Category: Talent & Market Insights

The Multigenerational Workforce: How to Hire and Retain Older Workers

Posted on by akessler

The aging workforce is a key factor shaping the future of work. In most major economies today, there are around six workers for every retiree. By 2030, all Baby Boomers will have reached 65, the general retirement age threshold, meaning this figure is set to drop substantially.

As Boomers leave the workforce, employers are trying to stem the bleeding from the skills, knowledge, and experience they’ll take with them by finding ways to keep them on the payroll. Organizations that recognize the value of older workers can benefit from leveraging this talent pool. Here, we explore four strategies to help you retain older workers or entice them to return.

Who are the Baby Boomers?

First, let’s take a closer look at the demographic. Baby Boomers are individuals born between 1946 and 1964, the largest generation in history. This generation was born following World War II and lived through the Civil Rights Movement, the Cold War, and massive technological advancements. They are a major force in the global economy and have built and defined the labor market we know today.

Boomers are the most affluent generation in history, and they are expected to pass on trillions of dollars to their children and grandchildren, which could reduce the labor participation of younger generations. Combined with today’s decreased birthrates, the global workforce is already shrinking as Boomers increasingly retire.

A Global Look at Retirement

According to Pew Research Center, approximately 2 million Baby Boomers retire every year. In 2020, this number swelled to a historic high as 3 million workers retired from the workforce in the U.S. alone.

However, attitudes toward retirement vary widely across countries and are influenced by both culture and economics. For example, in the United States, where people value individualism and self-reliance, retirement is seen as a time to relax and enjoy life. But in Japan, there is a strong emphasis on collectivism and community, which can lead people to feel they should continue working and contributing to their circle.

Older Workers Percentage
(Source: Statista, OECD)

Despite people working longer in Japan, the country is projected to have a ratio of just 1.5 workers per retiree at the start of the next decade. In some of Europe’s biggest economies and the U.S., the outlook is not much better with figures hovering around the 2.4 mark. This is due to declining global birthrates, which has fallen by half since 1950. In short, there aren’t enough Millennials and Gen Z-ers to fill Boomers’ shoes.

The exodus of Boomers from the workforce is having a significant impact on the global economy, and some countries are beginning to raise the retirement age to push back the impending dropoff. Moreover, in recent months, as the cost of living has gone up, there’s been a surge in “unretirement” as some who left work during the pandemic are looking for jobs again.

Boomeranging Boomers: Why are Retirees Coming Back to Work?

In the UK, the number of people over 65 working or looking for work hit nearly 1.5 million in the second half of 2022—the highest level on record per the ONS. According to a recent report from Paychex, one in six retirees are considering returning to work.

Some common reasons for coming out of retirement cited in the report include:

  • Financial need. For some retirees, savings and pensions may not be enough to cover expenses, especially if they accrue medical bills. Over half (55%) of retirees who have returned to work say they needed more money. Going back to work, even part-time, can make a difference in their financial situation.
  • Lack of purpose. Jobs create structure and routine in an employee’s life. Losing this can be a difficult adjustment for some after retirement. Some may also feel they are no longer contributing to society or making a difference; returning to work can give these individuals a sense of purpose and fulfillment.
  • Socialization. Work provides a social outlet. In fact, 43% of retirees say feeling lonely is a motivator for returning to the workforce. Work creates opportunities to socialize as employees interact with co-workers and customers.
  • Boredom. Work can provide mental and physical stimulation for retirees. Boredom is cited as a reason for returning to work for 52% of survey respondents. Working can help older people stay sharp and active.
  • Enjoyment of work. Some retirees simply enjoy working. They may find their jobs to be challenging and rewarding, and they may not be ready to give them up when they reach retirement age.
Retaining Older Workers

Attracting & Retaining Older Workers

While older people may be keen to return to the workforce, the job they want in the latter part of their life won’t look like their previous career. They may seek to change how, when, and where they work—including moving to part-time positions or changing fields or job roles. If employers make certain concessions, Baby Boomers might be persuaded to stay a little longer, therefore preventing the “cliff-edge” effect.

So, how can you retain the older workers you have for a little longer or entice them back? Here are four things to consider.

1. Address Ageism in the Workplace

The majority (73%) of those in their 50s and 60s feel they share invaluable skills, experience, and knowledge with colleagues—but 16% believe it is not valued by their employer. Indeed, 62% of hiring managers admit they “are skeptical about hiring retirees.” It’s no wonder that 74% of working retirees “feel judged by co-workers because of their age.”

Creating a sense of inclusion and belonging is crucial for both attracting and retaining older workers. If you have a diversity training program in place, ensure that ageism is being addressed in your training materials. If you don’t have a training program, consider creating one. Not only will you see an improved business performance, benefiting your bottom line, but your employees of all ages will be more engaged, content and productive.

2. Add More Flexible Working Arrangements

Boomers may continue to work after retirement age, but that doesn’t mean they’re seeking the same kind of career. Few of this generation will want to continue working in a typical full-time contract after they hit 65. Family responsibilities and the desire for more leisure time are key concerns for them. Many won’t want to continue taking on high-pressure responsibilities either.

Flexibility and work/life balance are important across all age groups, with Millennials, Gen X and Baby Boomers rating it as a top consideration when looking for a job in a recent survey. Amongst retirees looking to return to work, 53% want a remote position according to the Paychex survey.

3. Provide Training & Mentoring

Older employees, especially those who have returned to the labor force from retirement, value opportunities to learn and develop new skills. Organizations that provide chances for older workers to expand their knowledge and skills have a stronger chance of retaining this talent pool. This could include things like offering new technology training or mentoring or coaching opportunities.

Reverse-mentoring programs have become a popular way to engage both older workers and younger employees who are hoping to build leadership skills. Unlike a typical mentorship, reverse-mentoring involves a younger employee mentoring an older, more experienced mentor. Not only can this help older workers develop digital skills, but it also contributes to a culture of inclusion.

4. Create Opportunities for Knowledge Transfer

While it’s important that older workers harness new skills, it’s equally crucial to ensure that skills aren’t lost from generation to generation. There is already a skills shortage in many fields, from haulage to engineering and healthcare to hospitality. Losing the Boomer demographic from the workforce will intensify the challenge of filling skilled roles—not to mention reduce the dissemination of knowledge for the generations that follow.

The biggest responsibility for Baby Boomers is knowledge transfer and mentoring. Organizations must create opportunities for more experienced employees to work closely with new joiners and less experienced colleagues to impart their wisdom and share their organizational and sector connections. This way organizations can ensure these skills, insights, and knowledge are not lost and can be leveraged for years to come.

Embracing the Aging Workforce

In this tight labor market, employers need to keep an eye out for opportunities to capitalize on the experience and knowledge that older workers possess, particularly as they withdraw from the labor market. Baby Boomers offer loyalty, passion, and confidence. Embracing the aging workforce could prove to be a lifeline for organizations that are planning for a future labor shortage.

Check Out Our Report To Learn More About The Future Of Work

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

Read Full Report

PeopleScout Jobs Report Analysis—March 2023

Posted on by nfuqua

U.S. employers added 236,000 jobs in March, a slowdown from the start of the year. This shows a gradual cooling of the labor market that experts have wanted to see. The unemployment rate fell slightly to 3.5%. Year-over-year wage growth fell to 4.2%.

march jobs report infographic

The Numbers

236,000: Employers added 236,000 jobs in March.

3.5%: The unemployment rate fell to 3.5%.

4.2%: Wages rose 4.2% over the past year.

The Good

As the Wall Street Journal reports, March’s report shows that the job market is starting to cool after a very strong start of the year. This is what officials at the Federal Reserve have been hoping to see as they’ve increased interest rates in the hopes of slowing hiring, wage growth and inflation. The most recent numbers also show a decrease in wage growth, though some industries, like leisure and hospitality, are still seeing rapidly rising wages. The leisure and hospitality sector led wage growth again last month, followed by education and health services.

Additionally, more workers entered the workforce in March, boosting the participation rate for Americans considered in their prime working age to the highest level since 2001. The overall labor force participation rate rose to 62.6%, the highest rate since February 2020.

The Bad

The most recent report is starting to show the impact of recent layoffs. As the New York Times reports, several of the industries most impacted by borrowing costs shed jobs in March, including financial services, manufacturing and retail. This is difficult news for workers as we have also seen increases in unemployment claims over the past several weeks.

The Unknown

March’s jobs report does not reflect the impact of the failure of Silicon Valley Bank as the numbers reflect trends at the beginning of the month. The fallout will begin to show up in the revisions to March’s numbers in April’s report.

Additionally, the big question for experts is whether or not this cooling will be enough to slow the pace of rate hikes at the Federal Reserve. As MarketWatch reports, the slowdown is good news, but it may not be slow enough for officials. The Fed next meets May 2-3.

Job Descriptions vs Job Advertisements: Moving Beyond the Buzzwords to Entice Top Talent

Posted on by akessler

The average job description is about as inspiring as a television user manual. Look, I get it. You want to get the job posted ASAP. Yet, job descriptions are often a candidate’s first introduction to your company, so you’ve got to give them what they’re looking for. You’ve got to make each word count.

There are over 58 million companies listed on LinkedIn and 90 job applications are submitted on the platform every second. Then there’s Indeed, Glassdoor, industry job boards, company career sites, social media, word of mouth, and all the myriad of other ways candidates find work. If you’re not treating your job postings like a critical part of the candidate experience, you’re already missing an opportunity to win over top talent.

So, how do you write job descriptions that stand out?

Job Descriptions vs Job Advertisements: Why It’s Time to Change Your Approach

A job description outlines the duties, responsibilities and requirements for a particular job position. It typically includes:

  • Job title
  • Essential job tasks
  • Qualifications
  • Required skills and experience
  • Reporting structure
  • Salary
  • Other relevant details

While this information is important for finding qualified talent, most organizations over-index their requirements and don’t tell the candidates what they’ll get in return. It’s all about what organizations want and not what they offer, which won’t fly in today’s candidate-led market.

At PeopleScout, we encourage our clients to think about their job postings as job advertisements. In other words, you’ve got to sell the position and your employer brand.

Essentially, put yourself in the candidate’s shoes and think about what the ideal candidate wants to know. Win them over with your employer value proposition (EVP)—that “give and get” between your organization and employees.

What Candidates Want to See in a Job Description

Job Descriptions

Our most recent research revealed the top five considerations that candidates look for when deciding to apply to a company:

  1. Flexible working and work/life balance
  2. Mission/purpose
  3. Rewards and benefits
  4. Career development/mobility
  5. Company values

Not surprisingly, flexibility and work/life balance are top of mind for candidates around the world, particularly for women as they juggle work and family. Our findings also confirmed a post-pandemic shift in candidate expectations, with a greater emphasis on purpose. In fact, 50% of candidates say the mission and purpose of an organization have a significant impact on their decision to apply. Men are more likely to rate organizational philosophy as extremely important when compared to other considerations.

While job requirements will always feature in job listings, to keep up with candidate expectations, it’s time to revamp your job descriptions to advertise your unique offerings as an employer.

6 Best Practices for Crafting Job Postings into Job Advertisements that Stand Out

Here are six best practices to help your job ad stand out on any online job listing site.

1. Rearrange the Structure

Structure your job ads in the order of importance according to your candidate. Before you list your requirements, you’ve got to give the candidates what they want. Think about how you would “sell” the position. Include information about your organization’s mission and purpose, what the role has to offer the candidate, what environment they’ll work in, perks and benefits, and more.

We suggest the following order:

  • Job title
  • Salary information plus any relevant bonus schemes, retirement benefits, etc.
  • Location including relevant information on the work environment and remote or hybrid work arrangements
  • Hours especially information on flexibility (part-time, job share, flexible shifts, etc.)
  • Elevator pitch. This is not your “About us” marketing boilerplate, it’s your “so what?” moment. Show why a candidate should apply for this job and why they should work for you, including your mission, purpose, values, etc.
  • Job summary including the day-to-day responsibilities of this role and the impact the role has on the business
  • Required skills and experience
  • About the recruitment process
  • How to request reasonable adjustments

Also, the call-to-action to apply for the role should be featured prominently so it’s always visible as one scrolls through the ad.

Pro tip: Use relevant sub-headings to help the reader scan the content and choose which parts to read first.

2. Keep Them Short and Sweet

When re-envisioning your job descriptions as job advertisements, consider the time it takes to read and review the job posting, the content’s scannability and clarity, and the overall user experience. Of course, you’ll want to help the candidate determine if they’re qualified for the role by including requirements like education, certifications, previous experience, and technical skills required for the role. You may even want to include soft skills, but don’t go overboard. According to an analysis by LinkedIn, shorter job descriptions get more applications.

Plus, more job requirements can have a negative impact on your diversity recruitment goals. While you may be familiar with the research that shows women are less likely to apply when they don’t meet 100% of the criteria. Interestingly, further research shows that this isn’t because women don’t feel as though they can’t do the job; rather, they don’t want to waste their time or energy on an application if it will be automatically rejected. 

The more requirements you have, the more likely you are to discourage candidates from applying. Plus, as the list of criteria on a job posting gets longer, the applicant pool for that job will likely become less diverse.

Pro tip: Focus on behaviors rather than character traits. So rather than, “You have excellent communication skills,” try, “You have presented to executive leadership or at client meetings.”

3. Make the Content Relevant

Make sure the content of the job posting is specific to the role and that it provides value to the candidate for their decision-making process. Include details about location, hours and shifts, and weed out extraneous or trite verbiage. For example, everyone thinks they’re a team player. Do you really need to say that’s what you’re looking for?

Instead, consider including realistic job previews. These video job advertisements give candidates a feel for the job by showing them a snapshot of the real-life day-to-day tasks and environment. We find it to be an effective screening tool and can reduce attrition by setting the right expectations.

Video job ads receive 70% more applications than written ones.

Pro tip: Try featuring existing employees as brand ambassadors in your job listings and candidate attraction material. Job seekers trust employees three times more than the company to provide credible information on what it’s like to work there. Plus, it will help candidates see themselves in the role.

4. Include the Salary in Job Postings

If your job postings mention a “competitive salary,” I can guarantee a lot of your potential applicants are thinking, “If your salary is so competitive, why won’t you say what it is?”

Salary transparency is a tough topic and one that is evolving quickly. Publishing salaries is increasingly a legal requirement in some countries and states. More than that, pay transparency in job descriptions earns your candidates’ trust. In this day and age, when information is readily available, candidates are more likely to apply when the job ad includes a salary or a salary range, because they feel more confident about what they’re getting into. Plus, by offering this information up front, your recruiters and hiring managers can avoid awkward conversations, and you won’t waste anyone’s time.

Pro tip: Consult your legal team on legislation in your area regarding pay transparency, especially as it applies to remote work.

5. Use Plain Language

Effective job advertisements are 3 things: concise, bold and clear. Keep the verbiage in your job listings simple. Use short words and short sentences. Avoid jargon where possible. There are a number of free online tools that can help identify biased language as well as opportunities to improve readability. The readability score of a job posting should be appropriate to the role you’re advertising.

Plain language is especially important for job titles. Use verbiage that your candidate would use rather than your internal terminology. A candidate looking for a hotel job is more likely to search for “housekeeper” rather than “environmental services engineer.” If a job is for a more experienced employee, use “senior” rather than your internal seniority categories like “level II.”

While you’re at it, assess your job ad for biased language. Does it contain verbiage like “ambitious” or “expert” that are stereotypically masculine? Job postings with gender-neutral wording get 42% more applications. There are a variety of online tools that can highlight biased language.

Pro tip: Skip the cutesy language like “rockstar” or “ninja.” Candidates are over it.

Job Search

6. Optimize Your Job Postings for Search Engines

Search engines, like Google, are the top job search tools used by candidates across the world, with 66% of candidates using a search engine to find job openings. Typically, we see employers rank well for search terms related to their brand name. However, nearly a quarter of organizations (22%) don’t appear in Google for job listings when searching by location and job title, such as “IT jobs in Cincinnati.”

Increase your chances of being found on search engines by rolling out some Search Engine Optimization (SEO) best practices for your job postings. SEO is the practice of optimizing a webpage to rank higher in search engines such as Google, Yahoo, and Bing to drive more traffic to your page. Optimizing your job posting with the right set of keywords can help the right talent find your roles.

Modify your job ad titles and copy to increase the chances of your listing appearing in more searches. Put yourself in your candidate’s shoes and think about what terms they would use to find that type of role. This is what your job posting title should be. Plus, you’ll want to sprinkle it in throughout the job description. Be sure to include locations (even if it’s remote or virtual) and shift times prominently so you show up for candidates looking for those things.

Pro tip: Check out part 2 of “Leveraging Recruitment Marketing Strategies to Supercharge Talent Acquisition for a crash course in SEO for recruiters. Download PeopleScout’s latest report to get more practical tips on creating a better candidate experience.

Inside the Candidate Experience 2023 Report

Download here

5 Career Site Must-Haves to Improve the Candidate Experience

Posted on by banderson

By Simon Wright, Global Head of Talent Advisory Consulting

Your career site is a one-stop shop where candidates can learn about your organization, evaluate your employer value proposition (EVP), and find opportunities. It’s not enough to simply list your job openings. Candidates are savvier than ever and want to be informed about your organization before they apply.

Your career site is a crucial resource for candidates as they research your organization and roles, playing a pivotal role in the candidate experience. For our recent research report, Inside the Candidate Experience, we audited the candidate journey—including the career sites—of 217 organizations across sectors. When we compared the findings with candidate survey data, we found that many career sites were lacking when it comes to providing the experience candidates expected.

In our Talent Advisory work with companies around the world, we often find that organizations seem to be under the impression that candidates visit the career site just once—to submit an application. In reality, we see candidates come back again and again throughout the recruitment process—usually before an interview and again when they receive an offer. Modern candidates, who are used to social media and e-commerce experiences, think of your career site as a content hub rather than a brochure—and you should too.

Here are five career site must-haves to create a positive candidate experience:

1. Intuitive Career Site Search Functionality

The first rule of career sites is to ensure that job openings are easy to find. That means ensuring your job descriptions can be found via Google and that your career site is easy to access from your corporate website. But it goes further—are your job openings searchable on your career site? Can your job listings be accessed from everywhere on your career site?

Candidate expectations are increasingly fueled by consumer experiences. So, employers should take a page from the e-commerce book and streamline career site experiences by offering relevant job searches. This means candidates can navigate quickly and easily to the types of roles that interest them. We’ve helped our clients up-level their job postings by featuring relevant content for certain jobs, including employee spotlights for someone who’s currently in the role and even recommending similar positions that the candidate may be interested in.

Search doesn’t just apply to your job openings. Does your site have a universal search accessible from every page? To satisfy today’s informed candidates, you must make it as easy as possible for candidates to find the content that matters to them—whether it’s information on your benefits, your sustainability statement, or your DE&I efforts.

Careers Sites

2. Information About Your Organizations’ Mission and Purpose

Historically, candidates have given rewards and benefits priority when it comes to their career decisions. However, our study confirms a change in candidate expectations following the pandemic, with more value placed on flexibility and organizational philosophy.

The top things candidates look for when evaluating a company are:

  1. Flexible working and work/life balance
  2. Mission/purpose
  3. Rewards and benefits
  4. Career development and mobility
  5. Company values

Half (50%) of candidates say an organization’s mission and purpose are key influences on their decision to apply. This is true across generations not, just for Gen Z.

Top Considerations by Generation

(Source: Inside the Candidate Experience 2023 Report)

With mission/purpose in the top five considerations for job seekers, it’s concerning how few organizations have this information on their career websites. We found an organization’s mission and purpose less than half (48%) of the time on the sites we evaluated. This means that half of employers are missing an opportunity to make an emotional connection with their talent audiences and help candidates understand how the role they have applied for fits into that mission. If candidates can’t find your mission on your careers site, they won’t even look at the roles you’ve got.

You might be thinking, we’ve got that on our corporate website. Can’t we just link to it there? As soon as you send a candidate away from your career site, they’re less likely to come back to apply. Streamline the candidate experience by giving candidates the information they want in the same place where they can submit an application.

3. Content Featuring Real Employees

During our diagnostic, we evaluated career sites to see if a diverse group of real employees was represented. We found that 35% of organizations don’t feature real employees on their career site. In addition, 60% of career sites don’t contain any video content in which employees share their personal journeys and stories.

Yet, when asked how hearing from actual employees would affect their job search, 86% of respondents said they value hearing employee stories. This is especially important to Baby Boomers with 92% saying it would influence their decision to join an organization. Plus, one in three women also believe it’s critical.

Videos that show a diverse range of employees in their real work environment help candidates see themselves in the role and at your organization. The number one obstacle for candidates when it comes to applying is not knowing what it’s like to work at an organization. So, brands that can show candidates what their day-to-day tasks will look like in a role will see more applications and higher-quality candidates.

4. Information on the Recruitment Process

Setting expectations and giving advice on the recruitment process after you’ve piqued a candidate’s interest is an often-overlooked way of improving the number and quality of applications you receive. If candidates are unsure of what they’re getting themselves into from the start, they will likely pass over your position entirely.

In our candidate experience diagnostic, we found that information about the recruitment process was lacking. Only 13% of employers offer candidates the opportunity to speak to a recruiter or current employee before applying. Just a third of career sites (34%) featured frequently asked questions (FAQs) or advice to support candidates throughout the process (31%).

Less than a third (28%) of the career sites we assessed gave an overview of the key stages of the recruiting process. This information can help set realistic expectations for candidates, reduce their anxiety during the recruitment process and reduce drop-off. Plus, outlining the steps of the candidate journey has the added benefit of making your recruitment process more accessible to hard-to-reach talent groups, supporting your brand’s commitment to diversity and inclusion.

Careers Sites, Application

5. An Opportunity to Join Your Talent Community

As consumers, we’re accustomed to subscribing to offers and news from our favorite brands. Sharing tailored content via marketing automation tools is a simple, yet effective way companies build engagement with prospective customers until they’re ready to buy. Talent acquisition leaders can use a similar approach in their recruitment efforts.

Concerningly, only half of organizations (53%) give candidates an opportunity to register their interest or to sign up for job alerts. Even fewer (39%) encouraged candidates to join a talent community. So, you could be unknowingly turning away talented candidates if you don’t provide a channel for staying in contact with your company. When new roles come up, your talent pool of qualified candidates should be your first port of call.

Candidates wait an average of nine months between joining a talent community and applying for a job. So, maintaining talent pools and communicating with them regularly allows you to demonstrate to candidates what they are missing by keeping them warm until the right job becomes available. These communications should go beyond the standard job updates in order to showcase the value of your employer brand and what they’ll gain by joining your team. Organizations that can successfully implement this strategy will outperform the competition in securing top talent.

Research Report

INSIDE THE CANDIDATE EXPERIENCE 2023

Read the report

PeopleScout Jobs Report Analysis—February 2023

Posted on by nfuqua

U.S. employers added 311,000 jobs in February, a slowdown from January but still beating economist expectations. The unemployment rate rose slightly to 3.6%. Year-over-year wage growth rose to 4.6%.

jobs report infographic

The Numbers

311,000: U.S. employers added 311,000 jobs in February.

3.6%: The unemployment rate rose to 3.6%.

4.6%: Wages rose 4.6% over the past year.

The Good

As the Wall Street Journal reports, February’s jobs report demonstrates surprising economic resilience, despite continuing pressures. While some companies, particularly in the technology sector, have cut jobs in recent months, other sectors have more than made up for the job losses. Leisure and hospitality and education and health services led February’s growth.

While some experts have raised concerns about the consistently strong job growth in the face of high inflation and rising interest rates, others say the labor market may be heading toward a “strong, stable, and sustainable pace of growth.” Helping support this analysis, the labor force participation rate for those ages 25-54 increased in February. This added 400,000 workers to the labor force, easing some pressures.

The Bad

While the momentum has continued in many sectors, others are seeing a more mixed picture, as the New York Times reports. Manufacturing, transportation and warehousing and financial services all shed jobs in February. The continued growth also makes it more likely that the Federal Reserve will consider a bigger interest rate increase at their next meeting on March 21-22.

The Unknown

The big question for March is how the Fed will view the latest jobs data along with other economic indicators. MarketWatch reports that officials had planned to slow the pace of interest rate increases, but the latest numbers show mixed signals. The increase in the unemployment rate and the labor force participation rate could persuade the central bank to stick with its plan for smaller interest rate increases. However, the blockbuster jobs numbers in both January and February will give officials something to consider later this month.

2022 U.S. Jobs Data and Trends Shaping Work in 2023

Posted on by nfuqua

2022 U.S. Jobs Data and Trends Shaping Work in 2023

Exclusive Access to Jobs Data and Workforce Insights for 2023

As 2023 gets underway, hiring remains a key issue for employers across the country. The labor market is still creating jobs at a brisk pace and the number of available jobs continues to outpace the number of workers. PeopleScout is looking back at some of the trends that have shaped the job market this year — and that are likely to make an impact for next year as well.

Our newly released report, “2022 U.S. Jobs Data and Trends Shaping Work in 2023,” shares exclusive jobs data across a variety of industries plus insights on recruitment and hiring trends. Plus, we explore some of the dominant workforce trends affecting the labor market and preview the year ahead with a series of predictions.

Key information you’ll find in the report includes:

  • National job numbers for 2022
  • Workforce and wage info for several major industries
  • Breakdown of jobs seeing the most growth
  • Workforce trends and predictions for 2023

 

Get access to your report now!

PeopleScout Jobs Report Analysis—January 2023

Posted on by nfuqua

U.S. employers added 517,000 jobs in January, in a shockingly strong jobs report. The growth came after several months of slowly cooling jobs numbers. The unemployment rate dropped to 3.4%. Year-over-year wage growth fell to 4.4%.

jobs report infographic

The Numbers

517,000: The U.S. economy added 517,000 jobs in January.

3.4%: The unemployment rate fell to 3.4%.

4.4%: Wages rose 4.4% over the past year.

The Good

The numbers in January’s jobs report were surprisingly strong. According to the Wall Street Journal, the unemployment rate of 3.4% is the lowest in 53 years. The monthly job growth was the strongest we’ve seen since July 2022, with the leisure and hospitality sector leading in job gains.The length of the average work week grew, which means that not only are more people working, but they’re also working more hours.  Finally, despite the strong growth and low unemployment rate, wage growth continued to soften, a good indicator of decreasing inflation.

The Bad

The bad news in January’s report is that the Federal Reserve likely has more work to do to combat high inflation. According to the New York Times, Fed officials have said that they are looking for the labor market to cool. While the slower wage growth is a step in the right direction, January’s numbers show a robust, competitive and resilient job market. Federal Reserve Chair Jerome Powell said that they will continue to watch economic data ahead of their next meetings in March and May.

The Unknown

When combined with other economic indications, January’s jobs report highlights the mixed signals of the U.S. economy. Like wage growth, inflation is starting to slow. Tech company layoffs have made significant headlines, and more job cuts are expected. Despite the strong job growth, the labor participation rate remains well below pre-pandemic numbers. Now, as MarketWatch reports, many businesses are reluctant to lay off workers that they struggled to hire in 2021 and 2022, which could help the U.S. economy avoid a recession.

Talking Talent: 2023 Global Talent Market Snapshot

Posted on by nfuqua

As we start 2023, global economic uncertainty remains; so, in this episode of Talking Talent, we’re taking a look at how labor market trends are impacting different regions around the globe.

Over the past three years, we’ve heard a lot of the same words and phrases repeatedly: unprecedented, uncertainty, new normal and the list goes on. We would all prefer if these words stop echoing around in the backs of our minds, but we’re not there yet.

However, if we look at what is happening in different regions around world, we can gain a better understanding of where we stand globally. What are the biggest challenges and opportunities? What can we learn from each other?

In this episode, we hear from three of PeopleScout’s senior leaders, PeopleScout President, Rick Betori*, UK Managing Director and Head of EMEA Operational Delivery, Jon Porter, and Managing Director of APAC, Tim Powell.

Rick Betori has served as President of PeopleScout since March 2023. In his role, Rick helps strengthen client partnerships, drives innovation in talent solutions, fosters collaboration across teams and regions, and bolsters PeopleScout’s reputation as an industry leader and trusted talent partner. He has been with TrueBlue since 2011 and has over 25 years of proven experience driving organizational change and growth. An innovator in business delivery and operations, Rick served as the President of StudentScout until it was acquired by TrueBlue (PeopleReady’s parent company), when he joined PeopleReady’s leadership team.

Jon started his career in finance with KPMG but has spent the last 25 years partnering with commercial and public sector organizations to find solutions to their resourcing problems. Responsible for our EMEA RPO and talent advisory business, his role covers all aspects of client engagement, service delivery and colleague development. Jon joined PeopleScout as part of the company’s acquisition of TMP in 2018.

With a wealth of experience gained from nearly three decades in human capital consulting, RPO and related talent acquisition services, Tim leads PeopleScout’s operations in the APAC region. Tim joined PeopleScout in 2022 and has previously worked in key leadership roles with Deloitte, Accenture and Korn Ferry in APAC, Europe and North America. Tim’s commitment to diversity and inclusion is illustrated by his tenure as a Board member for both Fighting Chance Australia and Jigsaw Australia, two national social enterprises aimed at providing innovative work and wellness programs for people with disabilities.

In this episode, these three leaders discuss what their respective talent markets look like now, what should be top of mind for talent leaders in 2023 and how they can put the hard-learned lessons from the past three years into practice.

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

Inside the Candidate Experience: 3 Revelations from Our 2023 Report

Posted on by akessler

By Simon Wright, Global Head of Talent Advisory

When it comes to applying for and accepting new jobs, candidates have more options than ever before. Companies with poor candidate experiences will lose out on the top talent as employers battle for the best prospects.

So, how does the average candidate experience stack up against candidate expectations?

According to PeopleScout’s most recent research, less than two in 10 candidates rate their experience as excellent.

For the Inside the Candidate Experience 2023 Report, we used our proprietary Candidate Experience Diagnostic to audit the candidate journeys of over 215 organizations worldwide. Then we compared this to data gathered via a global survey of over 2,400 job seekers.

Research report

Inside the candidate experience 2023 report

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The findings reveal a significant gap between candidate expectations and the reality they face while looking for jobs, gathering information to support their decision, and applying.

Here are three surprises from our research:

1. Less than half of employers show information about the organization’s mission, purpose or values on the career site

Yet, they’re in the top considerations for applicants when deciding to apply.

Your takeaway:

Candidates want fulfilling employment and a company that upholds their values—especially Gen Z and Millennial workers. In fact, one in five Millennials state that an organization’s goals and mission are their top priority when considering a job. By not featuring this information on your career site, you’re passing up an opportunity to create an emotional connection with your candidates.

2. Just half (53%) of organizations provide an opportunity for candidates to register their interest or to sign up for job alerts

Even fewer (39%) prompted candidates to join a talent community.

Your takeaway:

Modern job seekers are more sophisticated than ever and are looking to grow a career, not just apply for jobs transactionally. In fact, on average nine months goes by between a candidate engaging with an employer and applying for a job. Maintaining a talent pipeline lets you build a relationship with your talent audience and ensures you get the best talent, not just those who are looking at the time a vacancy arises.

3. 44% of organizations did not provide an opportunity for candidates to give feedback on their experience

Plus, men are more likely than women to be aware of opportunities to provide and receive feedback during the recruitment process.

Your takeaway:

This is a major oversight for many organizations. If you’re not leveraging surveys to gather feedback from all of your candidates, you are passing up valuable insights that might help you enhance your employer brand, lower attrition and shorten your hiring cycle.

The candidate experience is a hot topic, and most talent leaders I speak with appear to recognize the value of improving the candidate journey. However, this research demonstrates that organizations still have work to do to live up to the standards of today’s job seekers. My hope is that our recent findings will mobilize talent acquisition teams to put real action behind their words and make bold moves to improve their candidate experience and speed up the pace of progress.

To get the full research and more actionable insights, download the Inside the Candidate Experience 2023 Report.

The Future of Work: 4 Key Factors That Will Shape the Workplace by 2030

Posted on by akessler

It’s no secret that the labor market has been volatile over the last several years, and talent acquisition teams have experienced a multitude of highs and lows. In our capacity as trusted advisors, PeopleScout analyzed patterns in global workforce trends to help our clients create informed strategies for future-proofing their workforce by examining how these patterns may affect their workforce. While we can’t predict the future of work, we think there are four key factors will shape the world of work over the next decade.

1. Flexibility

Flexibility is here to stay, and it will apply to everything from where and how we work to the roles we do and who we do them for. There will be no hard and fast rules about working hours and shifts in the future.

As life becomes increasingly characterized by change, employees will need to be agile—always ready to reskill. Learning becomes a constant, and we may even find ourselves counting AI robots as our trainers and mentors.

Flexibility and upskilling will manifest differently from generation to generation, so organizations must facilitate working arrangements for different demographics. Over the next decade, the generation gap will widen and then gradually close as Baby Boomers begin to settle down to retirement by blending work and leisure. Millennials and Gen Z will bring their progressive perspectives to work.

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

DESTINATION 2030

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2. Fluidity and the future of work

Globalization will enable much more cross-border, cross-company collaboration. Project teams will be established based on all sorts of factors, not just who’s in what department or which location. People will work with talent from all sorts of specialities as they move from project to project.

Technology helps to support our wellbeing as the lines between work and home become more blurred. But with new technologies come new laws, so security and compliance will also be strategically important, especially for organizations working at the cutting-edge of innovation.

3. Focus 

future of work

Organizational culture will become more important than ever before as people make career choices based on ethics, values and purpose above things like pay and benefits. More and more employees will choose to work for organizations that have a clear purpose and are committed to working in the most ethical, sustainable and socially responsible ways.

Technology also plays a role here, in helping people focus on the work that matters to them as automation takes over the mundane tasks. However, more AI and machine learning will make some roles redundant and create many others—generating even greater demand for technical, analytical and digital skill sets across sectors.

4. Forward-thinking and the future of work

Organizations will continue to compete when it comes to creating innovative new technologies and using those technologies in the most creative ways. But they’ll also be happy to pool some resources to create a better future for everyone. 

Issues like equality and climate change will continue to grow in importance, forcing organizations to find new and better ways of making social and environmental improvements at speed.

Onward, Upward and Who Knows Where the Future Workplace Will Go

You may feel more prepared for some changes more than others as we approach 2030, but it’s safe to say that there will be plenty of surprises that will require creative thinking in order to stay resilient.

PeopleScout will be on the journey with you to support, challenge and inspire you—no matter what the future holds.

To learn more about how we came to these predictions and see our research findings, check out our Destination 2030 white paper.