relationships (particularly when it comes to coordinating schedules, tasks, and timelines).

Experts say that it’s best to take hybrid work into your own hands—to personalize your strategies to best fit your needs and your team’s. We asked our consultants for their best advice on how to construct a hybrid schedule that makes sense.?

Read the full article here.

Other Must-Reads from Korn Ferry

·?Love, Hope & Leadership: A Special Edition ?- Check out a new book from Korn Ferry CEO Gary Burnison—a collection of stories, reflections, and imagery on how we live and lead.

·?Briefings Podcast:?Fire Your Boss - A third of workers say they’re currently dealing with a toxic leader—and two-thirds of them are actively job hunting. But is quitting the?right answer? Two experts discuss this perennial issue.

·?When Everyone is Stuck - Workforce turnover has dropped by a third, leaving employees trapped in roles they may not like. What’s a good leader to do??

Check out?Briefings, our bimonthly national magazine, for in-depth and unusual looks at critical leadership issues.