Category: Talent & Market Insights

PeopleScout Jobs Report Analysis—December 2023 

Posted on by akessler

U.S. employers added 216,000 jobs in December, exceeding economists’ expectations and fueling optimism that the economy can achieve a so-called soft landing. The unemployment rate remained flat at 3.7%. Year-over-year wage growth rose slightly to 4.1%.

The Numbers

216,000: U.S. employers added 216,000 jobs in December. 

3.7%: The unemployment rate remained unchanged at 3.7%. 

4.1%: Wages rose 4.1% over the past year. 

The Good

December’s jobs report shows a pace of hiring even stronger than expected, wrapping up a year of steady gains in what experts at The Wall Street Journal call “a job market that continues to defy expectations.” The addition of 216,000 jobs suggests a healthy economy, with the most significant growth seen in the healthcare, leisure and hospitality, and government sectors. The unemployment rate held steady at 3.7 percent, despite analyst predictions of a slight bump over last month.

The Bad

Despite overall job growth, losses in transportation and warehousing indicate sector-specific challenges that could be a sign of shifting consumer behavior or technological advancements impacting these industries. Further, the labor force shrank by nearly 700,000 workers in December, which as reported by the New York Times is disappointing after seeing strong labor force growth through much of 2023. This decrease is likely what caused the unemployment rate to remain flat.

The Unknown

Last month’s job gains have diminished previous hopes of an interest rate cut in March, with Bloomberg reporting experts now predict the rate cut is more likely to come in May. Time will tell if additional data will help convince the Fed that inflation is still falling as hoped. According to the New York Times, Federal Reserve officials have also indicated that wage increases above 4 percent are “a little too hot for comfort,” so December’s wage gains are also likely to keep them on watch.  

Conclusion

The December 2023 U.S. jobs report indicated that the economy avoided a recession last year, and experts think it’s likely to continue to grow through 2024 as labor market resilience supports consumer spending. However, this growth is likely to delay cuts in interest rates by the Fed, keeping them on the sidelines longer than expected.

Talent Predictions: How Talent Acquisition Will Navigate 2024

Posted on by akessler

By Simon Wright, Head of Global Talent Advisory Consulting 

We are in one of the most transformative periods in the history of work. Between technological disruptions, societal shifts and global events, the talent landscape five years from now will likely look very different than it does today. However, even in times of uncertainty, we can discern key trends that will impact the way organizations source, recruit and retain talent. 

As a leading talent solutions provider, PeopleScout has a unique vantage point to view the forces shaping the future of work. Based on our experience and industry insights, we believe there are eight core areas talent acquisition leaders should embrace in 2024 to up-level their strategic importance within the business.  

1. Talent Leaders Will Look to New Models to Ride the Economic Waves 

The power balance has now shifted back to the employer amidst a tight labor market, fewer vacancies and a cost-of-living crisis. But if you think it’s time to pause investment in your talent programs, think again.  

Talent acquisition teams shrunk during COVID-19 and then grew quickly as part of the bounce back only to shed jobs again this past year. With continued uncertainty, TA leaders must showcase the value they bring to business by minimizing the impacts of economic fluctuations.  

It’s time to leave behind the boom and bust and embrace agility through a strategic approach to workforce planning and forecasting. Talent solutions like recruitment process outsourcing (RPO), including modular RPO solutions, offer responsiveness to help stabilize operational delivery amidst unpredictable economic waves.  

2. Business Transformation Will Shape the Workforce 

The specific skills and capabilities companies need are shifting rapidly, which means the jobs and roles employers need to fill are changing too. According to McKinsey research, one-third of new jobs created in the U.S. in the past 25 years were types that barely existed previously, particularly in high-demand areas like data analytics, software development and renewable energy. According to Totaljobs, despite a general slowdown in hiring, the demand for green jobs continues to go up, skyrocketing by 677% between 2019 and 2023. 

However, this business transformation is being hampered by the lack of talent and relevant skills. Economic, social and labor market changes are evolving faster than workforce training and development systems can keep pace. There simply aren’t enough workers with experience in emerging fields and new technologies.  

TA leaders must work proactively to build the reputation and influence of their employer brand with potential talent now—ahead of the hiring they need to do in the future. This means being able to recruit the best talent in the market, not just the best talent in your pipeline. Investing in candidate nurturing and employer branding strategies now will ensure organizations can hire first—and fast—when the time comes. 

3. Employees Will Continue to Reevaluate Their Relationship with Work 

TA leaders must be the eyes and ears for their organization, tuning in to the candidate market and shaping the employer value proposition (EVP) to meet the changing needs and expectations of candidates. Today’s employees are demanding more, and the one-size-fits-all EVP approach must evolve to keep up.  

Organizations that refresh their EVP with a more human-centric approach that recognizes employees as people, not just workers, will go beyond traditional offerings to provide exceptional life experiences that match employee needs. Delivering a positive emotional connection will be crucial for improving retention, overcoming the productivity vacuum and attracting quality talent in 2024.  

4. Data Will Be the Key to Overcoming Talent Scarcity  

The labor market has shrunk due to the retirement of Baby Boomers, and companies face an enormous brain drain of institutional expertise. Not only is the upcoming population smaller and not replacing the Boomers who are leaving the workforce, but they lack the some of the soft skills of the departing generation. With this double depletion at play, organizations will need to work hard to attract and train Gen Z in order to keep their workforce development on track for the future. 

Additionally, long-term illness, including lingering complications from COVID-19, has sidelined many working-age adults. The latest ONS data shows that the number of people economically inactive because of long-term sickness is now over 2.5 million in the UK alone. 

The key to reducing the impact of talent scarcity in 2024 is data. It’s time for TA leaders to treat talent intelligence as business intelligence, bringing it to the C-suite to drive decision making and inform strategy. Organizations must leverage data to understand both internal and external talent pools, maximizing ROI on talent attraction and retention efforts. 

Talent Acquisition Predictions

5. Skills-Based Practices Will Take Center Stage 

In order to keep pace with changing roles and dwindling talent pools, leading organizations are taking a proactive and holistic approach to adapting their workforces. They are investing in upskilling and reskilling programs while also leveraging RPO partners to find professionals with the most in-demand and future-proof skills. 

More organizations will look to expand candidate pools and tap into diverse skill sets through skills-based recruitment. To do this, organizations must evolve their candidate assessment practices to focus on skills rather than credentials or pedigree. We’ll see more organizations follow the likes of Google and drop their university degree requirements. This will have the added benefit of promoting greater diversity, equity and inclusion (DE&I) in the workplace.  

6. Internal Mobility Will Receive Big Investment 

More than a third (36%) of HR professionals surveyed identified employee retention as a priority in 2024. Internal mobility will become the key to retention as well as filling open roles and skills gaps. Focus will shift from building external talent pools to internal talent pools, putting methods in place to identify transferable skills that can be boosted to support business transformation.  

We saw an uptick in labor hoarding in 2023 talent trends. In 2024, organizations must invest in transforming the skills of the workers they’ve kept on board in order to ensure they’re ready for what’s on the horizon. 

In 2024, career moves won’t take a linear path but will weave across departments and disciplines, providing workers with variety and rewarding work. Organizations must train hiring managers to look at candidates, not just for their fit for a specific role, but for the value they can bring to the organization.  

7. Long Overdue Tech Upgrades Will Happen for HR 

The Josh Bersin Company estimates the HR technology is a $250 billion market. 2024 will be the year of recruitment tech stack upgrade.  

Organizations will look to capitalize on AI-powered features to do the heavy lifting so their teams can focus on more valuable recruiting activities. TA leaders should look to technology to augment human touches throughout the candidate experience, to identify opportunities for streamlining through automation, and to help them better interrogate data for a more agile resourcing model.  

This is also an opportunity for TA leaders to demonstrate they can deliver digital transformation and deliver ROI from these investments. This has been a criticism of talent acquisition and HR in the past, and it’s time to dispel that narrative.  

8. AI Fever Will Hit an All-Time High 

And finally, it wouldn’t be a 2024 talent acquisition forecast without a mention of AI. Generative Artificial Intelligence (GAI) tools, like ChatGPT, were on the tip of our tongues in 2023. As organizations grapple with the ethics of AI, most will succumb to the transformative potential and begin to test and experiment with how AI can benefit their workforce and operations in 2024.  

The role of technology will keep evolving within talent acquisition, but it’s primed to have a pivotal role in streamlining recruitment tasks and improving efficiency in everything from screening to assessments to interview scheduling.  

Organizations should take a principled approach to leveraging AI and automation to augment recruiting, while ensuring human oversight and care for people remains central. Starting with a small project or two will clear the mist so you can see clearly where AI will add value to your recruitment tech stack and candidate experience. 

The Importance of the Right Talent Partner to Help You Ride the Waves 

The future of work holds exciting potential, but also some uncertainty. However, while individual trends are difficult to predict, TA leaders that embrace agility, skills practices and tech innovation will find themselves in a strong position to prove their value in driving business performance. As your talent partner, PeopleScout will be ready to support, challenge and inspire you for whatever lies ahead. 

By staying on top of key shifts like these and working with an expert talent solutions provider like PeopleScout, companies can build workforces with the skills, mindsets and diversity of experiences to thrive in the next era of business. 

The Recruitment Handbook for Financial Services Talent

Posted on by akessler

The Recruitment Handbook for Financial Services Talent

The financial services industry faces immense recruitment challenges. With skills gaps persisting, economic uncertainties complicating hiring, and cultural perceptions pushing away young talent, talent leaders need solutions.

That’s why we created The Recruitment Handbook for Financial Services Talent.

In this information-packed guide, you’ll discover:

  • The latest global trends impacting financial services hiring so you can plan accordingly
  • 4 key recruitment strategies to solve your biggest hiring obstacles
  • Real-world examples and case studies of these strategies in action with RPO

Whether you need to build your employer brand, enhance your candidate experience, upskill employees or leverage better sourcing techniques, this handbook has tactics you can implement right away.

Download your copy now.

Talent Trends: 2023 in Review

Posted on by akessler

By Simon Wright, Global Head of Talent Advisory Consulting  

Earlier in 2023, we highlighted six key areas that would impact how companies attract, retain and develop talent. With the year wrapping up, we’re revisiting these critical topics to examine what transpired in the talent landscape and what may be on the horizon for 2024.  

From closing persistent skills gaps to offering more work flexibility, companies continue to face pressing talent challenges. Economic fluctuations have led some employers to pull back on hiring and remote work, while others doubled down on upskilling programs and expanded their talent pools.  

In the following review, we trace how the 2023 predictions played out amidst an uncertain economy and ever-evolving workplace. 

1. Closing Skills Gaps 

What We Said: 

With rapidly evolving technologies requiring new skills, companies are making upskilling and reskilling their workforce top priorities. Most employees feel unprepared for future jobs, so it’s important for organizations to invest in development to retain employees, build confidence, and help them adapt to changing business priorities. 

What We Saw: 

Skills gaps, and the upskilling and reskilling that must happen in order to close them, are still very much top of mind for HR leaders. The economic slowdown has increased candidate availability, so in the short term there has been more tech talent available, for example. But long term, there is still a skills crisis, and organizations are largely yet to shift to skills-based practices. 

We’ve seen front-runner organizations investing in skills development initiatives to grow the workforce they need. For example, Amazon’s program Career Choice is part of a wider initiative to invest over $1.2 billion by 2025 to provide 300,000 U.S. workers with the training they need to pursue careers in whatever field they choose.  

The average shelf-life of skills is now less than five years. So, the skills conversation is only going to get louder. If the World Economic Forum’s prediction is correct that over 85 million jobs will go unfilled by 2030 due to a lack of skilled talent, resulting in $8.5 trillion (USD) in annual lost revenues, then this is the most pressing issue facing talent leaders today.  

2. Offering More Flexibility 

What We Said: 

Amidst the acceleration of remote work, companies are facing mounting pressure to offer greater location and schedule flexibility to attract and retain talent.  

What We Saw: 

The return to the office debate is still raging. Employees want greater flexibility, but more and more employers are pulling people back into the office. Even Zoom, the video communications company that helps us all work from home, announced in August that it will start tightening its restrictions on remote work. Amazon, Disney and more have all reduced remote-work days. 

While power has shifted back to the employer, this issue won’t go away. If you really think your employees love coming to the office just because you’ve introduced free snacks, you don’t understand what flexibility means to your workers. Flexibility is not just about where you work. True flexibility is about giving more autonomy to your employees about the kinds of work they do and when and where they do it. 

3. Shifting to Contingent Workers 

What We Said: 

As the desire for work flexibility drives more professionals into freelance and contract roles, organizations are increasingly utilizing these temporary workers to fill pressing skills gaps and specific project needs while maintaining financial and strategic workforce flexibility. 

What We Saw: 

The economic uncertainty this year has made organizations less likely to make permanent hires. Plus, freelancers, consultants and contractors have developed into an essential part of the workforce as skills requirements become more complex. Maintaining a mix of traditional and flexible talent is crucial for businesses to stay ahead in today’s dynamic climate. 

With the enormous interest in ChatGPT and generative AI, it’s not a stretch to think the pace of business transformation will only accelerate in 2024. And demand for contingent workers will continue to rise. Indeed, according to Ceridian, 65% of organizations plan to increase their reliance on contingent workers in the next two years. 

Talent Trends 2023

4. Tapping into New Talent Pools 

What We Said: 

Facing workforce shortages, organizations are expanding their applicant pool by targeting untapped talent like Generation Z, unretiring Baby Boomers and boomeranging ex-employees.  

What We Saw: 

In 2023, the UK government launched a “returnership” initiative to inspire those over the age of 50 to come back to work. The goal is to help older workers retrain and learn new skills, providing them with a roadmap back to the workplace and encouraging organizations to hire them.  

We also saw organizations turn their attention to the talent pool sitting right under their noses. Internal mobility was a hot topic for talent leaders in 2023 as recruiting new talent became more and more challenging and costly.  

We were also reintroduced to the concept of labor hoarding, a term coined in the 1960s. This practice refers to organizations forgoing head-count reductions now, so they’re prepared when business picks up. In an era of labor shortages, organizations are keeping their workforces to avoid the risk of losing good talent to a competitor and to skip the costs associated with hiring again. 

5. Rallying Around the Mission 

What We Said: 

Our Inside the Candidate Experience research revealed that for 50% of candidates, an organization’s mission and purpose are a key influence on their decision to apply. Yet, when evaluating career sites, we found details on the mission or purpose of the organization less than half (48%) of the time.  

What We Saw: 

Employees are more dedicated than ever to finding an employer that shares their values and offers them a sense of purpose. However, workers within organizations that lack a sincere commitment to improving the community and supporting climate initiatives often report disengagement.  

According to Gallup data from June 2023, 59% of global workers say they’re not engaged at work. This is worrying as we move into a labor market that favors employers, as they will inevitably become less motivated to keep their employees engaged. Yet, a key reason why someone quiet quits hasn’t changed—and it’s down to a lack of connection to the company culture and purpose. 

A lack of engagement in the workforce is a leading factor in the productivity vacuum. Going into 2024, my hope is HR leaders will go beyond simply thinking about wellbeing to view their employees as whole people—not just workers. Updating your employee value proposition (EVP) to be more human-focused can help strike the right balance between compassion and business interests. Shifting to a Personal Value Proposition (PVP), and customizing offerings so that each employee feels valued as an individual, can help in fostering a positive emotional connection. 

Learn how to evolve your EVP to a human-centric PVP and increase productivity 23%.   

6. Engaging Outside Talent Acquisition Solutions 

What We Said: 

Despite economic uncertainty, business leaders foresee revenue growth in the coming year, but may need flexible and agile workforces achieved through contingent staffing to meet their top challenge of filling critical roles amidst a shifting talent landscape. 

What We Saw: 

We saw an increase in talent acquisition teams looking for quick wins. At PeopleScout, we are investing heavily in talent solutions designed to boost agility for employers of all sizes and across all industries. This includes offerings like our Amplifiers and PeopleScout Accelerate solutions launched this year. 

Amplifiers provide modular, targeted recruitment process outsourcing tailored to specific hiring needs. Clients can implement RPO support for just part of the talent acquisition lifecycle, whether that’s filling the top of the hiring funnel with high volumes of qualified talent or gaining deeper insights to guide strategic workforce decisions. This “as-needed” model is ideal for companies that want to remain nimble. 

Additionally, our PeopleScout Accelerate technology-enhanced RPO solution is purpose-built for fast-scaling organizations that need to ramp up recruiting quickly. We can implement PeopleScout Accelerate in just two weeks, providing access to our proven recruitment methodologies and our industry-leading Affinix talent acquisition technology suite right out of the gate. 

As we close the books on 2023, it’s clear the talent landscape continues to shift in new and uncertain directions. In the coming year, agile organizations that invest in the longevity of their workforce and truly connect with their people on a human level will maintain an edge. Rather than recoiling from change, forward-thinking talent leaders have an opportunity to guide their organization’s evolution. Now is the time to build workforces that can pivot on a dime while staying true to their purpose. 

PeopleScout Jobs Report Analysis—November 2023

Posted on by nfuqua

U.S. employers added 199,000 jobs in November, continuing the slowing pace of hiring. This is only slightly higher than what economists expected and shows the Federal Reserve’s plan to increase interest rates may be working. The unemployment rate fell to 3.7%. Year-over-year wage growth fell to 4.0%.

jobs report infographic

The Numbers

199,000: U.S. employers added 199,000 jobs in November.

3.7%: The unemployment rate fell to 3.7%.

4%: Wages rose 4% over the past year.

The Good

Experts at The Wall Street Journal call November’s jobs report “nearly perfect,” and an indication that a soft-landing for the U.S. economy is taking shape. The 199,000 jobs added to the economy represent a sustainable pace of growth that has remained steady throughout the fall months. The unemployment rate also fell to 3.7% after jumping to 3.9% the previous month. This had raised some red flags on Wall Street, but November’s decrease demonstrates that job growth is likely to continue into 2024. Additionally, wage growth continued to soften, dropping to 4%. The Federal Reserve is looking for wage growth to slow to lower inflation.

The Bad

It’s not easy to find bad news in November’s report, but the New York Times points out that the job growth was not evenly spread across industries. The strongest growth was in healthcare and government hiring, which are two of the sectors least connected to the strength of the economy. While manufacturing did see growth in December, much of that can be attributed to workers returning after the auto strikes. Additionally, the retail industry shed more than 38,000 jobs, showing some weakness in holiday hiring.

The Unknown

The big question is what the latest jobs report trends will mean for interest rates. Marketwatch reports that the Federal Reserve is likely to keep rates high into next spring. However, as the board meets next week, analysts expect the pause on increases to continue. Recent jobs reports have indicated that their strategy is working, and they fear raising rates too high or too quickly could trigger a downturn.  

PeopleScout Jobs Report Analysis—October 2023

Posted on by nfuqua

U.S. employers added 150,000 jobs in October, showing a slowdown after a summer of strong job growth. This is lower than what economists expected and shows the Federal Reserve plan to increase interest rates may be working. The unemployment rate rose slightly to 3.9%. Year-over-year wage growth fell to 4.1%.

The Numbers

150,000: U.S. employers added 150,000 jobs in October.

3.9%: The unemployment rate fell to 3.9%.

4.1%: Wages rose 4.1% over the past year.

The Good

According to the Wall Street Journal, October’s report is the clearest sign we’ve seen that the Federal Reserve strategy of raising interest rates to slow the job market and control inflation may be working. Throughout the summer, job growth remained strong, consistently outperforming analyst expectations. The latest numbers fall into a more sustainable rate of growth. Additionally, wage growth appears to be slowing. Over the past 12 months, year-over-year wage growth has been as high as 4.8%, which makes October’s 4.1% encouraging.

The Bad

While the U.S. saw overall job growth, several industries contracted last month. Some of the most significant losses were in the manufacturing, transportation and warehousing sectors. Although, as the New York Times reported, some of this can be explained by ongoing strikes, particularly in the auto industry. Another concerning sign is that labor force participation decreased in October, shrinking the labor force by 201,000 people. Though experts say not to read too much into monthly fluctuations, they will watch the labor force participation rate in the coming months.

The Unknown

With September’s blockbuster jobs report and October’s slowdown, MarketWatch reports that the U.S. economy is displaying mixed signals, but evidence is mounting that a cooldown is starting. However, experts debate exactly how it will continue to play out. Some say the economy could continue to move forward without any major bumps, just at a slower pace; while others say they’re more concerned. They tend to agree, though, that the latest report makes it less likely that the Federal Reserve will decide to raise rates again at the next meeting in December.

The Gender Gap in Energy and Utilities: 3 Strategies for Powering Change

Posted on by nfuqua

The energy and utilities sector has a gender problem. The field is overwhelmingly male-dominated, and if providers are going to be able to meet the global demand in the future, talent leaders in the industry must bring in more women to tackle the gender gap in energy and utilities. 

Women make up 39% of the global workforce, but only 16% of the traditional energy sector. This varies by location and job type. In the U.S., natural gas and nuclear energy have the highest percentage of female workers, at 35% and 34%, respectively. But in some countries, like Japan, women make up only 3% of the energy workforce.  

According to Deloitte, over two-thirds of executives rate DE&I as an important issue. And for good reason. Diversity is strongly tied to innovation. Diverse teams—including women, neurodivergent individuals and professionals from underrepresented backgrounds—are more creative, make better decisions and solve problems more efficiently. 

Additionally, the energy and utilities industry is facing a massive talent shortage. According to McKinsey, the global renewables industry will need 1.1 million blue-collar workers to develop and construct wind and solar projects and another 1.7 million workers to operate them, including laborers, electricians and operating engineers. On top of that, an additional 1.3 million white-collar workers will be needed to install, operate and maintain these facilities, including wind and solar project developers, project managers, finance experts, legal staff and many other roles. 

If talent leaders in the sector stick to the same recruiting strategies aimed at the same talent pools, providers will be understaffed, customers could see more energy service disruptions and workers could experience more incidents and accidents. 

In this article, we provide three strategies for increasing the number of female workers in energy and utilities to close the gender gap. 

1. Address Barriers for Women  

In order to effectively recruit women into the industry, talent leaders need to understand what is keeping them away and work to remove those barriers to entry.  

One important issue is pay. Globally, women in the sector face a wage gap that is more than twice as large as it is in non-energy jobs. According to the World Economic Forum, women in energy make about 20% less than their male coworkers. Their research shows that the wage gap stays the same when accounting for ability, education and potential experience, indicating that the gap is not because of differences in skill levels. 

This leads to women in the industry being more likely to leave their positions than men, creating a challenge for employers looking to retain their female workforce.  

One step employers can take is to complete a pay equity audit. According to the Harvard Business Review, a pay equity audit involves comparing the pay of employees doing “like for like” work in an organization. To complete this effectively, you will need each employee’s length of service, job classification and demographic information. From there, auditors can perform a regression analysis to account for pay differences based on factors like experience, education and training to identify differences based on gender, race or age.  

With that data, experts recommend a two-pronged response. One is remediation, or adjusting the pay of any employees that may qualify. The next step is to identify what led to salary discrepancies in the first place. Were there incorrect job classifications? Or does the hiring process allow for wide differences in starting salaries? This will help create a fair and equitable process going forward.  

Additionally, companies shouldn’t be shy or secretive about the work they are doing to build a better workplace environment for women. Workers value that transparency. In fact, several large organizations have made headlines for announcing when they’ve reached gender pay equity, like Adobe and Intel.  

2. Invest in Diverse Sourcing Strategies 

Once talent leaders confirm that their organization provides a fair and equitable environment for female workers, the next step is finding them. The energy and utilities industry is not alone in this need. Across all science, technology, engineering and math (STEM) jobs, women only account for 28% of the workforce. 

Energy employers should invest in sourcing strategies aimed at underrepresented workers. Consider adding an AI sourcing tool that can identify passive candidates with the skills needed to succeed at your organization.  

Some recruitment CRMs have automated talent matching capabilities that search candidate databases to find qualified candidates for any role. Candidates are then ranked by how closely they fit the role requirements, how likely they are to leave their current position, and their average tenure. Unlike a manual sourcing process, automated talent matching can help fill the top of your funnel in seconds.   

Notably, in PeopleScout’s AffinixTM CRM, Talent Finder can find and filter qualified candidates. The Diversity Boost feature also amplifies diverse candidates to help you reach your DE&I goals. It even allows talent leaders to identify what diversity means at their organization, including the goal of identifying qualified female candidates.  

Also consider low-tech approaches to sourcing more female candidates. Attend “Women in STEM” hiring events, and partner with colleges and universities. The energy sector has become a hard sell for young workers, especially in fossil fuels. One study found that only 44% of millennials and Gen Z in STEM programs would be interested in working in the sector, but 77% were interested in tech. Identifying potential candidates and intervening early can help change minds and bring in more candidates.  

3. Update your Employer Brand 

Finally, talent leaders in the energy and utilities sector need to make sure that their employer brands appeal to female workers. Are DE&I efforts advertised? Do women appear in careers site imagery? What about company leadership?  Are women represented? 

Your employer brand is your most powerful tool in attracting top talent. The energy industry lags behind in employer branding and digital recruitment marketing, two factors that appeal to millennial and Gen Z workers and can attract more women. Showcase and celebrate female workers and leaders in places like your careers site and social media. Share the progress you’re making toward diversity and inclusion goals. Advertise benefits like mentorship programs and leadership training.  

Also consider your job postings. Do they include gendered language? Words like “competitive, dominant or leader” may discourage women from applying. One survey found that male-dominated fields tend to use more masculine words in job descriptions, at 97%. 

These changes can make a real impact. For example, a manufacturing client that operates in an industry that has historically been male-dominated partnered with PeopleScout with the goal of increasing the number of female applicants and hires. PeopleScout worked with the client to develop the Women in Manufacturing campaign. PeopleScout interviewed nearly 20 women who work in roles across the company and who love their jobs. Using this information, PeopleScout built candidate personas to target women interested in the industry, and created a campaign featuring real women who work for the client. 

Using our proprietary talent technology Affinix™, we built a dedicated landing page and talent community for female candidates. The four-week Women in Manufacturing campaign launched on International Women’s Day and showcased the company’s woman-friendly, inclusive culture. The campaign featured employee spotlights, videos and stories to showcase how women are integrated into the corporate culture and are integral to the company’s success. This increased the number of women who visited to the employer’s careers site and is moving the needle on the company’s DE&I goals.  

Think Long Term to Close the Gender Gap in Energy and Utilities 

As with many male-dominated industries, progress won’t happen overnight, but employers should set reasonable and achievable goals to close the gender gap in energy and utilities. With the staffing challenges facing the industry, building a more diverse workforce for the future isn’t an option—it’s a necessity.  An RPO partner brings industry expertise, recruitment technology and talent advisory solutions to the table, providing employers the tools they need to find and hire more diverse talent.  

For more insights on recruiting in the energy and utilities sector, download our ebook, The Recruitment Handbook for Energy and Utilities.

The Multigenerational Workforce: Bridging the Gap So Everyone Can Thrive [Infographic]

Posted on by akessler

It’s a new era in the workforce as we speed towards 2030 with four powerhouse generations in the mix: Baby Boomers, Gen X, Millennials and Gen Z. Understanding what makes your employees of all ages tick is the key to unlocking a culture where everyone thrives.

Check out this infographic on the multigenerational workforce and pave the way for an inclusive workplace that’s all about motivation and growth.

Get more on the multigenerational workforce in our guide, Destination 2030: 10 Predictions for What’s NEXT in the World of Work.

PeopleScout Jobs Report Analysis – September 2023

Posted on by nfuqua

U.S. employers added 336,000 jobs in September. This is nearly double the job growth that analysts expected and shows that employers still have a high demand for labor. The unemployment rate remained at 3.8%. Year-over-year wage growth fell slightly to 4.2%.

u.s. jobs report september 2023 infographic

The Numbers

336,000: Employers added 336,000 jobs in September

3.8%: The unemployment rate remained steady at 3.8%.

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

The Good

The best news in September’s jobs report is that the jobs added were spread across industries, according to the Wall Street Journal. Leisure and hospitality led with 96,000 new jobs as bars and restaurants finally reached pre-pandemic staffing levels. Education and health services also added a significant 70,000 new jobs, and all major jobs categories experienced growth. The report shows that hiring is not slowing, despite high interest rates and wage growth, the restarting of student loan payments and low unemployment.

The Bad

The factors that make September’s report strong are the same ones that have analysts worried. In previous months, reports have suggested the Federal Reserve’s plan to slow hiring by raising interest rates was starting to work. The latest report tells an entirely different story. As the New York Times reports, Wall Street was wary of the blockbuster report because of the influence it could have on the Fed.

The Unknown

The latest report paints a more complicated picture for the Federal Reserve as they head into their next meeting. According to MarketWatch, this is the last report the Fed will see before that meeting, and it increases the likelihood that they will decide to raise rates again this year. The Fed has two more meeting scheduled in 2023—one on October 31 to November 1 and another December 12-13. Officials say they’re increasingly convinced that the U.S. can avoid the mass layoffs and high unemployment that typically go along with high interest rates.

The Multigenerational Workforce: Has Gen X Been Overlooked in the Workplace?

Posted on by akessler

There’s a new generation moving into leadership roles that’s poised to change how things are done in the workplace. You may not hear as much about them as Baby Boomers or millennials, but Generation X is the silent workhorse that makes up over third of the workforce and over half of managers.  

So, who is Gen X and what exactly are they bringing to the workforce? Grab your flannel shirt, and let’s find out! The last in our series on the multigenerational workforce, this article explores what makes Gen X tick and how they’re stepping up to lead organizations into the future.  

Who are Gen Xers? 

Born between the early 1960s and 1980, this cohort came of age and entered the workforce in the shadow of the larger Baby Boomer generation. Now, as they move into management and leadership roles, Gen X is ready to put their own stamp on workplace culture. 

Growing up as latchkey kids in an era of change, Gen X professionals are more independent and adaptable than previous generations. Gen X entered the workforce during the rise of Silicon Valley and the dot com era, making them comfortable with the pace of technological advancement. For them, adopting new technology feels natural, and they are driving digital transformation across sectors. 

When it comes to the workplace, Gen X values authenticity, work-life balance and professional development. They respond better to flexible schedules that allow for caring for aging parents and children and prefer managers that empathize with those priorities.  

According to a study by Stanford University, Gen X prefers to work from home 50% of the time, compared to Boomers at 35% and Gen Z at 45%. Make no mistake, Gen Xers are focused on results, they just believe there are many valid ways to achieve success beyond face time at the office.  

Having watched their parents climb the corporate ladder, Xers are focused on carving their own path at their own pace. This cohort is extremely hardworking with an innate sense of independence. If you want something done, hand it off to a Gen Xer and let them run with it. 

Gen Xers don’t pay much attention to rank and hierarchy. They prefer direct communication and are more likely to casually ping you on Slack than set up a formal meeting. But don’t mistake their informal style for a lack of drive. Generation X is extremely entrepreneurial and forge their own career paths rather than expect opportunities handed to them.  

Are Gen X Overlooked at Work? 

Gen X may be overlooked in the workplace due to their easy-going approach. In fact, 79% of Gen X says they’re forgotten in the workplace, overshadowed by younger and older workers. It’s hard to blame them, when Gen Xers are promoted at rates 20% to 30% slower than millennials, despite being strong candidates for leadership roles.  

As employers have paid a lot of attention to nurturing millennial talent in recent years, Gen X has gone underappreciated for their contributions to the workforce. With Gen X leading the Great Resignation as 37% more left their company in early 2022 compared to the year before, employers should concentrate on retaining and engaging this valuable cohort as they enter the second half of their careers.  

Move Over, Boomers: Here Comes Gen X 

As Gen X moves into boardrooms and leadership roles, we are starting to see their impact on workplace culture. Transparency and direct communication are in. Bureaucracy and hierarchy are out. Gone are the days of formal business attire and rigid top-down management. Today’s workplaces are more casual, flexible and egalitarian.  

Gen X leaders prefer to mentor and develop talent rather than micromanage. They lead by example and earn respect by rolling up their sleeves alongside their employees. Gen Xers believe the best way to achieve success is by empowering their team.  

How to Keep Gen Xers Happy in the Workplace 

Here’s how to help your Generation X colleagues gain success at work as they move into leadership positions: 

  • Offer flexibility: Gen Xers appreciate flexibility in their work hours and locations. Consider options like remote work, flexible schedules and job sharing. Plus, autonomy over their time is key. Don’t expect 24/7 availability from Gen X employees. They value their personal responsibilities outside of work and crave work-life balance. 
  • Provide opportunities for career development: Gen X is highly self-sufficient but still values feeling appreciated. Provide both informal and formal recognition—including promotions and leadership opportunities. Invest in professional training, mentoring programs and clear paths for career progression. 
  • Limit bureaucracy: Gen X resists rigid corporate structures and prefers collaborating in relaxed settings. Eliminate unnecessary bureaucracy that can hamper productivity and innovation. Empower Gen Xers to accomplish tasks independently. Provide opportunities to work on new initiatives and pilot programs. 

The Future of Work with Gen X at the Helm 

While perhaps overlooked when sandwiched between two larger generations, they bring a perfect blend of independence and adaptability to evolve workplace culture for the better. Talent leaders should take notice of Gen X’s entrepreneurial spirit and prioritization of work-life balance and career progression.  

The skateboards may be gone, but Generation X is still the same pragmatic, diverse and ambitious cohort. Only now they are grown up and calling the shots.  

Read the rest of our Multigenerational Workforce series: