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Explore SolutionsDive into the dynamic world of HR with our latest ‘Friday Five’ update. This week, we explore crucial industry trends including the job market’s subtle shifts, Cielo’s AI-driven talent tools, the impact of advertising declines on media jobs, the synergy of liberal education and career training, and Meta’s top recruitment perks.
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1. The Job Market Slowdown Is Getting Hard to Ignore
This article discusses the subtle but significant shifts in the job market. Despite a seemingly healthy employment landscape with a low unemployment rate of 3.9% and a high employment rate among prime-age Americans, there are growing concerns for those who are unemployed or seeking new job opportunities. The hiring rate has plateaued, similar to levels seen between 2015 and 2017, and consumer confidence in job prospects has declined. An increase in continuing jobless claims, up more than 25% from the previous year, and a rise in the number of people unemployed for over five weeks, are worrying trends. These changes suggest a labor market that is balanced but tilting towards deterioration. The post-pandemic recovery has presented unexpected patterns in employment, with some companies finding themselves adequately staffed, reducing the need for new hires. Additionally, there is speculation that the economy will likely avoid a recession in 2024, despite the current job market challenges and the restrictive monetary policies in place.
2. Cielo’s talent acquisition tools put the power of AI in your recruiters’ hands
Cielo, a leader in Talent Acquisition (TA), has introduced a new suite of AI-powered tools, named Digital Accelerators™, aimed at enhancing the hiring experience. These tools, which merge automation and AI with Cielo’s expertise and data, are designed to address the biggest challenges in current hiring processes. The first tool in the suite, Cielo Source & Engage, integrates various sourcing channels into a single platform, streamlining the process of finding, matching, engaging and scheduling candidates. It promises increased productivity and better candidate relationships. Industry experts like Arkadev Basak from Everest Group and Kyle Lagunas from Aptitude Research have praised Cielo’s innovative approach, emphasizing its potential to transform talent acquisition. The initial launch is in the U.S., with plans to expand globally. Cielo’s suite will continue to grow, offering tools for data analysis, churn prediction, job description creation and TA advertising optimization.
3. Media jobs slashed amid soft ad market
The media industry is experiencing significant job cuts due to ongoing volatility in the advertising market. High interest rates and investor skepticism have left media companies vulnerable to declines in ad revenue, without the cushion of short-term capital raising or government subsidies like during the pandemic’s onset. In total, nearly 20,000 media industry jobs have been eliminated in 2023, a sixfold increase from 2022. Weak ad market performance has hit premium publishers hard, with companies like BuzzFeed, IAC’s Dotdash Meredith and Dow Jones reporting significant ad revenue declines. Even with growth in streaming advertising, traditional TV ad losses are substantial. Analysts attribute the downturn to marketers shifting towards more efficient, performance advertising platforms like TikTok, Meta and Alphabet. The overall sentiment is that media networks are struggling in the face of decreased ad spending.\
4. The False Binary in Higher Ed
In the context of declining confidence in higher education and rising skepticism about the value of a degree, the piece argues for the importance of combining practical training with liberal education. It highlights that both approaches are complementary for a successful career. Institutions like Colorado Mountain College (CMC), which offer a mix of undergraduate programs and specialized certificates, exemplify this blend. Graduates with both profession-specific skills and transferable skills like critical thinking and communication are highly valued in the job market. The rise of “hybrid jobs,” which require a combination of technical skills and creative thinking, further underscores the value of this educational approach. The article also discusses the long-term career benefits of liberal arts education, noting that while technical skills might offer a short-term salary boost, they tend to become obsolete and require updating, whereas soft skills have enduring value. Despite some employers de-emphasizing degree requirements in job listings, degrees still hold significant value in the job market, particularly for building social capital, especially for first-generation students.
5. I’m an ex-Meta recruiter. These are the top perks that win tech workers over — and the one they don’t seem to care about.
Glaze Martillano emphasizes the importance of strong employer branding and a compelling recruitment marketing strategy in attracting top tech talent. She highlights that Meta’s benefits and perks are key tools in its recruitment arsenal. Top benefits that effectively attract tech workers include in-office amenities, generous vacation policies, wellness stipends for remote workers, funds for setting up a home office, extensive maternity and paternity leave, housing and transportation for interns, and comprehensive relocation assistance. Additionally, Meta’s flexible job role selection post-bootcamp and competitive equity packages are significant draws. However, Martillano notes that Meta’s mental-health-support package, despite its value, is underused due to the stigma associated with seeking mental health care. The article underscores the changing landscape of tech recruiting, where offering attractive benefits and perks is crucial for companies competing for top talent.
