🧊 It's a chilly summer

👋 Happy Thursday! There’s one genre of questions that TA professionals advise job candidates NOT to ask. According to Dan Space, who’s worked in HR for EA and Spotify, candidates should avoid questions like, “What does success look like 30, 60, 90 days?” Since every role has so many variables, it’s often a moot point, he told CNBC in an interview.

Thoughts on Dan’s take? Reply to this email, we’d love to hear from you.

— Team RecruitmentMarketing.com✨

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

🗞️ New grads are struggling to land jobs
🌎️ Apathetic workers cost trillions
💰️ ZRB Partners makes acquisition
💻 TA roles at eBay, SpaceX
💼 Layoffs at Fox, Magic Leap

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The job market is cooling down for white-collar jobs that require a bachelor’s degree, according to a new report from The Wall Street Journal. This means that grads just entering the workplace are entering a cooler-than-usual job market. And we don’t mean ‘cool’ in the Fonzie way, either. Hiring for those jobs has dipped below 2019 levels, leaving many out in the cold.

🔎 Looking deeper. 
Data from payroll provider ADP, collected from 16 million people at more than 31,000 U.S. employers from January 2019 through May 2024, shows that there’s a hiring bottleneck. The bottleneck is happening because of two distinct reasons:

1. Rewind to 2022, when companies were over-hiring because of a cash-rich economy and a belief that there would be labor shortages. “These companies just got way, way too bloated,” says Aaron Levie, CEO of cloud computing company Box.

2. More tenured white-collar employees are staying in their companies and their positions longer.

🚢 (Intern)Ships have sailed. 
All this comes at a time when many sizable, profitable companies are scrapping internships, the Financial Times reports, taking away a pathway for valuable entry-level jobs.

• Goldman Sachs cut summer analyst roles by 200.

• J.P. Morgan reduced its summer analyst roster by 600.

• Tesla rescinded all of its internship offers just a few weeks before they were due to start.

It’s worth mentioning that Goldman Sachs ”received 315,000 applications for fewer than 3,000 roles … [and] J.P. Morgan received 493,000 applications, an 82% increase from last summer,” the CEO of the Wealth Management division at J.P. Morgan told WSJ.

😓 450 roles, 1 offer.
Fresh grads, for the most part, understand that getting a job IS a job – and more than that, they’re willing to put the time in. Some of these digital natives have even developed creative ways to make the process more efficient. Zachary Ebaugh, who graduated from the University of Central Florida with a computer science degree, applied to 450+ jobs…which yielded only a single interview for a systems engineer job in the aerospace industry. (Yes, he landed the role).

👨‍💻 Automating application fatigue.
The experience led him to build a tool that allows job seekers to use AI to fill out applications. “It’s not so hard to send out maybe 100 or 200 job applications,” he said. But when you start getting to, 500, 800, 1,000 and you’ve been doing it for six-plus months, it can take a toll on you.”

📥️ Read more from The Wall Street Journal.

NUMBERS

Numbers That’ll Make You Think

• 5,000 —The number of AI jobs that will be created in the next couple of years at JPMorgan Chase according to CEO Jamie Dimon (Workforce AI)

• $1.9 trillion — How much “apathetic workers” cost the economy in productivity (LinkedIn)

• $2.2 billion — The amount that’s been invested in HR tech so far in 2024, buoyed by 114 deals globally (HR Executive)

• $96 million — The total amount The White House has set aside for expanding technology training initiatives (Gov Exec)

• 3,689,350 — The number of health and home personal care aides in the US, making it the most “common” job in the nation, according to new BLS data (USA Today)

• $15 billion — The annual revenue of LinkedIn last quarter, far exceeding analysts’ expectations, and over 6x what it managed its first year after being acquired by Microsoft in 2016 (Sherwood)

• 45% — The percentage of cover letters for one job posting that were generated by AI, according to one recruiter’s study (Business Insider)

INDUSTRY INTEL

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

• Talent blog JobBoardDoctor was acquired by Catch 22 Group, a company founded by industry vets Julie Sowash and Chad Sowash of the Chad & Cheese Podcast (HR Techfeed)

• Accessibility-focused recruitment platform Making Space raised $2 million in a pre-seed funding round with hopes to grow its efforts to train, access, and retain pre-qualified Disabled talent (HR Techfeed)

• Clear Company introduced Virtual Recruiter, an AI-powered chatbot designed to guide job candidates through hiring processes (HR Tech Alliances)

• Recruitment automation platform Zappyhire announced its newest product called ZappyVue, software for automated video interviewing in the U.S. market (HR Tech Alliances)

• Recruitment software giant iCIMS launched its summer 2024 release, a product update that focuses on automating candidate engagement through AI (Workforce AI)

• Global talent advisory firm ZRB Partners acquired Jamesbeck, an investment management recruitment firm (SIA)

A MESSAGE FROM CULTURECON

Join RecruitmentMarketing.com at CultureCon 2024 and be in community with Culture Geeks representing Fanatics, Atlassian, Gallup, Activision and many other innovative, human-centered organizations. Network with the best talent development, people operations and employee experience professionals and learn how they're fostering a thriving employer brand and positive workplace culture.

👉️ Click here for 25% off registration

OPEN ROLES

Jobs You Might Want (For Yourself!)

• Live experiences company Gametime is hiring a Chief People Officer based remote, with headquarters in San Francisco, CA

• Software giant Microsoft is hiring a Recruiter based remote, with headquarters in Seattle, WA

• E-commerce company eBay is hiring a Senior Manager of Talent Management based in San Jose, CA

• Technology company Shutterstock is hiring a Head of Global Talent Strategy based in New York, NY

• Aerospace company Boeing is hiring a Senior Human Resources Business Partner based in Daytona Beach, FL

• Retail giant Walmart is hiring a Senior Talent Acquisition Partner based in Bentonville, AR

• Car company General Motors is hiring an HR Director based in Arlington, TX

• Space exploration company SpaceX is hiring a Technical Recruiter based in Starbase, TX

• Non-profit organization UNICEF is hiring an HR Business Partner based in New York, NY

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

• Cyber unicorn Aqua plans to cut 50 positions, or approximately 10% of its total workforce (CTech)

• AR pioneer Magic Leap will let go of 75 employees across its sales and marketing team (Bloomberg)

• Media giant Fox Entertainment is set to eliminate 30 positions globally (Deadline)

• Healthcare company Optum will cut around 2,000 positions (Fierce Healthcare)

• Custom website builder Webflow said it will cut 8% of its staff (Webflow Blog)

• AI startup Cohere cut 20 of its staffers after a recent $500 million funding round (CNBC)

WEEKLY TRIVIA

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👋Thanks for reading!