February 20, 2024

Surprising Workforce Shake-Up: Unveiling Unexpected Job Growth, Declined Hires, and Healthcare Hiring Hurdles

47 minutes

Summary

In this episode, Rhea and Jill from iCIMS discuss data and insights related to talent acquisition. They analyze the January and February reports, highlighting the trends and changes in applications, job openings, and hires. They also discuss the impact of the election on hiring and the desire for in-office work among different age groups. The data shows an uptick in entry-level talent, making it a great time to hire for those positions. The conversation explores the challenges of hiring and retaining talent in the current job market, with a focus on Gen Z and millennials. It emphasizes the importance of human connection in the workplace and the impact of remote work on employee loyalty. The discussion also delves into the factors influencing loyalty, such as external events and the role of technology. Finally, it addresses the need to understand and attract younger talent.

Takeaways

Applications are up, job openings are back, but actual hires are down.

There is a strong disconnect between job seekers' confidence in the job market and companies' hiring actions.

The desire for in-office work is more prevalent among younger generations.

Companies are using job openings to build talent pipelines, but need to ensure a positive candidate experience.

The impact of the election on hiring and the economy should not be ignored. Hire Gen Z and retain millennials to build a diverse and dynamic workforce.

Prioritize human connection in the workplace to foster engagement and loyalty.

Consider the impact of remote and hybrid work on employee resignation rates.

Understand the external factors that can affect employee loyalty and company culture.

Adapt recruitment strategies to attract and retain 18-24 year old talent.

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Chapters=

00:00 Introductions

01:25 Overview of iCIMS

02:07 January and February Data

07:29 Trends in January and February Reports

13:59 Using Job Openings to Build Talent Pipeline

22:46 Impact of Election on Hiring

26:00 Desire for In-Office Work

31:46 Uptick in Entry-Level Talent

32:19 Hiring Gen Z and Retaining Millennials

33:00 The Importance of Human Connection in the Workplace

33:37 The Impact of Remote and Hybrid Work on Resignation Rates

35:04 The Shift in Loyalty and Company Culture

36:46 The Role of Technology in Loyalty

37:42 External Factors Affecting Loyalty

38:43 The Chicken and Egg Dilemma of Loyalty

39:19 Understanding and Attracting 18-24 Year Old Talent

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