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More Americans applied for jobless benefits last week, but layoffs remain historically low even as more high-profile companies have announced job cuts this year. Applications for unemployment benefits rose by 13,000 to 215,000 for the week ending Feb. 24, the Labor Department reported.
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U.S. job openings barely changed in January but remained elevated, suggesting that the American job market remains healthy. The Labor Department reported that U.S. employers posted 8.86 million job vacancies in January, down slightly from 8.89 million in December and about in line with economists’ expectations.
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Average starting salaries for graduates in the college class of 2024 have surpassed projections reported for the class of 2023, according to data from the Winter 2024 Salary Survey released by the National Association of Colleges and Employers.
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The US manufacturing sector improved in February, and the pace of improvement was the fastest since July 2022, according to the S&P Global US Manufacturing PMI. The index rose to a reading of 52.2 in February from 50.7 in January.
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A record number of Americans are choosing to work part time, including stay-at-home mothers, teens, retirees seeking extra cash to cope with inflation and employees who burned out on their full-time jobs while covering for missing colleagues during COVID-19.
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Organizational purpose not only directly enhances employees’ well-being and job satisfaction but also cultivates a trustworthy environment, fostering a profound sense of belonging and direction. The significance of organizational purpose extends to its role in attracting and retaining talent, as more meaningful work ranks among the top factors influencing workers’ decisions when considering a job change.
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With aging demographics indicating slower labor force growth over the long term, savvy organizations are reevaluating and reimagining their workforce strategies. That reexamination allows businesses to meet talent where they are, rather than forcing workers into a one-size-fits-all employment model. This broader thinking, specifically considering their contingent workforce, can completely change the talent game.
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The US manufacturing sector started 2024 with growth, showing the strongest improvement in performance since 2022. The seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index posted a reading of 50.7 in January, up from 47.9 in December 2023.
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US employers are planning an overall average salary increase of 4.0% for 2024, according to a report by WTW. The planned increase is down from the actual average increase of 4.4% in 2023, though it’s still higher than the 3% salary increase we saw for more than a decade prior to 2022.
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Bonus pay and paid sick leave rank among the top benefits hourly workers are interested in, according to a survey by Branch, a workforce payments platform.
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US business executives are feeling more confident about the economy, but they believe talent acquisition will continue to be a challenge, according to the 2024 National Business Trends report by the Employer Associations of America. The report found that 67% of organizations are confident the economy will improve or stay the same in 2024.
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Several trends, including artificial intelligence and early-career hiring, will influence talent acquisition in the coming year, according to Korn Ferry’s 2024 Talent Acquisition Trend report. The organization identified six recruitment and talent trends to watch for in the upcoming year.
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As candidates face poor hiring practices, a majority, 70%, believe a lack of communication in the hiring process is the biggest red flag, according to a survey by hiring software company Greenhouse.
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The US manufacturing sector showed improvement in September, according to the Institute for Supply Management. Its Manufacturing PMI (purchasing managers composite index) posted a reading of 49.0% in September. While that still indicates a contraction in the US manufacturing sector, it’s the measure’s highest level since November 2022.
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