Job Applications Grew Four Times Faster than
Job Openings
Even in an Employer's Market, Data Shows Top
Talent is Hard to Find and Harder to Keep
AI Emerges as Key Tool in Talent Acquisition
and Retention
PLEASANTON, Calif., Sept. 10,
2024 /PRNewswire/ -- Workday, Inc. (NASDAQ:
WDAY), a leading provider of solutions to help organizations manage
their people and money, published its semi-annual Global Workforce
Report today, which found that it's an employers' market, with the
number of job applications growing four times faster than job
openings. Despite these odds, top performing employees are quitting
their jobs to look for better opportunities elsewhere. At the same
time, organizations are turning to AI to transform how they find
and keep their best people.
Key findings from the first half of 2024 Workday Global
Workforce Report include:
- It's getting tougher to land a new job: The surge
in applications (31%) far outpaces job growth (7%) in the first
half of 2024 compared to the first half of 2023.
- Top performers may leave first: Voluntary turnover of
high-potential employees is up in 75% of the industries
tracked.
- AI is becoming a must-have tool for HR teams: 77% of
organizations plan to increase their use of AI in hiring in the
coming year.
- Meaningful work leads to greater feelings of accomplishment
and loyalty: Workers who believe they are doing meaningful work
feel 37% more accomplished than those who don't, even under
workloads workers describe as "challenging."
Workday Recruiting customers processed 19 million job
requisitions – a 7% increase compared to the first half of 2023 –
and 173 million job applications – a 31% increase compared to the
same period. While the job market grew, it's becoming increasingly
competitive for employees, a trend that will become more pronounced
if job growth slows and unemployment keeps edging up in the U.S.
and globally.
"The job market is shifting to favor employers, but, at the same
time, workers are getting more confident in what they want –
competitive pay, clear growth paths, and meaningful work," said
Ashley Goldsmith, chief people
officer, Workday. "It's up to leaders to help employees find
meaning in their work in order to retain the high performing people
who drive their organization's success."
The Job Market Remains Tough for Workers
While
companies are hiring more, they're also receiving a flood of
applications, making it harder for employers to select the right
candidate and for employees to stand out. This intense competition
is pushing employers to become even more selective, with 72% of
leaders raising the bar for qualifications and experience. This
trend shows no signs of slowing down, as 59% of leaders say this is
likely to continue for the next year, creating a challenging
landscape for job seekers, while employers struggle to find
efficient and fair ways to hire the best talent.
High Performing Workers Seek New Opportunities as
Employers Struggle to Retain Talent
As companies
start hiring again, their most talented employees may be leaving
for better opportunities elsewhere. Even though overall employee
turnover has been low, data shows that top performers are most
likely to leave: 75% of the industries tracked saw an increase in
the loss of high-potential employees. This is a big challenge for
the 50% of companies already struggling to keep their best people.
To address this, many are turning to internal mobility programs to
help employees grow and develop within the company. These programs
have been successful, with 67% of leaders reporting a positive
impact on their organization.
AI is Leveling the Hiring Playing Field and Improving
Efficiency
More and more companies are turning to AI for
hiring and are seeing real benefits. Most leaders (70%) say AI will
make hiring more fair, and 89% believe it will make their hiring
processes more efficient. It's no wonder that most companies (77%)
plan to use AI in hiring even more in the coming year. The most
popular ways they're using it now include testing candidates'
skills (26%), screening resumes and applications (26%), and
automating repetitive tasks (24%).
Meaningful Work Emerges as the Key to Employee Loyalty and
Resilience
In a time when companies are pushing for greater
productivity, giving employees meaningful work to drive feelings of
accomplishment is key to keeping them engaged and loyal. Report
findings show that employees who find their work meaningful feel
37% more accomplished, even when workloads are overwhelming. While
growth opportunity, a clear strategy, and fair pay are important
for employee loyalty, a sense of accomplishment is also crucial. To
boost employee satisfaction, leaders should prioritize meaningful
work and consider using AI tools to help employees focus on
high-impact tasks.
For additional information:
- Download the report, Workday Global Workforce Report
- Read more about the report on the Workday Blog, Global
Workforce Report: Top Talent Is Hard to Find, Harder to Keep
About this Report
Insights in the Global Workforce
Report (formerly known as the Workday Hiring and Talent Trends
Report) are from Workday Peakon Employee Voice, Workday People
Analytics, Workday Recruiting, and HiredScore. Third-party data
comes from research commissioned by Workday and carried out by
independent market research specialist Hanover Research, which
polled 1,000 respondents in July
2024. For more, see the methodology section at the end of
the report.
About Workday
Workday is a leading enterprise
platform that helps organizations manage their most important
assets – their people and money. The Workday platform is
built with AI at the core to help customers elevate people,
supercharge work, and move their business forever forward. Workday
is used by more than 10,500 organizations around the world and
across industries – from medium-sized businesses to more than 60%
of the Fortune 500. For more information about Workday,
visit workday.com.
© 2024 Workday, Inc. All rights reserved. Workday and the
Workday logo are registered trademarks of Workday, Inc. All other
brand and product names are trademarks or registered trademarks of
their respective holders.
Forward-Looking Statements
This press release contains
forward-looking statements including, among other things,
statements regarding Workday's plans, beliefs, and expectations.
These forward-looking statements are based only on currently
available information and our current beliefs, expectations, and
assumptions. Because forward-looking statements relate to the
future, they are subject to inherent risks, uncertainties,
assumptions, and changes in circumstances that are difficult to
predict and many of which are outside of our control. If the risks
materialize, assumptions prove incorrect, or we experience
unexpected changes in circumstances, actual results could differ
materially from the results implied by these forward-looking
statements, and therefore you should not rely on any
forward-looking statements. Risks include, but are not limited to,
risks described in our filings with the Securities and Exchange
Commission ("SEC"), including our most recent report on Form 10-Q
or Form 10-K and other reports that we have filed and will file
with the SEC from time to time, which could cause actual results to
vary from expectations. Workday assumes no obligation to, and does
not currently intend to, update any such forward-looking statements
after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in
this document, our website, or other press releases or public
statements that are not currently available are subject to change
at Workday's discretion and may not be delivered as planned or at
all. Customers who purchase Workday services should make their
purchase decisions based upon services, features, and functions
that are currently available.
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SOURCE Workday Inc.
