Recruiters, do you even trust the U.S. Bureau of Labor Statistics reports anymore?
The unemployment rate has remained under 4%. Although companies have eased layoffs, they are cutting back on hiring. Here are some key points you need to know about unemployment and job data.
- Weekly unemployment claims measures give real-time insight into how hiring conditions continue to evolve.
- Weekly unemployment benefits decreased in the last few weeks.
- The U.S. Bureau of Labor Statistics (BLS) will release monthly reports on job openings, employment growth, and unemployment next week, key indicators during economic uncertainty.
Do you know how those monthly job and unemployment figures in the U.S. are cooked up?
The BLS uses a nifty monthly survey called the Current Population Survey (CPS) that chats with about 60,000 households nationwide. During this chat, they figure out who’s employed, job-hunting, and who’s out of the labor force altogether. After it’s tallied up, the BLS divides it by the total labor force (that’s the working folks and the job seekers) to whip up that ever-quoted unemployment rate.
But wait, there’s more! The BLS also taps into another source, the Current Employment Statistics (CES) survey. This survey measures the number of payroll jobs to calculate the monthly job numbers. And, of course, they sprinkle in some more adjustments to finally get the unemployment and job numbers.
Question. Do the job and unemployment numbers reflect what is happening in the job market today? We want to hear from you. What are your thoughts about unemployment, jobs, and what to expect in 2024? What was it like in 2023, and what will it be in 2024?
Latest Jobless Claims Update
Weekly jobless claims in the U.S. dipped to 210,000, down 2,000 from last week. This shows a steady trend despite recent layoff announcements.
The unemployment rate has been under 4% for over two years, a testament to the labor market’s resilience. Employers are cautious with hiring, yet layoffs remain low, indicating stability amidst economic shifts.
Stay tuned as Mallory Vachon (LaborIQ) breaks down the Bureau of Labor Statistics’ monthly report, which is coming out next week! She will provide insights into job openings, employment growth, and unemployment rates. This is crucial information for Talent Acquisition!
Workday Lawsuit
A class-action lawsuit has been filed against Workday, a leading H.R. software company, alleging discrimination in their AI-powered hiring tools. Here’s what you need to know:
- An applicant is leading the charge, claiming discrimination based on race, age, and disability.
- This person argues that Workday, through its hiring software, acts as an “indirect employer” controlling access to job opportunities.
- While initially dismissed, the court granted the plaintiff the chance to amend his complaint, highlighting the seriousness of the allegations.
- Workday denies the claims, emphasizing its commitment to responsible A.I. and placing responsibility on its users for hiring bias.
This case raises critical questions about the use of A.I. in hiring and who should be held accountable for discriminatory practices. Stay tuned for updates as this story unfolds!
MyPerfectResume recently surveyed more than 4,000 U.S.-based respondents to gauge workers’ perceptions of RTO policies. An overwhelming majority (77%) feel companies are implementing RTO policies to have greater control over their employees.
MyPerfectResume’s 2024 RTO Survey also found that:
- 64% believe their employer wants them back in the office because they don’t trust people to do their work.
- 28% say that their company has threatened to fire employees who don’t comply with RTO policies
The survey also examined workers’ opinions about remote work, and it was clear that companies mandating RTO policies and their employees are at odds.
- Only 2% prefer to work on-site full time, but 40% said their employer is applying pressure to return to the office.
- 36% of people said that no perk or benefit was worth returning to the office full-time.
The full report can be found here.
ZipRecruiter vs Indeed
Entrepreneur.com has an article comparing Indeed to ZipRecruiter. But here’s a question for those in recruitment marketing. If you had to cut one of these from your budget, would it be ZipRecruiter or Indeed? Below are some features and capabilities to help you decide which is better for your talent acquisition team.
Job Listings and Candidates:
Looking for candidates? ZipRecruiter spreads the word across 100+ job boards, while Indeed aggregates listings from various sources.
Candidate Management:
ZipRecruiter’s AI-driven system targets qualified candidates, simplifying the process. Meanwhile, Indeed relies more on employers’ manual efforts.
Pricing:
ZipRecruiter offers flexible subscription plans, while Indeed offers free job postings with options for sponsored posts at a cost.
Reporting:
For insights, Indeed stands out with comprehensive hiring analytics and market trends, while ZipRecruiter’s reporting integrates better with ATS.
Applicant Experience:
Both platforms strive for user-friendly experiences, with ZipRecruiter boasting a smoother application process.
Read the article at (Entrepreneur.com)
Ever wondered how top employers stay ahead in the talent game?
We found this article that highlights how leading employers are enhancing their hiring practices to create a better candidate experience, which in turn helps them attract and retain top talent in a competitive job market.
Here are the key points:
- Top employers provide more feedback to candidates, even those who did not get the job. This helps create a better candidate experience.
- These employers are also soliciting feedback from candidates about their impression of the company and the hiring process. This allows them to continuously improve.
- There is a direct correlation between a bad candidate experience and higher turnover and disengagement among new hires. A poor hiring process can negatively impact a company’s employer brand for years.
- In the current tight labor market, succeeding in talent acquisition is crucial for succeeding in talent management overall. Employers need to focus on building better relationships with candidates.
- Top-rated companies provide some level of feedback to all finalists, not just the successful candidate. This helps maintain trust and relationships, even with those not hired.
Check out the rest of the article highlighting the latest strategies shaping the future of hiring and candidate experiences.
As we look ahead to 2024, it’s imperative for recruiters to share their perspectives, experiences, and predictions.
The evolving nature of work and advancements in A.I. and technology further underscore the need for transparency and accountability in hiring practices. Let’s continue this dialogue to ensure that our strategies align with the realities of today’s employment landscape, fostering trust and reliability in the recruitment process. Join us at The ERE Recruiting Conference this spring in Austin, Texas, from May 14th through 16th. We promise you’ll come away with all the information, resources, and tools to help you navigate the rapid changes recruiters currently face.