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HR remains focused on hiring, even as recruiting pace slows

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Summary

Job postings on Indeed are down from pre-pandemic levels, but employers are still offering signing bonuses to attract workers to certain in-demand roles, such as healthcare and trucking. Layoffs remain low and the quit rate is beginning to fall, which suggests that wage growth will continue to trend downward. Global hiring expectations are cooling for the summer and may remain lower for the rest of the third quarter.

Q&As

What are the findings from Indeed's Hiring Lab report from July 27?
The findings from Indeed's Hiring Lab report from July 27 indicate that job postings on Indeed are falling but remain elevated as compared with pre-pandemic levels, with several measures indicating that demand for workers is still high. Signing bonuses have increased the most for healthcare and in-person roles since 2019.

What sectors have seen the most growth in signing bonuses since 2019?
Healthcare and in-person roles have seen the most growth in signing bonuses since 2019.

What trends indicate that there is still high demand for workers?
The measures indicating that there is still high demand for workers include the fact that about 5% of job postings mentioned a signing bonus in June, which is down from a high of 5.6% in September 2022 but much higher than the pre-pandemic average of 1.8%. Additionally, competition among employers likely continues to contribute to high demand and higher-than-average signing bonuses.

What does the report suggest about wage growth?
The report suggests that wage growth will continue to trend downward as the quit rate is beginning to fall.

How has job postings changed since pre-pandemic levels?
Job postings are down 16% year over year but remain 29% higher than pre-pandemic levels.

AI Comments

👍 This article provides an insightful look into the current state of the labor market and the effect of signing bonuses on employers' efforts to attract workers.

👎 This article fails to address the potential long-term implications of an increased reliance on signing bonuses to attract workers.

AI Discussion

Me: It's about how HR remains focused on hiring, even as recruiting pace slows. Economists at Indeed believe that the labor market is hitting a more sustainable balance as wage growth cools. Signing bonuses have increased the most for healthcare and in-person roles since 2019, and job postings are down 16% year over year but still 29% higher than pre-pandemic levels.

Friend: That's interesting! It looks like employers are still trying to attract workers, even if wage growth is slowing. What do you think the implications of this article are?

Me: I think the implications are that employers are still trying to attract workers, even if wage growth is slowing. It also shows that competition among employers is still strong, which is likely driving up signing bonuses. It's also worth noting that job postings are still higher than pre-pandemic levels, which suggests that the labor market is still strong.

Action items

Research the current job market in your area to determine the types of roles that are in high demand and the associated signing bonuses.
Reach out to employers in your area to inquire about potential job openings and the associated signing bonuses.
Consider taking advantage of the current job market by applying for roles that offer higher-than-average signing bonuses.

Technical terms

HR: Human Resources - The department of a company responsible for managing personnel, including hiring, training, and employee relations.
Labor Market: The market in which employers and employees interact to determine the wages, hours, and working conditions of employees.
Wage Growth: The rate at which wages increase over time.
Job Postings: A listing of available jobs, usually posted online.
Signing Bonus: A one-time payment given to a new employee as an incentive to join a company.
Quit Rate: The rate at which employees leave their jobs.
Talent: A person's natural abilities or skills.