BambooHR
Workforce Insights
Monthly Report – October 2024
Welcome to the October edition of the BambooHR Workforce Insights report, where we dive 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.
October Sees Surge in Performance Reviews as Q4 Review Season Kicks Off
The start of Q4 has been marked by a 73% increase in reviews within the US, a pattern that aligns with typical end-of-quarter review processes. This surge indicates organizations are dedicated to assessing and enhancing performance as they set goals for the upcoming quarter.
Globally, October 2024 witnessed a decrease in turnover and hiring, with turnover reaching an almost three-year low. In the US, these trends are mirrored, with turnover dropping to 2021 levels across all industries. This decline in turnover and hiring reflects a broader global pattern, emphasizing stability in the workforce.
Additionally, October saw a slight increase in PTO requests, particularly in the US, where employees have shown a higher propensity to request time off. Notably, the Construction and Food industries continue to exhibit high PTO approval rates, despite having lower request proportions. Meanwhile, regions such as Latin America and the Middle East and Africa maintain low request rates but enjoy high approval counts.
BambooHR’s platform data, sourced from over 4.75 million employee data points across the globe, provides a global perspective on these evolving trends and offers valuable insights for businesses aiming to foster a culture of continuous improvement and engagement.
Hiring, Job Openings & Turnover
Hiring
- Globally:
- From September to October 2024, hiring decreased by 14%.
- Year-over-year, hiring decreased by 21% compared to October 2023.
- In the US:
- From September to October 2024, hiring decreased by 13%.
- Year-over-year, hiring decreased by 22% compared to October 2023.
Job Openings
- Globally:
- From September to October 2024, job openings increased by 10%.
- Job openings increased by 15% compared to October 2023.
- In the US:
- From September to October 2024, job openings increased by 8%.
- Job openings increased by 13% compared to October 2023.
Turnover
- Globally:
- Turnover decreased by 15% from September to October 2024.
- Year-over-year, turnover is down by 22% compared to October 2023.
- In the US:
- Turnover decreased by 13% from September to October 2024.
- Year-over-year, turnover is down by 21% compared to October 2023.
October 2024 saw a significant decrease in turnover and hiring, with a notable increase in job openings, reflecting a shifting landscape in the employment market.
MoM 13% ⇩ decrease
YoY 22% ⇩ decrease
MoM 8% ⇧ increase
YoY 13% ⇧ increase
MoM 13% ⇩ decrease
YoY 21% ⇩ decrease
MoM 14% ⇩ decrease
YoY 21% ⇩ decrease
MoM 10% ⇧ increase
YoY 15% ⇧ increase
MoM 15% ⇩ decrease
YoY 22% ⇩ decrease
US Hires, Job Openings & Turnover
Global Hires, Job Openings & Turnover
Industry Trends: Hiring, Job Openings & Turnover
- All industries saw a decrease in hires from September to October.
- The healthcare sector maintained its position at the forefront of hiring trends, with a hiring rate of 3%, closely followed by travel/hospitality and construction, each with a hiring rate of 3%.
- The restaurant, food & beverage and technology sectors recorded the lowest hiring rates, at 2.3% and 2.1%, respectively.
- The restaurant, food & beverage and healthcare industries were the only ones to have an increase in turnover from September to October, at 28% and 22%, respectively.
- Technology and finance took the lead for job opening increases from September to October, at 7% and 6%, respectively.
October 2024
Proportion of Total Employees
Regional Trends: Hiring, Job Openings & Turnover
- North America demonstrated the highest hiring ratio at 2.7%, along with the highest turnover ratio at 2.1% and job openings at 0.9%, indicating a dynamic job market.
- Middle East/Africa showed a lower turnover ratio at 1.4%, with a hiring ratio of 2.1% and job openings at 1.0%, suggesting a moderately active market.
- Asia Pacific had the lowest turnover ratio at 1.5% and the lowest hiring ratio at 2.3%, with job openings at 0.7%, indicating a more stable but less dynamic job market compared to other regions.
Manager & Peer Reviews
In October 2024, as Q3 ended and Q4 began, we observed spikes in manager and peer reviews both globally and in the US:
- Globally, from October 2023 to October 2024, there was a 10% increase in total reviews, with a 37% rise from September to October 2024.
- During this period, manager reviews increased by 2.5%, while peer reviews saw a more substantial increase of 10%.
- From September to October 2024, manager reviews increased by 32%, and peer reviews by 38%.
- In the US, the trend also showed notable changes. There was a 73% increase in total reviews from September to October 2024, reflecting typical end-of-quarter review processes.
- During this period, manager reviews increased by 2%, and peer reviews increased by 20%.
- From September to October 2024, manager reviews increased by 36%, while peer reviews decreased by 13%.
US Manager & Peer Reviews
MoM 36% ⇧ increase
YoY 2% ⇧ increase
MoM 13% ⇩ decrease
YoY 20% ⇧ increase
MoM 32% ⇧ increase
YoY 2.5% ⇧ increase
MoM 38% ⇧ increase
YoY 10% ⇧ increase
Employee PTO Requests & Approvals
October sees a slight jump in PTO requests.
Global PTO:
- In October 2024, 43% of employees made PTO requests, with only 46% of those being approved. This represents a 4% increase in requests from September and a 1% increase in approvals.
- From October 2023 to October 2024, requests and approvals decreased by 1% each.
US PTO Requests:
- In the US, the trend of PTO requests persisted, with 36% of employees making requests and only 49% of those being approved. This reflects a 2% increase in requests from September and no change in approvals.
- From October 2023 to October 2024, requests decreased by 1%, while approvals remained the same.
US Employee PTO Requests & Approvals
Global Employee PTO Requests & Approvals
Regional Trends: Employee PTO Requests & Approvals
In October 2024, regional PTO requests and approvals continued to show distinct patterns:
- Europe: Led the regions with 66% of workers requesting PTO, though only 42% of these requests were approved.
- Middle East/Africa: Had a lower request rate at 45%, but a higher approval rate of 57%, indicating a more favorable response to requests.
- Asia Pacific: Saw 41% of employees requesting PTO, with an approval rate of 46%.
- North America: Had 39% of employees making PTO requests, with a slightly higher approval rate of 48%.
- Latin America: Although it had the lowest request rate at 38%, it had a high approval rate of 58%, closely following Middle East/Africa in terms of approvals.
Industry Trends: Employee PTO Requests & Approvals
- Construction and restaurant, food & beverage continue to see high PTO approval, despite having low request proportions.
- The industry with the highest proportion of PTO requests in October was finance at 57%, followed by nonprofit at 55%.
Methodology
All source data is from the BambooHR® platform, gathered between December 2018 and October 2024, and includes over 4.75 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.
About BambooHR
BambooHR® is the leading HR software solution that sets people free to do great work by managing the complex work of supporting employees and succeeding as a business, while giving leaders all the data they need to make informed strategic decisions.
Intuitively designed and easy-to-use benefits administration, payroll, performance, time tracking, and reporting where everything works together means less focus on process and more focus on growing what matters most—people.
Over the past 15 years, BambooHR has been the trusted partner of HR professionals at 33 thousand companies with employees in over 190 countries and 50 industries, supporting millions of users throughout their employee experience.
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