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Bill VenteicherMarch 8, 2024

Topics: News


NAVIGATING JOB MARKET TRENDS: A STRATEGIC GUIDE FOR HR PROFESSIONALS

The job market is dynamic and it’s often hard to understand how changes from
month to month indicate where HR teams should shift strategy. Job openings,
separations, and the US employment rate are constantly influenced by various
economic and industry-specific factors. 

Understanding these trends is crucial to developing effective strategies that
align with your organization's goals. Recent reports, including the US Bureau of
Labor Statistics Job Openings and Labor Turnover Report released on March 6 and
the most recent BLS Employment Situation report released on March 8, offer
valuable data that can guide your HR initiatives.

The data from the reports offers a clear indication that HR strategies need to
be dynamic and industry-specific. By understanding the trends in your sector and
incorporating AI and automation to give you flexibility and enhance speed and
efficiency, you can develop or evolve a robust HR strategy that aligns with the
current job market and gives you a competitive edge. This proactive approach
will not only help you attract and retain top talent, but also ensure your
organization remains agile in the face of changing industry trends.


UNDERSTANDING THE DATA

The US Bureau of Labor Statistics Employment Situation Report provides data from
two monthly studies. The first one is a household survey, which assesses
employment and unemployment status based on demographic details. The second is
an establishment survey that evaluates nonfarm employment, working hours, and
wages across various industries. 

275,000

The report published for February 2024 reveals that total nonfarm payroll
employment rose by 275,000, with notable gains in healthcare, government,
restaurants and bars, social assistance, and transportation and warehousing.
Despite these increases, the unemployment rate edged up to 3.9%. This slightly
mixed signal indicates a competitive job market, where industries are growing at
different paces, and the demand for skilled frontline workers is increasing.

The reports indicate a nuanced job market with varying trends across industries.
The US Bureau of Labor Statistics Job Openings and Labor Turnover Report
measures employment, layoffs, job openings, and quits across the US. 

8.9 Million

The March report shows that the job openings level was relatively stable for
January, at 8.9 million open jobs, with notable changes in sectors like
manufacturing, which saw an increase, and private educational services, which
experienced a decline. Overall the US job openings are down year-over-year from
10.4 million job openings, and has continued on this trend since its peak during
the pandemic recovery at 12.2 million open jobs in March 2022.

Despite recent headlines detailing massive layoffs, or article after article
about the Great Resignation, layoffs and discharges overall across the US have
declined every month since October 2023 and are lower year over year. 

Industries hardest hit by layoffs from December to January were Construction,
Real Estate and Professional and Business services, particularly in the
Northeast region of the United States. 

Job openings, hires, and layoffs are stable with no overall dramatic swings,
with hires continuing to be slightly higher than separations each month over the
last three months.

25x

After peaking between November 2021 and April 2022, when an average of 4.5
million people per month quit their jobs to look for better employment, the
reports show quit numbers have continued to decline over 2023, and in 2024,
returning to pre-pandemic levels. The report shows that just under 3.2 million
people quit their jobs from December to January. 

This suggests that different sectors are experiencing unique challenges and
opportunities, emphasizing the need for a tailored approach to HR strategies. 

With 8.9 million job openings waiting to be filled, new hires outpacing
separations by about 346,000 people in January, and open jobs being 25x higher
than net employee growth, it's more important than ever to implement efficient
and effective HR activity.



INDUSTRY-SPECIFIC INSIGHTS

Healthcare and Social Assistance

 * With job gains in healthcare and social assistance, there's a clear continued
   demand for professionals in these sectors. The job openings report shows
   Healthcare as having the highest number of job openings, 1.85 million,
   continuing the trend of growing each month since October 2023, and slightly
   beating out the number of job openings in January 2023.  

 * Healthcare employment saw an increase from January 2024 to February 2024,
   adding 67,000 jobs — above the average monthly gain of 58,000 over the prior
   12 months. 

 * In February, job growth continued in ambulatory health care services
   (+28,000), hospitals (+28,000), and nursing and residential care facilities
   (+11,000). HR strategies should focus on attracting and retaining skilled
   workers, emphasizing career development and competitive benefits.

 * 433,000 healthcare and social assistance employees quit their jobs from
   December to the end of January, making up just over 13% of all quits in the
   US during that month.


Retail 

 * Employment changed little in February (+19,000) and has shown little net
   change over the year. 

 * Over the month, job gains in general merchandise retailers (+17,000), health
   and personal care retailers (+6,000, and automotive parts, accessories, and
   tire retailers (+5,000) were partially offset by job losses in building
   material and garden equipment and supplies dealers (-6,000) and electronics
   and appliance retailers (-2,000).  

 * In Retail, over 136,000 layoffs were reported, but employee retention is
   still a challenge, with over 363,000 retail employees quitting their jobs
   across the US in January. 


Hospitality and Transportation

 * Despite the recent challenges these industries have faced, the recent job
   gains in February 2024, indicate a welcome resurgence. Employment in food
   services and drinking places increased by 42,000 in February, after changing
   little over the prior 3 months. 

 * Still, turnover is still very volatile in the accommodations and restaurant
   industry, with over 711,000 employees quitting from December through the end
   of January; 22% of all quits in the US during that time. 

 * Leisure and Hospitality saw the biggest increase in the number of job
   openings across all industries from December to January, increasing by 94,000
   new job openings in accommodations and restaurants, to 941,000 open jobs.

 * Employment in transportation and warehousing rose by 20,000 in February.
   Couriers and messengers added 17,000 jobs, after losing 70,000 jobs over the
   prior 3 months. In February, job growth also occurred in air transportation
   (+4,000), while warehousing and storage lost 7,000 jobs. Employment in the
   transportation and warehousing industry is down by 144,000 since reaching a
   peak in July 2022.

 * 173,000 people in transportation, warehousing and utilities quit their jobs
   from December through the end of January, making up 5% of all quits during
   that month. 


The Employment Situation report from March 8 indicated that there was minimal
variation in job numbers within several key sectors throughout the month. These
sectors include mining, quarrying, oil and gas extraction, manufacturing,
wholesale trade, information, financial activities, professional and business
services, and additional service industries.



TAILORING YOUR HR STRATEGY


For Industries with Rising Job Openings

If you're in an industry experiencing an increase in job openings, like
healthcare, hospitality, financial services and manufacturing, it's a golden
opportunity to attract top talent. Consider the following strategies:

 * Recruiting Priorities: Focus on aggressive talent acquisition and speed.
   Utilize AI and data-driven recruitment strategies to identify and attract
   candidates with the skills needed in your industry. Automate repetitive
   recruiter actions and create interactive multi channel engagements to enhance
   efficiencies. 

 * Personalized Experiences: A great way to truly personalize the candidate
   experience is to implement technology like a conversational chatbot that can
   interact with candidates in real time and offer job recommendations based on
   their skills, location, or even browsing history.

 * Employer Branding: Position your company as an employer of choice. Highlight
   growth opportunities, benefits, and workplace culture to attract potential
   candidates.

 * Engagement with Talent Community: Foster relationships with potential
   candidates through career fairs, industry events, and online platforms.
   Engaging with the talent community can build and nurture your talent pipeline
   for future openings.


For Industries with Decreasing Job Openings

For sectors like retail, transportation, and private educational services where
job openings have decreased, the approach should be different. There are many
candidates constantly looking for new roles in these industries, but finding the
right candidates quickly and hiring people with the right skills who are a good
match for your company are key areas to invest in. High-volume hiring strategies
can help balance candidate quality and quantity. 

Retention begins with great hiring and employee experience. 

 * Strategic Hiring: Be more selective in your hiring process, ensuring that new
   hires align closely with your long-term business goals.

 * Internal Development and Referrals: Focus on upskilling and reskilling
   current employees to fill any gaps and reduce the need for external hiring.
   Give associates and staff a feeling of growth and ownership, and encourage
   them to refer friends and colleagues to join your company. 

 * Messaging: Communicate stability and growth opportunities within your
   organization to attract candidates who are looking for long-term career
   prospects.


Overall Critical HR Focus Areas

Recruiting and Retention

 * Data-Driven Recruitment: Utilize labor market data to identify trends and
   target recruitment efforts effectively. For industries experiencing growth,
   such as healthcare, focus on sourcing candidates with the necessary skills
   and qualifications.

 * Retention Strategies: In sectors where job openings are increasing, like
   government and healthcare, implement retention strategies that emphasize
   career progression, competitive compensation, and work-life balance to keep
   valuable employees engaged.

Employer Branding and Messaging

 * Positive Messaging: Highlight the strengths of your company and your
   industry, especially in sectors experiencing growth. Showcase your stability,
   growth potential, and commitment to employee development. Be proud of what
   makes your organization unique. Ensure your career site stands out and
   consider a refresh based on how candidates interact with your company and new
   opportunities to make a great first impression.  

 * Industry Challenges: For industries with slower growth or higher unemployment
   rates, address potential concerns proactively in your employer branding.
   Emphasize resilience, strategic vision, and long-term opportunities.


Leveraging AI and Automation in HR

The integration of AI and automation in HR processes can significantly enhance
your strategic capabilities, regardless of industry trends:

 * Efficient Recruitment: Use AI-powered tools for faster and more effective
   candidate matching, screening, and scheduling, especially in rapidly growing
   sectors.

 * Employee Development: Implement AI-driven platforms for personalized employee
   skills matching, training and development, which can be incredibly helpful
   and crucial for retention in competitive job markets.

 * Data Analytics: Use hiring data for your own company to predict industry
   trends, identify skills gaps, and tailor your HR strategies to align with
   future market demands. Identify where you have gaps, and improve your
   processes.

By understanding and responding to the nuanced data in reports like the
Employment Situation, HR professionals can better navigate the complexities of
the job market. Whether it's focusing on recruitment in growing industries or
enhancing retention in more stable sectors, a strategic approach informed by
current data will position your organization for success. Embracing AI and
automation will further enhance your ability to adapt and thrive in this
ever-changing landscape. 

Reinvention in recruiting is happening globally for every business and every
type of job. Recruiters want to respond to these kinds of market shifts and use
data to help candidates transfer their potential into meaningful skills and find
out that their company is a perfect match. 

Work with a vendor that can handle all of your requirements and is flexible
enough to allow you to make changes and evolve your recruiting processes as
market and job dynamics shift.

Interested in learning more about how you can apply these strategies to your
hiring, development, and retention strategies in the wake of the evolving
economic landscape? Chat with our experts today.


Bill Venteicher

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