What the Latest July Job Report Means for Recruitment and Retention
In July, the U.S. added 114,000 jobs, marking a significant slowdown, with unemployment rising to 4.3%, the highest since October 2021. Workers are showing hesitance to quit jobs, a sign of caution amidst economic uncertainty.
Daniel Zhao, lead economist at Glassdoor, notes that while low turnover can suggest stability, it might also hinder opportunities for advancement, potentially leading to employee disengagement. HR leaders should focus on understanding the causes of their organization’s turnover rates and strategize on keeping employees motivated. In a low-turnover environment, recruiting talent may require more proactive outreach, as fewer workers are seeking new roles. HR leaders should also watch for changes in hiring trends and potential Federal Reserve interest rate cuts, which could influence hiring confidence.
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