PeopleScout Jobs Report Analysis—November 2022

U.S. employers added 263,000 jobs in November, beating analyst expectations. The growth came despite rising interest rates aimed at slowing the job market. The unemployment rate remained at 3.7%. Year-over-year wage growth rose to 5.1%.

jobs report infographic

The Numbers

263,000: U.S. employers added 263,000 jobs in November.

3.7%: The unemployment rate remained at 3.7%.

5.1%: Wages grew 5.1% over the past year

The Good

While the overall jobs number remained higher than expected in November, the growth was not spread evenly across industries. Service-based industries like leisure and hospitality and education grew, while goods-based industries like retail and transportation and warehousing saw jobs losses. As the New York Times reports, these numbers show that while employers are being more cautious, they are still finding reason to expand.

While the U.S. job market has fully recovered the number of jobs lost at the start of COVID-19 pandemic, some industries lag behind their 2019 jobs numbers, like leisure and hospitality. Those industries largely drove November’s growth.

The Bad

As MarketWatch reports, November’s jobs data is not promising when it comes to reducing inflation. Year-over-year wage growth jumped back up to 5.1%—significantly higher than the Federal Reserve’s goal. November alone saw a 0.6% jump in wages, which is more than double what is expected.

The Unknown

The Federal Reserve is set to meet in two weeks, and as the Wall Street Journal reports, November’s jobs numbers make it likely that officials will raise interest rates about 0.5%. This comes after four straight .075% increases. Fed Chair Jerome Powell has said that some prices that rose significantly in the past year, like used cars and housing could fall in 2023 but that “despite some promising developments, we have a long way to go” when it comes to inflation. To decrease inflation, experts will watch carefully in the next year to see how high and for how long the Federal Reserve will raise rates.

[On-Demand] How to Build an Agile Workforce for Scale and Demand

[On-Demand] How to Build an Agile Workforce for Scale and Demand

Employers today are dealing with more than just a tight talent market, increased turnover and rising wages; the world of work has permanently changed —and so have candidate expectations. The demand for total talent has become more dynamic, and employers are leveraging seasonal and project-based hiring to reduce the time to mobilise internal and external workforces.

Watch this on-demand webinar in partnership with HR Exchange Network to get a real-life case study on agile hiring solutions that combine candidate experience, talent acquisition technology and dynamic insights-led sourcing, which are aligned to future workforce plans.

Global Banking School: Increasing Offer Conversion to 87% for a Suite of Hard-to-Fill Roles

Global Banking School: Increasing Offer Conversion to 87% for a Suite of Hard-to-Fill Roles

Global Banking School: Increasing Offer Conversion to 87% for a Suite of Hard-to-Fill Roles

Global Banking School (GBS), a higher education provider offering a range of sector-relevant courses, turned to PeopleScout for project RPO to fill 35 professional and academic roles across eight campuses in London, Manchester, Birmingham, and Leeds.

Roles filled through strong collaboration
Roles filled through strong collaboration
87 % Offer acceptance rate across all roles
Increased diversity within roles filled through targeted messaging and sourcing
Increased diversity within roles filled through targeted messaging and sourcing
Enhanced candidate and hiring manager experience
Enhanced candidate and hiring manager experience

Situation

GBS needed to fill 35 roles across a range of job families and levels, including professional and academic positions. They had a challenging timescale of just four weeks to go-live.

GBS was facing several challenges:

  • Some of the roles had been out to market several times, in some cases for up to a year, with little traction.
  • As an educational institution, face-to-face teaching is a vital part of the student experience, and therefore essential for the client. GBS needed this to apply to staff availability as well and wanted to avoid a two-tiered approach for academic and non-academic roles. This meant the client was unable to offer remote or hybrid working models. In a market where candidates have more choice around how and where they work, this resulted in a low interest from candidates.
  • Sourcing from other higher education institutions and universities meant the audience was hard to engage.
  • Hiring managers were disengaged due to high workloads. Plus, the previous recruitment processes were transactional and didn’t keep candidates engaged.
  • The hiring managers also had competing priorities, which meant the overwhelmed internal recruitment team were struggling to obtain the required information to fill the roles.

Solution

Our dedicated and skilled recruiters became an extension of the in-house team, optimizing and managing GBS’s recruitment process from attraction to offer for a four-month project RPO solution. PeopleScout managed each position in its entirety, from briefing through to verbal offer acceptance, including creating a sourcing and attraction plan for each role.

Our team seamlessly integrated into the organization’s culture, mapping the end-to-end candidate journey in collaboration with hiring managers. PeopleScout very quickly became trusted colleagues with the in-house recruitment team, and through our consultative approach we offered recommendations based on our labor market research and feedback.

A dedicated PeopleScout recruitment marketer was brought in to reimagine the organization’s messaging, job descriptions and attraction channels. GBS received a suite of copy, both bespoke to individual roles and templates which they could use into the future. Our recruitment marketing strategy included a social media attraction campaign featuring a one-click application.

On top of these attraction efforts, we directly sourced passive candidates to raise GBS’s profile in the market. Throughout the project, we gathered market feedback and tracked hiring metrics, presenting it through customized dashboards to guide hiring decisions. GBS received weekly analysis of market insights, salary benchmarks and candidate feedback.

Result

Our consultative approach to hiring and tailored strategies for each role resulted in:

  • An 87% offer acceptance rate.
  • An enhanced candidate and hiring manager experience.
  • Increased diversity within roles filled.

At a Glance

  • COMPANY: Global Business School
  • INDUSTRY: Higher Education
  • PEOPLESCOUT SOLUTIONS: Recruitment Process Outsourcing, Talent Advisory
  • ABOUT GBS: Global Banking School (GBS) is a higher education provider with campuses across the United Kingdom. GBS offers a range of courses in banking, management and healthcare designed to enhance students’ career prospects in the financial services industry.

Talent Consulting and Strategic Sourcing Support for Business Critical Roles

Talent Consulting and Strategic Sourcing Support for Business Critical Roles

Talent Consulting and Strategic Sourcing Support for Business Critical Roles

PeopleScout helped this waste disposal company source, attract and hire drivers, administrative roles and technicians with RPO, recruitment marketing campaigns and compliance support.

16,000 annual hires targeted
957 offers made over two career day events
38 % improvement in key SLAs in just 30 days

A leading waste disposal and environmental services company faced significant challenges sourcing, attracting and hiring talent for vital full-time frontline roles including CDL drivers, technicians and administrative roles.

Scope and Scale

As a result of continuing skills shortages in high-demand roles, the client found it increasingly difficult to source talent with the required skills, credentials and experience to fill business-critical roles. The client required a full-cycle RPO solution to support its internal team in making 16,000 annual hires across North America. What’s more, the client sought a consultative partnership with ongoing strategic guidance and best practice implementation across the client’s talent sourcing program.

Situation

PeopleScout has partnered with the client for nearly 14 years supporting full-cycle, end-to-end roles and recently, the client required additional support for partial-cycle hiring. PeopleScout deployed a flexible RPO solution to source and deliver a continuous slate of qualified candidates into the client’s talent pipeline. PeopleScout also provides the client with recruitment marketing support, detailed talent market insights and expertise on program compliance.

Solution

  • PeopleScout’s team executes talent sourcing strategies, provides guidance on how to tap into talent channels and helps the client develop grassroots recruitment marketing campaigns to reach the right candidates.
  • PeopleScout developed a custom SLA dashboard and performance reporting via Affinix Analytics which highlights roles that aren’t getting as much traction and optimizes channel usage and ad spend accordingly.
  • With the additional scope, PeopleScout ramped up its team of 47 to 284, with specialized global support spanning India, Poland, UK and the U.S.
  • PeopleScout Talent Advisory team conducted a two-phased research project, including an exhaustive candidate persona framework based on interviews with the client’s current employees, for insight into their talent audience to develop highly targeted creative and messaging.
  • PeopleScout created a new employer branding and recruitment marketing strategy, and dedicated marketing experts from PeopleScout manage all the client’s social media accounts.

Results

  • PeopleScout’s team finds qualified candidates in niche skill sets despite challenges presented by the COVID-19 pandemic and resulting talent shortages.
  • PeopleScout’s full-cycle RPO solution targets an average of 16,000 annual hires for extremely difficult skill sets, improving business outcomes across the enterprise.
  • Implemented new channels including Indeed, Appcast, geofencing, social media and more which allow the team to instantly post jobs to multiple job boards at one time.
  • After just 30 days of launching the SLA dashboard, the client saw a 38% improvement in SLAs including the interview-to-offer ratio, candidate outreach timeframe and offer extension timeline.
  • PeopleScout helped with the planning and execution of two career day events with over 1,900 attendees and 957 offers made, resulting in two of the best career day events the client has ever had.

At a Glance

  • COMPANY: Waste disposal and environmental services company
  • INDUSTRY: Utilities, Environmental Services
  • PEOPLESCOUT SOLUTIONS: Recruitment Process Outsourcing, Talent Advisory, Affinix
  • ANNUAL HIRES: 16,000
  • ABOUT THE CLIENT: As a leading waste disposal company in North America, this organization has over 45,000 employees supporting over 20 million residences and businesses with their waste and recycling needs.

U.S. Workforce Trends Quarterly Report for Q3 2022

U.S. Workforce Trends Quarterly Report for Q3 2022

To help businesses succeed in navigating the current hiring climate, our Q3 2022 U.S. Workforce Trends Report shares the latest employment numbers along with exclusive jobs data across a variety of industries.

Although the high demand for U.S. workers has cooled a bit since its peak in April 2022 (11.9 million), the number of unfilled jobs remained high as of September 2022, with 10.1 million job openings, according to the Bureau of Labor Statistics (BLS). Companies face a mismatch between supply and demand that has left about 1.7 job openings for every available worker, notes BLS data. The mismatch has led to increasing wages, with average hourly earnings up 5% year over year.

To help businesses succeed in navigating the current hiring climate, our U.S. Workforce Trends Quarterly Report for Q3 2022 shares the latest employment numbers along with exclusive jobs data across a variety of industries.

Key information in the report includes:

  • The latest national jobs numbers
  • Wage info for several key industries
  • Breakdown of jobs seeing the most growth
  • Recommended solutions and strategies for dealing with the labor shortage

[On-Demand] Candidate Relationship Management: How to Get the Most out of Your CRM

[On-Demand] Candidate Relationship Management: How to Get the Most out of Your CRM

Candidate relationship management tools are a critical component of any recruitment process, but very few employers actually use the software to its full potential. Could your organization be doing more with your CRM?

When properly deployed, a CRM can help you attract and engage candidates from underrepresented backgrounds, source strong passive candidates and increase application rates. With so much power in one tool, talent acquisition teams that leverage the full suite of features will be more competitive in a difficult talent market.

So how can you tap into the power of your CRM? Join PeopleScout Senior Product Manager Brittany Taylor for the newest Talking Talent webinar, Candidate Relationship Management: How to Get the Most out of Your CRM, available now on demand.

In this webinar, Brittany covers:

  • The full range of CRM capabilities

  • How your CRM can supercharge your diversity initiatives

  • Proven strategies for decreasing candidate fall-out in the application process

  • Simple methods to fill the top of your recruitment funnel

  • Real-life examples of how implementing these changes helped employers reach their talent acquisition goals

  • And more!

PeopleScout Jobs Report Analysis—October 2022 

U.S. employers added 261,000 jobs in October, beating analyst expectations. The growth came despite rising interest rates aimed at slowing the job market. The unemployment rate rose to 3.7%. Year-over-year wage growth dropped to 4.7%. 

jobs report infographic

The Numbers  

261,000: Employers added 261,000 jobs to the U.S. economy in October.  

3.7%: The unemployment rate rose to 3.7%. 

4.7%: Wages grew 4.7% over the past year.  

The Good 

The 261,000 jobs added in October demonstrate continued resilience in the U.S. economy, according to the Wall Street Journal. Healthcare and education and business and professional services led the growth. While the leisure and hospitality sector has dropped back from the extremely high jobs numbers we saw during the Great Rehire, there is still sustained growth, led by hotels and other accommodations. 

The Bad  

Like last month, the bad news in October’s jobs report would look like good news at almost any other point. Job growth is strong, but as MarketWatch reports, the strong growth means the current labor shortages are not going anywhere. The Federal Reserve has been aggressively raising interest rates in the hopes of slowing the job market. The current labor shortages are driving higher wages, contributing to inflation. In fact, Fed Chairman Jerome Powell said the labor market is “out of balance” because there are too many job openings and not enough job seekers to fill them. 

The Unknown 

As the New York Times reports, the Federal Reserve is watching these jobs numbers closely, and October’s report suggests that they will be likely to raise rates again. Their next decision is scheduled for December 14. The fact that both hiring and wage growth have cooled slightly shows movement in the right direction, but experts say that it is still happening too slowly. Job postings actually rose again in September after falling in August, demonstrating the stubborn resilience of the job market. 

Destination 2030: 10 Predictions for What’s Next in the World of Work 

Destination 2030:

10 Predictions for What’s Next in the World of Work

The last few years have been tumultuous for talent acquisition leaders, and it doesn’t look as if the pace of change is going to let up. Are you looking for ways to future-proof your workforce and create a resilient talent strategy?

Buckle up and join us as we travel to the world of work in 2030! Our ebook, Destination 2030, explores the latest research and global workforce trends and how they might impact the way we work.

In this ebook, we explore:

  • Demographic changes in the workplace and how to engage each generation
  • The changing role of technology in candidate and employee engagement
  • Our top 10 predictions for what’s next in world of work

Talking Talent: RPO in a Shifting Economy

It has been more than two years since the start of the COVID-19 pandemic, and in that time, we’ve seen an economy and a job market that have changed in unprecedented ways. Talent leaders have dealt with lean teams, developed new, virtual processes for interviewing candidates and worked through the challenges of hiring through the Great Rehire and Great Resignation. Now, they’re staring down an entirely new economic reality.

In this episode of Talking Talent, Rick Betori shares his insights on the current economic landscape and how talent leaders can stay ahead. Rick also shares how RPO, recruitment process outsourcing, can create the biggest opportunities for talent leaders as they prepare for 2023.

The U.S. economy has officially regained all of the jobs lost at the start of the pandemic, putting an end to the Great Rehire. The pace of hiring has started to slow; however, current monthly job gains remain at historically high levels. The labor force participation rate has yet to return to pre-pandemic levels, and there are currently 4.8 million more open jobs than there are unemployed Americans. On top of that, inflation remains high, and the Federal Reserve continues to raise rates to keep the economy healthy.

It’s a complicated landscape. How should talent leaders respond? Many have leaned on RPO recruitment companies to get through hiring spikes and implement new technology. But what is the value of an RPO partnership during more steady state hiring? How can talent leaders pull in more workers who have yet to return to the job market? What is the role of talent technology in today’s market, and how can you ensure a strong employer brand?

Joining this episode to discuss these issues is Rick Betori, PeopleScout’s President.* Rick has been with TrueBlue since 2011 and has more than 25 years of proven experience driving organizational change and growth.

*At the time of this recording, Rick’s title was PeopleScout Managing Director, the Americas.

Candidate Experience Pitfalls That Impact Diversity Recruitment [Infographic]

Diversity, equity and inclusion (DE&I) is a top priority for global organizations, but only 5% say they’re succeeding with their DE&I initiatives. We decided to look into where talent acquisition programs fit in and how the recruitment process may be contributing to this disparity for companies.

In looking at the research, we uncovered some common pitfalls within the candidate experience in which organizations unintentionally sabotage their DE&I efforts.

CHECK OUT OUR INFOGRAPHIC TO EXPLORE SOME OF THE DATA WE UNCOVERED IN OUR DIVERSITY & THE CANDIDATE EXPERIENCE REPORT.

Diversity and candidate experience infographic

To learn even more about diversity recruitment, download, Diversity & the Candidate Experience: Identifying Recruitment Pitfalls to Improve DE&I Outcomes.