What's happened
As of August 2024, job seekers face a tougher labor market with fewer openings per unemployed person compared to last year. Experts suggest strategic application approaches and emphasize the importance of quality feedback in performance reviews to retain top talent.
Why it matters
What the papers say
According to Business Insider UK, Leanne Getz from Experis noted that the labor market is 'definitely softer than it was several years back,' highlighting the challenges applicants face. Stacie Haller from ResumeBuilder.com emphasized the need for job seekers to apply strategically rather than broadly, stating, 'I would prefer people to not send out 800 résumés just throwing spaghetti against the wall.' Meanwhile, a Textio analysis revealed that top performers, particularly women, receive inadequate feedback, which can drive them to leave their jobs. Ylva Baeckström pointed out that high-performing individuals often go unnoticed, leading to a lack of necessary support. This underscores the need for companies to foster a culture of constructive feedback to retain talent.
How we got here
The job market has softened, with recent data showing 1.2 job openings per unemployed person in June 2024, down from 1.5 in June 2023. This shift has made job searching more challenging for applicants.
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