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Hiring slowdown and worker stagnation among job trends this year
Summary
The labor market slowed down in the first half of 2023, with job requisitions dropping, more applications coming in for fewer jobs, and a 20% decrease in voluntary turnover year-over-year. Companies are being selective during the hiring process and employees are staying in their jobs longer, with a 15% drop in job requisitions and a 20% decrease in promotion rates. Employee engagement and satisfaction indicators are also trending downward, and time-to-hire rates have increased to an all-time high. Talent acquisition teams should prepare for a rebound by improving their tech stacks to find candidates, track applications, and increase recruitment marketing.
Q&As
What is the median 12-month voluntary turnover rate according to Workday?
The median 12-month voluntary turnover rate has declined by 20% year-over-year according to Workday.
How has job requisition decreased during the first half of 2023?
Job requisitions have decreased by 15% during the first half of 2023 as compared to the same time in 2022.
What is the 12-month promotion rate across industries?
The median 12-month promotion rate has declined year-over-year in 13 of 16 industries measured.
How has employee engagement and satisfaction been trending?
Employee engagement and satisfaction indicators appear to be trending downward.
What can talent acquisition professionals do to prepare for a rebound?
Talent acquisition professionals can build talent pipelines and improve tech stacks to find candidates, track applications and boost recruitment marketing to prepare for a rebound.
AI Comments
👍 The article provides great insight on how companies can prepare for a rebound during the hiring slowdown by building talent pipelines and improving tech stacks to find candidates.
👎 The article paints a bleak picture of the labor market with job requisitions dropping significantly, fewer interviews scheduled and employee engagement and happiness declining.
AI Discussion
Me: It's about the hiring slowdown and worker stagnation among job trends this year. According to the article, job requisitions dropped, more applications came in for fewer jobs, and voluntary turnover declined by 20% compared to the same time last year. Plus, measures associated with employee satisfaction and engagement are trending downward.
Friend: Wow, that's really concerning. It seems like companies are being very selective in their hiring process and there are fewer opportunities for employees to advance.
Me: Yeah, it definitely looks like there's a lot of stagnation in the labor market right now. I think it might be a good time for talent acquisition professionals to start building talent pipelines and improving their tech stacks to find and track candidates.
Action items
- Develop a talent pipeline strategy to ensure that the right people with the right skills are recruited for the finite number of new hires.
- Invest in technology to improve the recruitment process, such as tracking applications and boosting recruitment marketing.
- Monitor employee engagement and satisfaction indicators to ensure that employees are feeling supported and have opportunities to advance.
Technical terms
- Hiring Slowdown
- A decrease in the rate of hiring new employees.
- Worker Stagnation
- A situation in which workers are not advancing in their careers or receiving promotions.
- Voluntary Turnover Rate
- The rate at which employees voluntarily leave their jobs.
- Job Requisitions
- A formal request for a job opening.
- Job Applications
- A form filled out by a job seeker in order to apply for a job.
- Time-to-Hire Rate
- The amount of time it takes to fill a job opening.
- Talent Acquisition
- The process of finding and hiring qualified employees.
- Talent Pipelines
- A pool of potential candidates for a job opening.
- Tech Stacks
- A collection of software applications used to manage a business.