⚾ Curveball

👋 Hello, TAs! We're kicking off #AnywhereAugust, and our team is embracing the future of work by going fully remote this month. Whether we're poolside in Bali, cafe-hopping in Madrid, or just cozied up in our home offices, we're proving that great work can happen anywhere.

But maaaaybe turn off the TV while during working hours … Did you catch the buzz about the 2024 Paris Olympics hurting workplace productivity? According to NBC, 1 in 4 Americans say their work output dips during the Games. But hey, maybe we're all just training for the ultimate multitasking marathon. 🏃‍♀️💻

We want to hear from you! Where are you working from this August? Drop us a reply or share a pic with #AnywhereAugust. Let's show the world that remote work is here to stay!

— Team RecruitmentMarketing.com ✨ 

👉️ P.S. Not sure what your company needs to take your HR tech to the next level? Tell us your HR tech priorities and needs, and we’ll give you personalized recommendations. It only takes a few minutes to get started.

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

🗞️ July jobs report: A cool breeze in a hot market?
🌎️ AI's impact on employee feedback
💰️ Healthcare staffing firms rake in billions
💻 TA roles at Intuit, Whole Foods
💼 Layoffs at Axios, Vir Biotechnology

Did someone forward you this email? Sign up here 📥️

The U.S. job market threw us a curveball in July, with employers adding just 114,000 jobs, far below the average of 215,000 jobs added over the previous 12 months. Meanwhile, the unemployment rate ticked up to 4.3%, the highest since October 2021.

🧠 What the pundits are saying.
The unexpected slowdown has startled investors and economists alike. But before we hit the panic button, let's dive into what this really means. While some view this as a sign of impending recession, others see it as a natural correction:

• The Wall Street Journal notes that the tight labor market of recent years has delivered widespread rewards, boosting low-end pay and productivity.

• However, Forbes argues that this "off-month" is "no big deal," pointing out that 114,000 new jobs is still about 5% higher than needed to keep up with population growth.

🖼️ The big picture.
While the numbers might seem alarming at first glance, they paint a complex picture of an economy in transition. The slowdown in hiring could be a sign of the job market cooling off after a post-pandemic boom, rather than being a harbinger of doom.

💼 What this means for hiring.
For recruiters and hiring managers, this cooling job market could mean a shift in power dynamics. We might see:

• More applicants per open position;

• Decreased pressure for aggressive salary increases;

• A renewed focus on retention as employees become less likely to job-hop; or,

• Increased importance of non-salary benefits to attract and retain talent.

🌎 What this means for the world.
The stock market's reaction has been notably negative, with the Dow tumbling more than 1,000 points on Monday. This reflects growing worries about a potential recession and concerns that the Federal Reserve may have been too slow to act. The tech sector, which had been flying high on AI optimism, is particularly affected as investors reassess the immediate profitability of AI.

💁 What this means for YOU.
Enough about hiring, enough about the economy. Here’s what the latest jobs report might mean for you and your family:

• Job hunting might get tougher: With fewer jobs added, competition could increase. Polish those resumes and network, network, network!

• Your 401(k) might take a hit: The stock market dip could impact retirement accounts. Don't panic — remember, investing is a long game…

• Possible relief on interest rates: If the Fed cuts rates, we might see lower mortgage and credit card rates. Good news for borrowers!

• Economic uncertainty ahead: Economists at Goldman Sachs raised the odds of a recession to one in four in the next 12 months. While a recession isn't guaranteed, it's time to build up that emergency fund!

• AI isn't a golden ticket: The tech sector's wobble reminds us that even hot trends have their ups and downs. The Terminator movies will stay fictional…

💬 Advice from the experts.
In a piece for CNN, executive editor David Goldman offered his two cents: "One thing not to do: Panic. This is NOT a market crash. Not yet, anyway. Investors are nervous, but not panicked. Monday’s rout, if it ends at current levels, wouldn’t even crack the top 100 worst days in market history."

🗞️ Read more in RecruitmentMarketing.com.

NUMBERS

Numbers That’ll Make You Think

• 1 in 4 — Americans say their work productivity declines during the Olympics. Go team procrastination… (The Wrap)

• 10% — of all employee attrition is caused by low-quality feedback. Time to up our feedback game.. (Unleash AI)

• 3.6% — the unemployment rate in the San Francisco Bay Area. Tech winter? More like tech spring… (SF Standard)

• 2.3% — the productivity growth rate in Q2, surpassing expectations. We're working smarter, not harder… (NYTimes)

• 52% — of US firms plan to add new permanent positions in the second half of 2024. Brace yourselves… hiring season is coming. (Staffing Industry)

• $47.3 billion — the revenue generated by the largest U.S. healthcare staffing firms in 2023. That's worth A LOT of scrubs! (Staffing Industry)

INDUSTRY INTEL

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

• AI-powered recruiting startup Tezi secured $9 million in seed funding. (HR Tech Feed)

• Employee offboarding tool When raised $4.6 million. Because saying goodbye shouldn't be so hard (or expensive)… (HR Tech Feed)

• HR giant Paylocity reported Q4 earnings that surpassed estimates. Looks like payday came early for investors… (Yahoo Finance)

• Student loan benefits provider Summer acquired financial wellness innovator Vault. A match made in financial heaven… (Unleash AI)

• Recruitment firm Robert Walters reported a 13% revenue drop in H1 amid challenging market conditions. Even the big fish are feeling the economic waves… (Staffing Industry)

• Staffing firm Diversified Search Group appointed Steven Solnick as managing director in its education practice. Time to hit the books! (Staffing Industry)

• Employment marketplace ZipRecruiter announced that it acquired Breakroom, a UK-based employer review platform that focuses on frontline industries. (RecruitmentMarketing.com)

Unlock discounted access to two days of exclusive knowledge, innovation, and new products at RecFest USA. Meet industry professionals, discover new tools, and choose from 80+ actionable conference sessions. Book now for just $99 (usual ticket price is $249) with discount code RM-99.

📆 Book now!

OPEN ROLES

Jobs You Might Want (For Yourself!)

• Real estate company Cushman & Wakefield is hiring a Talent Acquisition Team Lead based in New York, NY

• Fair credit company Empower is hiring a Senior Lead Recruiter based remote, with headquarters in San Francisco, CA

• Retail apparel and fashion company Tailored Brands is hiring a Senior Talent Acquisition Partner based remote, with headquarters in Houston, TX

• Software development company Epic is hiring a Recruiter based in Aurora, IL

• Software development company Intuit is hiring a Principal Executive Recruiter based in San Diego, CA

• Grocery chain Whole Foods Market is hiring a Senior Human Resources Business Partner based in Charleston, SC

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

• E-bike startup Rad Power Bikes is pumping the brakes on growth and announced another round of layoffs. (TechCrunch)

• Research company Vir Biotechnology, valued at $1.3 billion, said it is laying off 141 workers. (SF Gate)

• News media company Axios announced on Tuesday that it would lay off about 50 employees, or roughly 10 percent of the company. (NYT)

• Video game developer Jam City said it laid off around 85 employees. (Pocket Gamer)

• German chipmaker Infineon announced it will cut 1,400 jobs and relocate another 1,400 to countries with lower labor costs. (Yahoo! Finance)

WEEKLY TRIVIA

Test Your TA Knowledge

👋Thanks for reading!