Mark Agovino’s Post

🚀 Recent data from the Federal Reserve Bank of New York sheds light on fascinating shifts in the job market landscape. Did you know that there's been a surge in US workers actively seeking new opportunities? It's true! And if you're in the market for top talent, be prepared to offer competitive compensation! 💸 The lowest wage that job seekers are willing to accept skyrocketed to $81,822 in March—a remarkable increase that has sparked discussions across industries. 🎯 From men to younger workers and individuals from higher-income households, the job search is on for everyone! With job satisfaction levels dipping in certain areas like wage compensation and nonwage benefits, it's clear that individuals are exploring their options and seeking roles that align with their needs and aspirations. 🛑 While concerns about another "Great Resignation" may not be imminent, it's essential to acknowledge the competitive nature of today's job market. Employers must prioritize offering attractive salaries and perks to retain and attract top talent. 💼 At Scale Hiring, we understand the challenges and opportunities presented by today's job market dynamics. Our tailored solutions and expert guidance will ensure that you're well-equipped to attract, retain, and nurture top talent for your organization's success! Let's embark on this journey together and unlock the full potential of your workforce! 💪 #JobMarketInsights #TalentTrends #ScaleHiringSuccess #UnlockYourWorkforcePotential

In 2024, the "Great Stay" phenomenon is reshaping the employment landscape, with a significant decrease in the quit rate to 2.2%, as reported by the Bureau of Labor Statistics. Economic uncertainties, including high inflation and geopolitical unrest, have fostered a risk-averse attitude among employees, favoring the stability of their current roles over venturing into new opportunities. The shift towards job retention is posing challenges for companies seeking to fill vacancies, leading to a smaller talent pool, prolonged hiring processes, and escalated recruitment expenses. To counteract the potential stagnation caused by the "Great Stay," organizations must prioritize employee development to drive continuous engagement and foster innovation. Additionally, adapting recruitment strategies to allure and retain top talent is crucial in navigating this evolving employment landscape. As part of The Richmond Group family of companies (The Richmond Group USA, PeopleSolutions, Inc., WorkRocket, and Prime Legal Staff Corporation), We have the resources and service options to help manufacturers identify and attract the talent needed to compete in today's market. Reach out to our Manufacturing Search Division team members (Bruce Peacock, Zach Price, Morgan Beaton), We are here to help you attract the talent you need to finish strong in 2024. #GreatStay #TalentAcquisition #JobMarketTrends #EmployeeGrowth #JobMarket2024 #RecruitmentStrategy #WorkplaceTrends #TalentManagement #ManufacturingJobs

In a landscape where talent is king, understanding the pulse of the job market is crucial for both employers and job seekers alike. Our Lead Consultant, Joleah Whittle, delves into the key challenges and trends shaping New Zealand’s employment market. 🔍 Employer Challenges: According to recent surveys, a staggering 83% of employers highlight the struggle to find top-tier candidates as their primary business challenge in 2023. 💼 Motivators for Job Seekers: Better pay and enhanced career prospects remain the driving forces behind job transitions, signalling the importance of competitive compensation and growth opportunities in recruitment strategies. 📈 Hiring Outlook: While 43% of employers plan to expand their teams in the coming year, the hiring landscape appears to favour a cautious approach, with only 14% aiming to onboard more than five new staff members. 🏙️ Regional Salary Trends: Interestingly, the wage gap between major urban centres and regional areas has narrowed significantly over the past few years, reflecting evolving economic dynamics and employment patterns. 🔄 Demographic Shifts: A notable demographic shift looms on the horizon, with more individuals expected to retire than enter the workforce—a trend that poses unique challenges for talent acquisition and succession planning. 📉 Unemployment Realities: Despite previous lows in unemployment rates, sustaining similar levels remains a challenge. Attrition and competition for skilled talent continue to shape the employment landscape. As we navigate these dynamic shifts in the job market, staying attuned to emerging trends and proactive in our strategies will be paramount to success. Let's adapt, innovate, and seize the opportunities that lie ahead! For expert guidance on navigating the evolving job market landscape, connect with us at https://hubs.ly/Q02x1lGQ0

𝐖𝐢𝐥𝐥 2025 𝐬𝐞𝐞 𝐭𝐡𝐞 𝐆𝐫𝐞𝐚𝐭 𝐑𝐞𝐬𝐢𝐠𝐧𝐚𝐭𝐢𝐨𝐧 𝐦𝐚𝐫𝐤 𝐈𝐈? That actually seems to be likely, in the UK at least. A lot of passive job seekers that we are speaking to are sitting tight but ready to move. Many have been waiting for markets to turn and the job market to become buoyant for most of 2024 (if not longer!). Earlier in 2024, a survey from Blackhawk Network (BHN) Europe found that 73% of those surveyed were going to look for a new role this year. That appetite for job seeking, however, has not been matched by the job market. The most recent UK Report on Jobs from the Recruitment & Employment Confederation finds that permanent placements have reduced steeply and pay growth is stalling. This has been the trend for 2024 and much of 2023, so some job seekers might have been waiting patiently for the last 12-18 months to make a move. That patience is likely wearing thin for some and moving jobs will become a priority for many - as soon as they feel confident to start their search. HR software provider Personio's annual "Workforce Pulse" survey of UK employees, conducted in August this year, indicates that just about 𝐇𝐀𝐋𝐅 of the participants are motivated to move jobs when they feel the economy has improved, If we start to see a return of Employer confidence to hire (the REC report points to seeing a positive uplift in the last couple of months), 2025 could see a flood of job seekers hit the market chomping at the bit to secure a new challenge. Employee resignations lead to replacements and new hiring requirements and is a viscous circle (that expression sounds so negative but in recruitment terms that is a great thing!). I had hoped to see a bigger uplift of vacancies come to market after the Summer finished. But it appears to still be quite slow out there as the "Jobs Outlook" report from the REC signals, alongside of the feedback we are receiving day to day from candidates, particularly those in mid to senior management roles. The often marketed "New Year, New Job" prophecy might well come true in early 2025. Increasing Employer confidence to hire + candidates ready to move = the Great Resignation mark II? What does everyone else think? #recruitment #UK #greatresignationmarkII #greatresignation

🚀 Job Market Insights for 2025: A Guide for Budgeting Season 🚀 As we approach budgeting season, it's crucial to consider the evolving job market in your workforce planning. Understanding these trends will help you make informed decisions and allocate resources effectively. Here’s what to watch for in 2025: 🔹 Optimism Amid Caution: Job growth has steadied, with wage increases averaging 4.5% in 2024. However, top talent remains scarce, leading to prolonged hiring processes. 🔹 New Labor Laws: Increasing minimum wages and pay transparency will impact hiring strategies. 🔹 Cultural Fit: Candidates now prioritize company culture alongside compensation, pushing employers to focus on values. With the help of Addison Group's workforce planning guide, incorporating these insights into your planning will be key to attracting top talent in the coming year! #JobMarket #HiringTrends #WorkplaceCulture #2025Insights #WorkforcePlanning https://lnkd.in/d6Gb33dj

In research from the Hays Salary & Recruiting Trends guide 2025 - professionals are feeling stuck as they have limited opportunities to progress their careers both within and outside of their organisations. Our research highlights a critical issue for employers: as soon as workers feel more confident to move jobs, we’re likely to see part two of the Great Resignation.

Despite low unemployment, today’s job market feels challenging for both employers and job seekers. Job openings are widespread, yet many struggle to fill roles or get hired. Here’s why: 🔹 Specialization and Rapid Change – The demand for highly specialized skills—especially in fields like engineering and science—outpaces the supply, and technology’s rapid evolution only widens this gap. Candidates often need upskilling, and many employers now consider training as a key part of successful hiring. 🔹 Location Constraints – Rising housing costs tie many people to specific areas, limiting the talent pool. Unlike in past decades, relocation is less feasible, shrinking the geographic flexibility employers have relied on. 🔹 Compensation Expectations and Cost of Living – Salary budgets often don’t align with experienced candidates’ expectations, especially given today’s high inflation and cost-of-living increases. For many candidates, take-home pay outweighs other benefits. 🔹 Work Environment – Many employers require employees on-site full-time or at least four days a week, while candidates prioritize roles that support their desired work setup. Commuting adds both time and cost, making flexibility a key factor alongside salary. 🔹 Generational Expectations – Today’s multigenerational workforce brings varied priorities. For instance, younger candidates often value company culture and meaningful work, which may not align with traditional job structures. Employers who understand these differences have an edge in attracting diverse talent. 🔹 Hiring Processes and Timelines – Lengthy or complex hiring processes can deter strong candidates, especially those in high demand. Companies that streamline the hiring journey and communicate clearly often secure top talent faster. 🔹 Retention Challenges – High turnover rates add to the recruitment burden, pushing companies to fill roles quickly while ensuring a good fit. Retaining talent often requires competitive offers and a commitment to work-life balance.

Morning Brew The labor market continued to cool in November, with hiring and quitting rates both declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS). Total hires dropped to 5.3 million, and quits fell to 3.1 million, indicating that workers are finding it harder to secure better opportunities. However, job openings rose to 8.1 million in November, though they are still down year-over-year. Economists suggest that while the Federal Reserve’s recent interest rate cuts could eventually strengthen the labor market, the effects have not yet materialized. Businesses remain cautious, with hiring rates in key industries like professional and business services hitting their lowest levels since the 2009 recession. Signs of economic improvement, such as increased vehicle sales, indicate potential recovery, but HR leaders should prepare for future labor market shifts. They are encouraged to proactively align with finance teams to secure resources for recruiting and avoid mistaking lower attrition rates for successful retention. With many employees feeling stuck in current roles, a stronger job market in 2025 could lead to significant turnover, catching employers off guard.

🚀 Navigating the Job Market: Understanding the Latest JOLTS Data 📊 Have you checked the latest JOLTS (Job Openings and Labor Turnover Survey) data? It offers vital insights into the current state of the job market, shedding light on employment trends that can shape our professional strategies. Here are some key takeaways from the recent report: 1️⃣ Job Openings vs. Job Seeker Activity: The number of job openings remains robust, even as hiring has seen some fluctuations. This gap indicates a strong demand for talent, yet many companies are still navigating the complexities of filling roles. 2️⃣ Quits Rate Insights: Interestingly, the quits rate—a powerful indicator of employee satisfaction and labor market health—remains elevated. This suggests that many professionals are comfortable seeking new opportunities, underlining the importance of creating an engaging workplace culture to retain talent. 3️⃣ Sector Variability: Different sectors are experiencing unique challenges. For instance, while tech companies may be seeing reduced job openings, sectors like healthcare and hospitality are still thriving. Understanding these variances can help job seekers and employers alike tailor their strategies effectively. 4️⃣ Impact on Hiring Strategies: With more job openings than candidates, organizations should consider revising their hiring strategies. Offering competitive salaries, flexible work arrangements, and career development opportunities can be pivotal in attracting and retaining top talent. The takeaways from the JOLTS report remind us of the dynamic nature of the job market. Whether you're a job seeker or an employer, staying informed can be your secret weapon in this ever-evolving landscape. 👉 What strategies are you employing to navigate these changes? Let’s engage and share insights! #JobMarket #JOLTS #HiringTrends #EmployeeRetention #CareerDevelopment #WorkplaceCulture #TalentAcquisition 🔗 [Read more about the JOLTS report here.](https://lnkd.in/gBQjfn7j)

More Workers Feel Stuck on the Job....Job satisfaction has fallen to its lowest level in recent years as employees feel more stuck—and frustrated—where they are. White-collar hiring continues to slow, but workers’ restlessness to find new work is intensifying, new Gallup data show. More than half of 20,000 U.S. workers surveyed in November said they were watching for or actively seeking a new job. That’s the largest share since 2015, eclipsing the so-called Great Resignation of 2021 and 2022, when millions of people quit jobs for better ones.  https://lnkd.in/eRBZcmVE