State of Hiring
Entering the second quarter of 2024, employers in the U.S. have continued a remarkable post-pandemic trend of month-after-month job growth, underpinning a national GDP that continues to expand.
The US added 303,000 jobs in March, continuing the upward trend from 270,000 in February, 256,000 in January, and the average of 225,000 per month in 202336. Meanwhile, the unemployment rate has stayed relatively low, fluctuating between 3.7% to 3.9% since August 2023, which is just slightly higher than its 53-year low one year prior.
While there continue to be signs of a slight contraction in hiring for large enterprises, smaller and mid-sized companies are leading an expansion, with two-thirds of smaller businesses planning to add staff in 202437. However, smaller businesses are finding it harder to compete for talent with larger companies that can offer higher pay and benefits.
As we move deeper into another year juggling uncertainty and change, access to quality information can mean all the difference for a company’s bottom line. That is why we are pleased to present the Labor Market Overview: 2024 Outlook. This report combines the latest economic data and insights from around the world with leading solutions to help companies adapt to change and succeed—no matter the circumstances.
Learn more in the Labor Market Overview: 2024 Outlook
In 2023, U.S. employers added an average of 225,000 jobs each month—more than 150,000 fewer jobs per month than in 2022. Marking a return to more typical hiring trends, this shift is expected to translate to fewer job openings and slower wage growth, benefiting employers.
Challenges Are Opportunities to Outperform Your Competitors
We are in a challenging time to hire and retain staff. However, this can be good news for companies that can rise to the challenge. When most companies are struggling, opportunities arise for the organizations that can be flexible and creative in their efforts to attract talent.
What Is Your Top Workforce Priority?
Since 1964 we have helped thousands of employers achieve their workforce productivity goals. Please use our Leadership Priority Finder to create a personilzed Ledership Priority Kit with custom productivity solutions assembled specifically for you.
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Or, explore how we can help employers solve for some of the most common priorities we encounter below.
Better Customer Service
Customers report 3 times faster hiring and better results when working with AppleOne.8
Attracting Quality Candidates
48% of employers say that failure to find the right workers is the biggest risk to hitting their growth targets7, and 52% of employed workers are NOT actively seeking new opportunities.1
Filling Openings Faster
Job seekers say that a slow hiring process is the top reason they lose interest in a potential employer leading to increased ghosting and the loss of an employer’s preferred candidate.2
Optimizing Costs
Labor is often one of the biggest costs of doing business and labor expense is up 4.5% year over year.3
Improving Engagement and Retention
Voluntary turnover remains 20% higher than pre-pandemic3 levels with more than 4 million people quitting each month.