The jobs market remains resilient even as the U.S. economy slowed through recession worries, interest rate hikes, tech and large company layoffs, and banking sector instability. More workers are entering the labor force and the participation rate for workers aged 25 to 54 is the highest since March 2008. Unemployment remains low, even though the pace of hiring is gradually cooling. Workers can still find jobs and job losses dropped in April.
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Managers are under increasing pressure to motivate and retain their employees, but are they prepared?
As part of the preparation for writing my most recent book, I surveyed both managers and employees on a range of topics, including the amount of training managers have received, the competence of managers in the eyes of their employees, and how well managers understand what employees most want from them.
Read MoreAs Q1 closes out, the Labor Market is showing signs of cooling, with hiring slowing and the smallest monthly employment increase in more than two years. Worker availability improved slightly; however, the market is still tight and finding workers with desired skills and experience remains challenging. Average hourly earnings moderate to 4.2% in March from 4.6% in February without an uptick in the unemployment rate, reflecting a strong but cooling market.
Read MoreTo find out where the labor market was heading this year, Engage2Excel’s president of recruitment solutions decided to ask ChatGPT what Artificial Intelligence (AI) thinks and here’s what it provided, which Darren thought was the understatement of the year: