David Pinette’s Post

Great report

Quarterly Challenger #Relocation Report: Job seekers’ relocating for new jobs fell to 1.5% in the final quarter of 2023, the lowest level on record as interest rates remained high and housing inventory low. However, in the first quarter of 2024, 2.4% of all job seekers relocated for new positions, and 3.7% of job seekers making over $200,000 moved for new jobs. “Currently, companies are in cost-savings mode and conducting layoffs, particularly of higher wage-earners. We’re also seeing several employers recalling workers to the office. The combination of these factors is resulting in a higher rate of workers moving for jobs,” said Andrew Challenger, Senior Vice President and economic expert for Challenger, Gray & Christmas. https://bit.ly/4avE3jD #CareerChange #JobRelocationTrends #JobSeekersMoving #JobMarketInsights #ChallengerGrayChristmas #ExpertAdvice #EconomicTrends #HigherWageJobs #CostSavingsMode #BacktotheOffice

In February, job openings in the U.S. maintained stability despite a rise in layoffs, reaching the highest level in almost a year. According to the Labor Department's report on Tuesday, the number of available positions edged up slightly to 8.76 million from a revised 8.75 million in January. However, the "quits rate," representing the pace at which employees voluntarily left their jobs, remained sluggish, reflecting levels not seen since 2020. Coupled with a slight increase in layoffs to 1.7 million, this suggests a softening of the labor market, contrasting with the record 12.2 million openings reported in March 2022 https://lnkd.in/dSXp62P #jobopenings #bls #staffing #unemployment #employment

Really valid point because for job seekers, active or otherwise, watching companies go through layoffs (and noting how it’s handled) can make those employers look risky and potentially untrustworthy. The job/talent search process really is a two way street and it would do everyone some good to remember that. Jobseekers, may you land the role that’s meant for you this week. Orgs, may your offers for your open reqs be accepted by the person meant for the role.

Is job hopping worth it? It might not be as lucrative as you think… Before the pandemic, job hoppers, on average saw a 10% pay increase by switching employers (CBSNews). Now, according to Atlanta Fed data, wages for “job switchers” rose 5.6% YoY. But wages for “job stayers” rose 5.2%. Not too significant for those switching employers… And job hopping can come with significant risks: - Layoffs - Culture mismatch - Company struggles That’s not to say you shouldn’t switch employers if the pay is right…and it’s a culture fit. But the grass ain’t always greener. If you have a job where you’re valued, the mission is important to you, and you’re paid well… It might make sense to stay.

The labor market is experiencing much less churn recently than we've seen in the post-pandemic period. Fewer workers are leaving their jobs voluntarily, and fewer are experiencing layoffs. Layoffs have been below the pre-pandemic average for over two years. Why are layoffs low?  One reason could be what's been called "labor hoarding." Employers experienced great difficulty hiring workers following the pandemic and are reluctant to let them go now. Another reason could be that with record job openings, employers can close or freeze hiring instead of laying workers off. Voluntary quits have now fallen back to their pre-pandemic level. Why are quits low? One reason is workers' perception of the economy - job changes often come with higher pay but more risk since new hires have less job security. Another reason is the Great Reshuffle early in the pandemic and employers' efforts at enhancing employee experience resulted in high job satisfaction among workers and they're pretty content to stay in their job for the time being. What does this mean for employers and workers? Workers who change jobs see higher wage growth. We could see less upward pressure on wages with lower labor market churn. #wages #layoffs #hiring #hiringtrends #turnover #labormarket #economicoutlook #economy #recession #HRData #compensation #economicnews #JOLTS #BLS #jobsreport

🙌September Bureau of Labor Statistics monthly jobs report from Friday. Another shocker. Key takeaways: ✔️Non-farm employment growth +336K - strongest month gain since January! ✔️Unemployment remained at 3.8% ✔️Where are the jobs? Industries with biggest employment gains - leisure and hospitality +96K, government +73K, healthcare and social assistance +66K. Hourly earnings up 4.2% YOY. ✔️Tech (and other industry) layoffs decelerated Q2 & Q3 👋The labor market remains resilient. Currently I am working with many clients on year-end staffing needs and forecasting for 2024. What is your take on the market, and who is your next hire? Please comment👇#ebcassociates #hiring #peoplefirst

Friday Job Market Insights: Demystifying Today's Landscape Key Data as of September 1st: Job Openings: There's been a 5.8% increase, taking the count to 9.6 million. Quits vs. Layoffs: Intriguingly, 3.6 million people chose to quit, compared to 1.7 million layoffs. Regional Layoff Insights: Northeast: 278,000 West: 361,000 Midwest: 442,000 South: 600,000 Observations: Hiring top talent has become quite challenging. Tech leaders, take note of the quit statistics. As we approach Q4, consider: Strengthening team culture. Encouraging your team to recharge during the holiday season. Evaluating and potentially increasing compensation. For Job Seekers: If you're on the market, the time to act is now. The Federal Reserve is closely monitoring these job metrics. Continued trends might prompt an interest rate hike, potentially impacting job availability. The timing is unpredictable, so seize the moment! Lastly, if you live in the Northeast like me kudo's to the lowest layoff rates in the country, act accordingly. Happy Friday all around! For those on the job hunt, we have lots of open tech jobs we're recruiting for. And if you're hiring, my team represents some of the best tech talent on the market. Always open for a chat! #hiring #jobs #techjobs #bostonjobs

Job hoppers might be perceived as “expensive and risky” investments to employers... But employers who do layoffs regularly and advertise false internal development and mobility are risky and expensive investments for jobseekers. It is a two-way street. Not everyone is going to want to be in the exact same place year after year. And some people want to but can’t because they keep getting laid off. #hiring #linkedin #employment #talentacquisition

Quarterly Challenger #Relocation Report: Job seekers’ relocating for new jobs fell to 1.5% in the final quarter of 2023, the lowest level on record as interest rates remained high and housing inventory low. However, in the first quarter of 2024, 2.4% of all job seekers relocated for new positions, and 3.7% of job seekers making over $200,000 moved for new jobs. “Currently, companies are in cost-savings mode and conducting layoffs, particularly of higher wage-earners. We’re also seeing several employers recalling workers to the office. The combination of these factors is resulting in a higher rate of workers moving for jobs,” said Andrew Challenger, Senior Vice President and economic expert for Challenger, Gray & Christmas. https://bit.ly/4avE3jD #CareerChange #JobRelocationTrends #JobSeekersMoving #JobMarketInsights #ChallengerGrayChristmas #ExpertAdvice #EconomicTrends #HigherWageJobs #CostSavingsMode #BacktotheOffice