The iCIMS Insights April 2024 Workforce Report, released today, showcases a promising outlook for the talent market with consistent growth in employer and candidate activity. Drawing from proprietary data from thousands of organizations, the report offers valuable insights into workforce trends, driving competitive advantage for business and HR leaders.
- Steady Growth in Employer and Candidate Activity:
- March witnessed a slight uptick in applications (3%) and job openings (2%), signaling optimism on both sides of the hiring process.
- Despite a 7% decrease in hires compared to January 2023, the talent market remains stable, with slow and steady growth indicating signs of recovery.
- Tech and Manufacturing Lead in Demand for Talent:
- Applications per opening (APO) across industries have risen to an overall APO of 30, up from 24 last year.
- Tech-related jobs continue to be highly sought-after, with a 45% increase in APO year over year, while manufacturing and healthcare sectors also show significant growth at 31% and 26% respectively.
- Retail Sector Insights:
- Retail job openings remained flat for the second consecutive month but are 12% below January 2023 levels.
- Despite this, hires in retail surged by 10% from the previous month, indicating proactive hiring by employers.
- Full-time retail jobs are in high demand, with an APO of 39, a 50% increase year over year, while part-time roles receive an average of 20 applications per opening.
- Regional disparities in retail hiring are evident, with the West and Northeast leading in candidate availability compared to the South and Midwest.
- Transportation roles in retail have seen a 45% increase in applications, whereas sales roles are experiencing a decline compared to last year.
- Expert Insights and Future Outlook:
- Rhea Moss, global head of workforce and customer insights at iCIMS, emphasizes the labor market’s stabilization and the need for diverse hiring strategies.
- Moss will share further insights and intel from global CHROs at iCIMS Next, a virtual customer event on May 16, focusing on data-driven talent acquisition decision-making.
The iCIMS Insights April 2024 Workforce Report paints a picture of a resilient talent market with consistent growth in employer and candidate activity. With the labor market finding its groove, business and HR leaders can leverage these insights to devise effective hiring strategies and drive business success in a competitive landscape.
