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📉 The latest JOLTS report highlights a slowing labor market. 📉 The June Job Openings and Labor Turnover Survey (JOLTS) report shows a decrease in both hires and separations, with job openings remaining unchanged. Experts suggest this trend indicates hesitation and uncertainty among both employers and workers. Here's what you need to know: 🔹 Stability or Stagnation? With fewer employees quitting, opportunities for advancement can become limited, potentially leading to low engagement and productivity.  🔹 Engagement is Key: In a low-turnover environment, it's crucial to motivate and engage employees who choose to stay, ensuring they remain productive and satisfied.  🔹 Proactive Talent Search: With fewer workers actively seeking new jobs, business owners need to increase their outreach efforts to attract top talent. What's in it for you? By understanding these trends and adapting your strategies, you can: ☑ Enhance Employee Retention: Keep your best talent engaged and reduce turnover costs. ☑ Boost Productivity: A motivated workforce is a productive one. ☑ Stay Competitive: Proactively seek out top talent to maintain your competitive edge. Need expert advice? Reach out to us to learn how we can help you maintain a dynamic and engaged team, ensuring your business thrives even in a slowing labor market. 📞https://lnkd.in/gT8gTWf8 #HRInsights #LaborMarketTrends #BusinessGrowth #EmployeeRetention #JOLTSReport #WorkforceEngagement #GuideToHR #TalentManagement #HRStrategy #HiringTrends

Dear HR, Following up on our dive into recruitment metrics in my last post, let's shift gears and talk about keeping your top talent – retention metrics! Here are a few key retention metrics to keep an eye on: 1. Employee Turnover Rate: This one tells you how many employees are leaving your company in a given period. Formula: (Number of Employees Separated / Average Number of Employees) x 100 Scenario: Let's say you have 100 employees at the beginning of the month, and 5 leave throughout the month. Your turnover rate would be (5 / ((100 + 95) / 2)) x 100 = 5.26%. This can help you identify if you have a retention problem. 2. Tenure: This is simply the average length of time employees stay with your company. Formula: Total Employee Years / Number of Employees Scenario: Knowing your average tenure helps you understand your workforce makeup. A high tenure might indicate a loyal workforce, while a low tenure could suggest churn or a younger workforce. We'll explore more metrics and scenarios in the next post. Stay tuned! PS: If you enjoyed this or learnt something new, kindly drop a comment below. #The Techie HR. #HRMetrics #Retention #Retentionmetrics #HRanalytics #HRanalyst #TalentManagement #LinkedInLearning #HRprofessional #HR

Prepare for the Evolving Labor Market of 2024 Stay ahead in the competitive landscape of employee attraction and retention: • Labor Market Shift: A cooling labor market may ease hiring but maintaining a competitive edge remains crucial. • Skills Over Degrees: Embrace skills-based hiring to bridge the gap between job requirements and candidate qualifications. • Generation Z Impact: Adapt to the unique expectations of Gen Z to engage a significant emerging workforce segment. • The Rise of Pay Transparency: Stay current with pay transparency laws to attract candidates and meet legislative requirements. • Salary and Benefits Adjustments: Plan for salary increases and enhanced benefits to address inflation and improve the employee experience. Let's discuss how these trends can reshape your talent strategy for 2024. Contact us for expert guidance on staying competitive and securing top talent. #TalentRetention #WorkforceTrends #HiringStrategy #Powerthroughpartnership

Thirty-three percent of U.S. hiring managers believe employee turnover will increase at their company in 2024, leaving a financial impact and burdening remaining employees, according to a Feb. 28 report from Express Employment Professionals and The Harris Poll. Among those who anticipate higher turnover, hiring managers pointed to top reasons such as better pay or benefits elsewhere (38%), increased workplace demands (35%), employees resigning (33%), employee feelings of being overworked (31%) and a competitive job market (26%).

The U.S. Department of Labor's latest jobless claims report brought optimism to the economy, but CEOs remain cautious about the labor market. A survey shared by Chief Executive Group shares a full list of CEO priorities for 2024 and beyond, including: 1. Retaining and Engaging Employees 2. Improving Cost Structure 3. Gaining Market Share 4. Achieving Target Profitability 5. Recruiting and Training Employees An EPM solution like Prodoscore can help support all of these priorities and more. For more direction, shoot us a DM. For the full article, read on below: https://lnkd.in/es7ut4tj #futureofwork #retention #engagement #economy #ceo

🎯 Some key insights from HR Dive- 33% of U.S. hiring managers believe employee turnover will increase at their company in 2024, leaving a financial impact and burdening remaining employees, according to a Feb. 28 report from Express Employment Professionals and The Harris Poll. 📌 In the November survey, 1,007 U.S. hiring decision-makers said turnover cost their companies an average of $36,295 annually in lost productivity and rehiring costs. More than 20% said that number climbs to $100,000 or higher for their company. 📨 Let's connect and discuss your strategy for hiring and retention this year. Drop me a line via DM or [email protected] https://lnkd.in/evNS--8R #HR #HRdive #hiring #retention #employeeturnover #jobmarket

Last year the #GreatResignation left many #employers to deal with sky-high #turnover as the rate of workers quitting their jobs peaked, according to data from the Bureau of Labor Statistics. Over the past six months though, that staff churn has settled, returning to pre-pandemic levels. And with fewer (and less appealing) #jobopportunities elsewhere, workers are expected to stay put in the roles they have for much longer through 2024. #bigstay In this piece by Hailey Mensik, we speak to Shayna Royal of Paycor, Caroline Ogawa of Gartner, Bryan Hancock of McKinsey & Company, and Gaëlle de la Fosse of LHH.

2024 is peeking around the corner, and the hiring landscape is evolving yet again. Dive into this insightful article from HR Dive shedding light on the anticipated shifts, trends, and strategies shaping the hiring scene in the coming year. What's your take on these forecasts? Share your thoughts in the comments below and let's discuss the game-changing strategies for the future of recruitment! 🚀💼 #HiringTrends #RecruitmentStrategies #FutureOfWork #HRInsights #2024Outlook #EngagementOpportunity

As the global business landscape grapples with the effects of a shrinking workforce, the significance of recruitment agencies becomes increasingly critical. Our latest article explores the evolving labor market of 2024 and introduces key emerging trends that entrepreneurs need to navigate -- from the growing occurrence of counteroffers to the necessity for more nuanced recruitment and retention strategies. Please take a minute to read the full article provided for insights and strategies to overcome recruitment challenges and unlock the potential of your workforce: https://lnkd.in/gSetT6zd #workforcedevelopment #businesssuccess #labormarkettrends #businessinsights #innovation #humanresources #hospitalityindustryexperts

The reasons for hiring gaps are crucial pain points that need addressed to foster business growth. Learn things about your business, you never realized by contacting us for a consultation! https://lnkd.in/g6gjSbH9