Our June 2024 Jobs Report indicates employers have increased their comp offering in certain sectors, but are taking longer to fill jobs. Postings are down, and supply and demand is reaching parity except in healthcare (no surprise there). The labor force attitude is meh.
Our TalentView solution generated the insights below. TalentView provides current talent/job market insights segmented by job title, employer/company, industry, location and more. Insights can be analyzed over time periods and benchmarked against competitors.
Key Takeaways from the June 2024 Jobs Report
- Job postings decreased 6.7% in June and are at the lowest point in 2024.
- Open days increased from 84 days in Q1 to 104 days at the end of Q2.
- June had the highest average fill days at 64 days.
- June showed a spike in compensation of 4.4% after being flat for much of 2024.
- Strong recent compensation gains are concentrated in Healthcare, Financial Services, Accommodation Services, and Construction sectors.
- Healthcare supply imbalances continue to worsen.
- Several industries with prior gaps have now achieved supply/demand balance or parity.
- Net Promoter Score (NPS) declined to a multi-month low of 15.8 meaning there were marginally more promoters than detractors.
- Neutral reviews increased significantly suggesting a passive labor force.
Posting Volume Declines By 6.7%, with a Few Industry Sector Increases
Posting volume declines range across industry sectors with several exceptions:
- Transportation and administrative sector jobs have increased thus far this year.
- After steep declines in the latter part of 2023, technology jobs have leveled off and are poised for a rebound.
- Healthcare also remains resilient with minimal job declines.
Fill Days Increases to 65 Days
Average time-to-fill has held steady at 53 days. However, the highest point this year so far was in June at 64 days. (Based on only 32% of jobs being presumptively filled.)
We calculate fill days based on a presumptive hire date from when an ad is first posted (or the parent posting) to when it expires or is withdrawn. This metric is most applicable for months or quarters, which is the timeframe that most jobs are estimated to be filled.
In the graph below, we show the fill days (green line) by month along with the percentage of ads (blue bar) that have been filled. Obviously, the newer ads have a lower fill rate, but we can still draw some conclusions based on the ads that have been filled.
Composite Compensation
- Compensation increased 4.4% in June to $58,400 on a composite basis across all job postings.
- Compensation has increased 9.8% over the trailing twelve months.
- June experienced a spike as composite compensation had moderated between $53,000 and $54,000 for many months.
- Strong recent gains are concentrated in Healthcare, Financial Services, Accommodation Services, and Construction sectors.
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What is TalentView?
Public Insight develops TalentView, a talent market intelligence solution that generated these insights. The most current and detailed insights are available by title, market, industry and more. We provide flexible ways to utilize talent market intelligence, which include data integration and interactive analytics dashboards.
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