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The labor market added 150,000 jobs in October, below the 170,000 estimate and well below the 12-month average of 258,000 jobs added. In addition, the unemployment rate ticked up to 3.9%. It is still historically low but the highest since January 2022. The market is still showing solid jobs growth, but the October report clarifies that the market is cooling.

These attributes are crucial to help organizations win the talent retention battle.

In my last column, I reviewed what employees most want from their immediate manager. My research identified eight universally preferred managerial attributes: showing support and understanding, treating employees with dignity and respect, communicating clear performance expectations, providing recognition, rewarding performance contributions, being skilled at problem solving and decision-making, being just and fair, and being honest and trustworthy.

The labor market added 336,000 jobs in September, almost DOUBLE predictions - making it the most significant job growth month since January 2023. The labor market remains resilient, with the strong pace of hiring keeping the unemployment rate from rising.

Employee recognition and rewards programs play a vital role in influencing the perceptions, attitudes and actions of employees. They are critical in creating a sense of belonging, motivating exceptional performance and enabling managers and peers to celebrate achievement, milestones and success.