🚨 The big quit 2.0

A new report says half of all workers are eyeing an exit.

August 29, 2024

👋 Welcome back, talent pros! We don’t mean to scare you, but with summer practically over, Halloween is almost here … and as we gear up for spooky season, there's a chilling trend haunting jobseekers: "ghost jobs."

These phantom postings – roles that linger on job boards but may not actually exist – cause frustration and distort views of the labor market. A recent study found that only 4 out of every 10 job postings lead to an actual hire, down from 8 just a few years ago.

For employers, it suggests a need to rethink hiring strategies. For jobseekers, this means more wasted time. Here’s how to spot these apparitions: watch for job postings that have been up for months or reappear frequently – these are likely ghosts. 👻 

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— Team RecruitmentMarketing.com ✨ 

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Today’s edition is a 3-minute read. Here’s what to expect👇

🗞️ Gen Z's great job exodus
🌎️ Ghost jobs haunt the market
💰️ Uber's data protection nightmare
💼 Layoffs hit tech and action cam companies
💻 TA roles at Airbnb, Netflix
📆 Can’t miss upcoming industry events

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NEWS
One Thing You Should Know This Week
Bankrate: 1 in 2 Workers Likely to Job Hunt This Year

Thinking about jumping ship? According to a new report from Bankrate, nearly half of Americans are eyeing the exit door at work, with Gen Z leading the charge.

🖼️ The big picture.
The job market is shifting…the new survey found that a whopping 48% of workers are likely to search for a new job in the next 12 months. But it's the youngest workers who are really itching for a change – 64% of Gen Z are ready to hit the market. This trend isn't just about job dissatisfaction. It's driven by a strong desire for higher pay, greater flexibility, and even a potential leap into entrepreneurship amid economic uncertainty.

💼 A generational job-hopping competition.
Job-seeking intentions vary across generations, almost like a relay race, with each group passing the "I Quit" baton to the next. While Gen Z leads the pack, they're not alone in their wanderlust. Among Gen Z workers, 64% are ready to move on, followed by 52% of millennials, 45% of Gen X, and 25% of baby boomers.

👋 What's fueling this mass exodus? 
It's not just about finding a new place to hang your hat—higher pay and greater workplace flexibility are the main motivators. In fact, 43% of workers plan to ask for a raise, while 42% will request more flexible work arrangements.

💡 The entrepreneurial spirit is alive and well.
Interestingly, about 3 in 10 workers (29%) are likely to start their own business in the next year. Gen Z leads this trend too, with 41% considering entrepreneurship. Binge-watching television doesn't seem so bad if it's just "Shark Tank" episodes…

📉 Economic uncertainty looms …
… but talk is cheap, and action is expensive. Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, suggests that while the desire to switch jobs is strong, the reality might be different. "Saying you're going to leave your job is much easier than actually leaving it," Beene told Newsweek. "That's not to say people should stay put at a job they don't like. However, it's becoming more important to have a game plan upon your exit, but the days of easy job-hopping may be coming to a close."

☁️ A cloud of uncertainty.  
Despite the job-hopping intentions, there's a cloud of uncertainty hanging over the workforce. The survey found that 70% of workers have some level of worry about job security since the Federal Reserve began raising interest rates in March 2022. The concerns aren't unwarranted. With the red-hot booming job market that powered the 2022 "Great Resignation" cooling down, the opportunities for employees are rapidly shrinking.

🧠 Reimagining workplace strategies.
So, what's an employer to do in this shifting landscape? It's time to bring back casual Fridays and double-down on employee happiness. "It's easy to see the reasons many in Gen Z, along with other generations, are considering leaving their employers," Beene added. "A feeling of being overworked, underpaid given the inflated prices we're seeing, and a desire for additional benefits, such as time off and work-from-home, that were standards during the pandemic but are quickly disappearing."

⚡️ More on … Gen Z.
With all this in mind, here’s our last two-cents: it might be time to ease up on the Gen Z slander. “When we hear companies say they ‘don’t want to hire Gen-Z,’ it raises eyebrows,” RecruitmentMarketing.com President and Co-Founder Katie Fortunato said in a recent piece about understanding Gen Z in the workplace. “Bringing younger folks into the workforce isn’t just necessary—it’s smart business.”

📥️ Read more in the Bankrate Report.

NUMBERS

Numbers That’ll Make You Think

  • 47% — Of hiring managers say a candidate's enthusiasm about the job is the most important factor when considering them, according to a recent LinkedIn survey. Looks like it's time to practice your "I LOVE spreadsheets!" face for the interview. (NBC Philadelphia)

  • 56% — Of women surveyed said they have been described as unlikeable in their performance reviews. It’s not easy being a girl boss. (HR Brew)

  • 16% — Of men surveyed said they have been described as unlikeable in their performance reviews. The likability gap is real, folks. (HR Brew)

  • 68% — Of hiring managers rely on staffing firms despite low fill rates, according to a survey by Indeed Flex. It's like dating apps – we keep using them even when the matches aren't great. (Staffing Industry)

  • $324 million — The amount ride-share app Uber is being fined by Dutch regulators for violating EU data protection rules. That's a lot of surge pricing to make up for! (New York Times)

A MESSAGE FROM OUR SPONSOR

INDUSTRY INTEL

M&A Deals, Industry Moves, & Other Things To Know

  • Labor market cooldown? The U.S. Labor Department suggests the job market wasn't as hot as previously thought, with potentially 818,000 fewer jobs added in the 12 months through March. (Wall Street Journal)

  • From boots to suits just got a little harder. Military mentorship platform Veterati is shutting down, leaving a gap in support for transitioning service members. (RecruitmentMarketing.com)

  • Private equity firm Riverside is investing in German HR tech company GFOS. Looks like someone's betting big on the future of work… (PE Hub Europe)

  • Global HR tech giant Professional Diversity Network is rebranding its job board operations to TalentAlly. New name, same commitment to diversity in hiring. (Staffing Industry)

  • Gig economy player ShiftPixy announces a $2.5 million offering to boost its staffing and employment services. Looks like they're shifting into high gear! (Staffing Industry)

  • Our friendly neighbor is struggling at home. Canada is tightening its temporary foreign worker program as unemployment rises. (Wall Street Journal)

  • The FTC argues that the Kroger-Albertsons merger is bad news for shoppers and workers. Grocery wars are heating up! (New York Times)

  • Talent acquisition platform SmartRecuriters announced Rebecca Carr will take on the role of CEO permanently, after serving as interim leader since the departure of the last CEO. (Unleash)

OPEN ROLES

Jobs You Might Want (For Yourself!)


For more of these roles delivered to your inbox every Monday, subscribe to the RecruitmentMarketing.com Jobs Weekly newsletter by clicking here. For a full list of open roles, head over to our job board by clicking here.

If you’re publicly seeking a job, get highlighted during our #TalentTuesday by filling out your profile here.

LAYOFFS

Places For You To Source Fresh Talent

  • Tech giant IBM is shutting down its China R&D operations, affecting over 1,000 employees. (Wall Street Journal)

  • Furniture resale platform Kaiyo is abruptly closing down, leaving sellers in the lurch. (Business of Home)

  • Action camera maker GoPro plans to cut about 15% of its workforce. (Reuters)

  • Contact center products vendor Five9 announces plans to lay off about 7% of its workforce. (CRN)

EVENTS

Join Us For These Upcoming TA Events

  • Data-Driven Genius: Innovation and Analytics in High-Volume Hiring (Hosted by RecruitmentMarketing.com and Qualifi)

    📆 September 4, 2024 at 1:00 - 2:00 PM ET

    ⚡️ Explore the intersection of data analytics, innovative technologies, and strategic thinking in high-volume recruitment.
    👉️ Register here.

  • Breakfast Event: From Buzzwords to Boardroom

    📆 September 10, 2024 8:30 - 10:00 AM ET in NYC

    ⚡️ Learn how to master HR messaging for C-Suite impact.
    👉️ Register here.

  • Thrive Together: A Wellness Experience for Female Founders

    📆 October 10, 2024 from 4:00-7:00 PM ET in NYC
    ⚡️ Join us and The Talent Collective on World Mental Health Day for an exclusive wellness event for female founders and executives.
    👉️ Register here. 

  • Employer Brand Authenticity in an Election Year: Navigating the Political Landscape and Attracting the Next Generation of Workers

    📆 October 15, 2024 at 1:00 - 2:00 PM ET

    ⚡️ Master the art of employer branding amid election year challenges and attract the next generation of top talent.
    👉️ Register here.

  • Hire Innovations: Fall 2024
    📆 November 19-21, 2024 | 1:00 PM ET Daily

    ⚡️ Hire Innovations Fall 2024 is a dynamic 3-day virtual event designed to inspire and introduce you to cutting-edge technologies revolutionizing the hiring process.
    👉️ Register here.

👋Thanks for reading!

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