BambooHR
Workforce Insights
Monthly Report – July 2024
Welcome to the July 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.
July Sees Job Openings Spike 20% Amid Decreasing Turnover and Hiring Rates
In July, job openings surged across various sectors, with notable spikes in every industry analyzed. This increase is substantial, marking a 20% global increase and a 25% rise in the US from the same time last year.
On the flip side, turnover rates have decreased, with the biggest decreases in turnover rates observed in the nonprofit, restaurant, food & beverage, and education sectors. Overall, turnover decreased by 18% both globally and in the US from July 2023.
However, hiring trends didn’t mirror the increase in job openings. While the education sector saw a significant rise in hiring—typical for the seasonal hiring cycle—many sectors experienced notable decreases. Overall, hiring decreased by 15% globally and 14% in the US compared to the previous year.
This mismatch between rising job openings and falling hiring rates, coupled with the weak July US jobs report, has noticeably shaken the stock market, contributing to its recent downturn. These trends hint at potential shifts that could shape the market landscape in the near future, especially if hiring starts to rebound while job openings begin to taper off.
Hiring, Job Openings & Turnover
- Turnover and hiring continue to decrease globally, while job openings spike with a 20% increase.
- July continues June's global trend with turnover decreasing by 8%, and job openings increasing across every industry.
- In the US, while hiring and turnover decreased by 10% and 5% respectively, job openings are up 25% from last July.
- LATAM maintains low turnover and job posting trends.
- North America has the highest percent of hirings and turnover, while MEA has the lowest percent of hirings.
MoM 10% ⇩ decrease
YoY 14% ⇩ decrease
MoM 14% ⇧ increase
YoY 25% ⇧ increase
MoM 5% ⇩ decrease
YoY 18% ⇩ decrease
MoM 5% ⇩ decrease
YoY 15% ⇩ decrease
MoM 13% ⇧ increase
YoY 20% ⇧ increase
MoM 8% ⇩ decrease
YoY 18% ⇩ decrease
US Hires, Job Openings & Turnover
Global Hires, Job Openings & Turnover
“In today's job market, we're seeing a decrease in turnover, more job openings, but a slower pace of hiring. This trend reflects a mix of factors at play. Employers are cautious due to economic uncertainties, creating a gap between job openings and actual hires. Finding candidates with the right skills is a challenge, compounded by budget constraints and the shift to remote work.
Businesses must adapt their hiring strategies thoughtfully to navigate these complexities and meet their workforce needs effectively."
Wende Smith | Head of HR Operations | BambooHR
Industry Trends: Hiring, Job Openings & Turnover
- In July, education emerged as the leading industry for hiring, with travel & hospitality and construction following closely behind.
- Tech and restaurant, food & beverage experienced the lowest percentage of new hires during this period.
- Notable changes from June to July include:
- 15% decrease in turnover for the construction sector
- 14% increase in job openings for tech roles
- 16% increase in job openings within the finance industry
- There were significant decreases from June to July, including:
- 19% decrease in hires within the travel & hospitality sector
- 26% decrease in hires within the nonprofit sector
- 22% decrease in turnover for restaurant, food & beverage roles
- While hires decreased for the nonprofit sector, they had the highest increase at 25% in job openings from June to July 2024.
- Job turnover in the education sector decreased by 24%, while job openings in the healthcare industry saw an 18% increase.
- Finance was the only industry to have a slight increase in turnover from this past June, at 3%.
- Restaurant, food & beverage ranked last across all categories for July.
Regional Trends: Hiring, Job Openings & Turnover
- In terms of hiring and turnover percentages, North America leads the way, while MEA has the lowest percentage of hires, and LATAM boasts the lowest turnover rate.
- Despite ranking second in terms of hires, LATAM has the fewest job openings.
Manager & Peer Reviews
- As companies prepare for the summer review season, there’s been a noticeable uptick in global review activities.
- Comparing feedback globally, there was a 5% increase in total reviews from July 2023 to July 2024, and a significant 12% increase in total reviews from June to July 2024.
- During this period, there was a 7% increase in manager reviews and a 2% decrease in peer reviews from July 2023 to July 2024.
- From June to July 2024, manager reviews surged by 35%, while peer reviews declined by 19%.
- In the US, companies are ramping up their review processes as they enter the summer review season, with a particular focus on increasing manager reviews.
- Feedback comparisons in the US show a 6% increase in total reviews from July 2023 to July 2024, and an 11% increase in total reviews from June to July 2024.
- Specifically, there was an 8% increase in manager reviews and a 2% decrease in peer reviews from July 2023 to July 2024.
- From June to July 2024, manager reviews saw a notable 24% increase, while peer reviews decreased by 12%.
US Manager & Peer Reviews
Global Manager & Peer Reviews
MoM 24% ⇧ increase
YoY 8% ⇧ increase
MoM 12% ⇩ decrease
YoY 2% ⇩ decrease
MoM 35% ⇧ increase
YoY 7% ⇧ increase
MoM 19% ⇩ decrease
YoY 2% ⇩ decrease
Employee PTO Requests & Approvals
- In July, there was a slight increase in global PTO requests compared to June, although there is still a noticeable decline typical of the summer season.
- Globally, 42% of employees made PTO requests in July, with only 48% of those requests approved.
- This marks a 1% increase in requests from June.
- Comparing July 2023 to July 2024, there was a 2% decrease in requests and approvals.
- In the US, PTO requests remain at their lowest point since September of the previous year.
- Specifically in the US, 35% of employees made PTO requests in July, with only 51% of those requests approved.
- Requests increased by 4% from June.
- When comparing July 2023 to July 2024, there was a 4% increase in requests, while approvals decreased by less than 1%.
US Employee PTO Requests & Approvals
Global Employee PTO Requests & Approvals
Regional Trends: Employee PTO Requests & Approvals
- Regional PTO requests in July align with the ongoing trends observed this year, showing no significant changes in ranking and minimal fluctuations from the previous month.
- In Europe, nearly two-thirds (65%) of workers submitted PTO requests in July, but less than half (44%) of these requests were approved.
- Europe leads in PTO requests, while North America and LATAM both fall below the 40% mark.
- Despite having the lowest number of PTO requests, LATAM maintains its lead in PTO approval rates, with 63% of PTO requests being approved in July.
Industry Trends: Employee PTO Requests & Approvals
- Despite having low initial PTO requests, the construction and restaurant, food & beverage industries experienced spikes in PTO approval rates.
- In July, finance had the highest proportion of PTO requests, with nonprofit and tech following closely behind.
- Interestingly, despite 52% of nonprofit employees submitting PTO requests in July, they ranked the lowest in terms of PTO approvals, with only 39% of requests being approved.
- Throughout 2024, the restaurant, food & beverage industry has consistently ranked last in PTO requests.
Methodology
All source data is from the BambooHR platform, gathered between December 2018 and June 2024, and includes over 4.5 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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