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In 2023, market growth continued – December marked the 36th consecutive month of job creation – but slowed. There were 2.7 million jobs added in 2023 vs. 4.8 million in 2022. The U.S. labor market ended the year strong, with 216,000 jobs added in December, far above the Dow Jones estimate of 170,000. Average hourly earnings rose 4.1% from 2022, higher than the 3.9% forecast. As we head into 2024, the market continues to look strong. Job openings still significantly outnumber the amount of people looking for a job.

Assessment, motivation to improve, and following through with on-target development experiences are critical.

In my September column, I shared research results showing that 67 percent of a manager’s overall effectiveness can be explained by how they are rated on the eight attributes that define an employee-centric manager. This means the best pathway for managers seeking to improve their overall effectiveness is to become more employee-centric.

The resilient labor market shows healthy job growth, lower unemployment and some wage growth. In November, the labor market added 199,000 jobs, higher than the Dow Jones estimate and ahead of October gains. The unemployment rate unexpectedly fell in November to 3.7% as the labor force participation rate increased to 62.8%. Average hourly earnings rose by 0.4%, up 4% from a year ago.

Changes in today’s workforce attitudes require a reassessment of strategies for engaging employees and candidates. In our latest eBook, Building an Employee-Centric Brand, we present a guide for organizations that are either reevaluating or just getting started on building branding programs to create closer connections with candidates and employees in today’s challenging talent marketplace.