What the latest jobs numbers mean for HR

𝗪𝗵𝗮𝘁 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝗷𝗼𝗯𝘀 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝗺𝗲𝗮𝗻 𝗳𝗼𝗿 𝗛𝗥

I came across this fascinating article by the team over at Morning Brew titled “What the latest jobs numbers mean for HR”

The latest jobs figures show that the US labor market is continuing to lose steam.

There were 8.8 million job openings in July, the Bureau of Labor Statistics (BLS) reported in its Job Openings and Labor Turnover summary. That is the lowest level since March 2021, according to the New York Times.

And while private sector employment increased by 177,000 jobs in August, according to the ADP National Employment Report, it was a 52% decline from the 371,000 jobs added in July, according to TheStreet.com.

Unemployment, meanwhile, grew to 3.8% in August, a rise of 0.3% from July, the BLS reported.

The impact on HR. There’s good and bad news for organizations looking to retain their employees.

The bad news? Challenger said HR “might find they do not have the ability to hire, even in needed areas, as companies try to rein in spending, which could mean they’re dealing with frustrated hiring managers.”

The good news? “Workers are not as likely to quit their jobs right now, so HR might not have to fill vacancies as often for that reason,” he said.

The labor market, much like the pre-pandemic era, remains competitive. While some organizations may exercise caution in their hiring processes, this should not deter jobseekers from pursuing their goals.

I personally think that these latest job market statistics carry an important message for jobseekers.

While it’s true that the numbers reflect a slight slowdown in job openings and hiring, it’s crucial for individuals to remain proactive in their job search efforts.

👉 Jobseekers should create their own opportunities through networking!

👉 Jobseekers should improve their value through upskilling!

👉 Jobseekers should possess a certain sticktoitiveness so as to not let defeat mask your true self (this can come out during interviews and hinder your outcomes)!

In fact, this environment presents an opportunity for individuals to distinguish themselves by networking, upskilling, and actively seeking out new opportunities.

Your commitment to continuous improvement and adaptability will enhance your value to potential employers and ensure that you stand out in a still-demanding job market.

💪 Keep pushing forward, because, as the saying goes, opportunity favors the prepared mind.

#JobMarketTrends #CareerOpportunities #HRInsights #JobSeekerAdvice #Upskilling #Jobstickers

Read the full article: https://www.hr-brew.com/stories/2023/09/06/what-the-latest-jobs-numbers-mean-for-hr

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