– That Christmassy enough?
(man speaks indistinctly)
Hi, I’m Bre,
and today we’re drinking some organic,
minimally processed eggnog.
Gotta shake it.
Gotta get all the goods,
the stuff that makes it the nog, you know?
Oh, that’s really good.
Very creamy.
Hello everyone.
Merry Christmas and happy holidays.
Today, let’s talk about jobs.
Our data experts just completed
a study for the North Pole.
Not surprisingly, they found the region
to have 100% employment
and near perfect retention.
(record scratches)
Except for that one elf who
left to become a dentist
and the other to find his dad in New York.
There’s also a very
successful upskilling program
for workers and the bonus
and benefits program
is evenly matched to the workforce,
right down to the never ending
supply of sugar cookies.
As for logistics, there’s reportedly
a strong supply chain with no
backup at the loading docks
nor shortage of reindeer for delivery.
That’s the good news,
but for the rest of us,
things might be a bit different.
As you probably read,
the recent Bureau of Labor
Statistics Employment Report
showed 210,000 jobs have
been added in November,
less than half of what
economists had predicted.
That number seemed low,
particularly heading into
the holiday hiring season.
And we wouldn’t be
surprised to see the BLS
revise that number upwards
in the next report.
In fact, the last 10 BLS
Monthly Employment Reports
have been revised upwards
in future reports,
which demonstrates how
difficult it has been
to track employment in this wild economy.
Gotta adjust the lights.
okay.
Make sure my ornaments
are on good. (chuckles)
Some good news,
transportation and warehousing
had the second biggest gain
in employment last month
with 50,000 new hires,
which should help ease
supply chain pressures.
The BLS also put out its job openings
and labor turnover survey last week,
otherwise known as J.O.L.T.S.
Now remember, J.O.L.T.S.
is always a month behind,
so last week’s report reflects
the job openings in October.
And as expected, openings
soared to over 11 million,
a near record high.
The largest increase was
among the accommodation
and food service industry,
with job openings jumping
20% from the previous month.
The J.O.L.T.S. report also showed
the great resignation eased up somewhat
with 4.2 million people
leaving their jobs in October,
down from 4.4 million,
but that’s also still
near the historic high.
So what’s it all mean?
Why do we say this every time?
I feel like it’s like my catch phrase.
So what’s it all mean? (laughs)
It’s like my thing every time.
First, the labor market remains very tight
with a high number of openings
and a low number of unemployed.
Second, the continued
high resignation rate
and other data indicates that employers
are simply fighting over
the same pool of workers
and not expanding the
overall number of workers
available in the job market.
Our data shows spikes in hiring
bonuses and other incentives
as employers fight to attract employees,
many of whom are leaving
their service industry jobs
and moving to better positions.
Us employers fight.
Put ’em up!
Third, if you’re an employer,
you definitely need a people strategy
for understanding the talent market
and how to best retain your people.
(sighs) Very festive.
Like when do you drink eggnog
besides at Christmas time, right?
Contact us and see how
we can help you create
a strategic people plan
that positions your
organization for the future
because you shouldn’t go at it alone.
This has been your North Pole Report,
and eggnog with Emsi and Burning Glass.
Cheers!
Merry Christmas and happy holidays.
♪ Deck the halls with boughs of holly ♪
♪ Fa la la la la la la la ♪
