BambooHR
Workforce Insights
Monthly Report – March 2024
Welcome to the March edition of the BambooHR Workforce Insights report, where we delve into the latest trends shaping the world of employment.
Workforce Insights is powered by aggregated data trends from the millions of admins, managers, and employees who use BambooHR in the US and across the globe.
Hiring, Job Openings & Turnover
MoM 0.6% decrease
YoY 24% decrease
MoM 4% increase
YoY 1% decrease
MoM 0.6% decrease
YoY 26% decrease
MoM 0.1% decrease
YoY 20% decrease
MoM 5% increase
YoY 3% increase
MoM 2% decrease
YoY 23% decrease
- YoY hiring and turnover are both down ~20%, suggesting employees are sticking with their current roles as hiring slows down.
- While YoY job openings are flat globally, they’re up ~4% MoM from February to March 2024
Hiring, Job Openings & Turnover by Industry
- Travel & Hospitality and Construction had the highest proportion of hires in March, continuing the trend from February.
- Tech had the lowest proportion of hires.
- Changes from February to March 2024:
- Hires for Travel & Hospitality increased 19%
- Hires for Construction increased 9%
- Turnover for Healthcare increased 12%
- Turnover for Nonprofits increased 16%
- Turnover for Tech increased 12%
- Job openings for Construction decreased 10%
- Job openings for Finance decreased 10%
Manager & Peer Reviews
MoM 7% decrease
YoY 6% increase
MoM 19% decrease
YoY 12% decrease
MoM 9% decrease
YoY 6% increase
MoM 13% decrease
YoY 12% decrease
- More reviews (12% global/6% US) occurred in Q1 2024 than in Q1 2023.
- In Q1 2024 in the US, there were 9 peer reviews for every 1 manager review. Globally, however, there were 7 manager reviews for every 1 peer review.
- When done regularly for all employees, peer reviews are a great way to identify growth opportunities.
- Speaking of growth opportunities, numbers show international managers underutilize peer reviews.
Employee PTO Requests & Approvals
MoM 1% decrease
YoY 6% decrease
MoM 1% increase
YoY 1% increase
MoM 0.3% increase
YoY 4% decrease
MoM 0.9% increase
YoY 1% increase
- PTO requests have increased from Q1 of 2023 to Q1 of 2024, but approvals have decreased.
- Globally, in Q1 2024, 47% of employees made requests, with only 45% approved. Requests have increased 7% compared to Q1 2023, and approvals have decreased 6%.
- In the US, during Q1 2024, 39% of employees made requests, with only 49% approved. Requests increased 6% compared to Q1 2023, while approvals decreased 3%.
Employee PTO Requests & Approvals by Industry
- The industries with the highest proportion of PTO requests to employees in March 2024 were Finance and Nonprofits, with more than half of employees requesting PTO (54%) in each.
- Restaurant, Food & Bev ranked dead last for PTO requests but had a high percentage of approvals relative to other industries. To mitigate employee burnout, this may indicate an opportunity for leaders in this industry to change the culture around requesting time off.
Healthcare saw quite the jump in PTO approvals during March 2024 (56%), up 10% from February 2024 (46%).
About BambooHR
BambooHR® is the leading provider of cloud-based HR software solutions that empower HR professionals to manage, support, and grow what matters most—their people. As a company, BambooHR's mission is to set people free to do great work, by automating, centralizing, and connecting employee data all in one place to support better decisions.
The platform’s intuitive and intentionally designed payroll, time tracking, benefits, performance, and reporting solutions support the full repertoire of HR responsibilities—all backed by award-winning customer service. Over the past 15 years, BambooHR has been the trusted partner of HR professionals at 32 thousand companies in over 150 countries and 50 industries, for supporting millions of users throughout their employee experience.
Methodology
All source data is from the BambooHR platform, gathered between December 2018 and March 2024, and includes 4.3 million employee data points across the globe.
The data includes employee and manager performance scores, PTO requests, and other data points that have been analyzed in an aggregated, anonymized way to protect the privacy of employees and the integrity of the metrics.
Turnover includes all types of separation of an employee from their company, including voluntary and involuntary separations.
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