Sometimes, the Bureau of Labor Statistics (BLS) jobs report misses the mark—sometimes by as much as 818,000 jobs. While the BLS will never outright admit to making mistakes, they do acknowledge the need for revisions. This is a normal part of their process to ensure the most accurate employment data possible.
At ERE, we’ve noticed that recruiters have been expressing doubts about the accuracy of job and unemployment reports for a while now. Nothing seems to have changed in some industries, but others, like IT, have had a roller-coaster year with layoffs.
The latest revised jobs report aligns with the frustrations of job seekers who are tired of seeing “ghost jobs” posted on platforms like LinkedIn and Indeed.
It’s important to realize that this job report revision doesn’t indicate intentional misreporting or manipulation of data. The BLS is a professional organization that aims to produce objective economic data using transparent methods. However, many questions remain, especially about what factors contributed to this sizeable revision.
We’ve got the answers! At every ERE Recruiting Conference, we feature a chief economist and labor market expert—like Mallory Vachon from Labor IQ—who breaks down the shifts in the job market and what they mean for talent acquisition teams, hiring strategies, and the future of recruiting. Mallory will speak at the ERE Recruiting Conference in Anaheim, CA, from November 12-14 this year.
I can’t stress enough how crucial it is to attend at least one talent acquisition conference in person. Building connections and staying informed are vital to understanding, planning, and implementing effective recruitment strategies. It’s also essential for keeping yourself competitive and employed.
Get the revised BLS Report.
AI AND RECRUITING TECH
Sense, a leader in AI-driven talent engagement solutions, has introduced a new Career Sites solution to help companies enhance their candidate experience. This innovative product allows organizations to create and launch career sites that align with their brand, feature intuitive design, and incorporate advanced recruiting capabilities.
One of the new key features enhances the candidate experience. The career site features enable companies to showcase their employer brand and available positions, giving job seekers valuable insights into the organization before applying.
Learn more about the Sense and the new AI capabilities.
meQuilibrium (meQ) has recently unveiled a groundbreaking Gen AI-powered dashboard, revolutionizing employee mental well-being and productivity support in the workplace. This innovative tool represents one of the first applications of generative AI technology to workforce mental health.
Texas Strikes Down the FTC Ban on Non-Competes
Staffing agencies breathed a collective sigh of relief when U.S. District Court Judge Ada E. Brown in Texas struck down the FTC’s proposed ban on non-competes. Originally slated to take effect on September 4th, 2024, the ban would have nullified millions of employment contracts, affecting both existing and new non-competes. Naturally, the FTC had carved out a few exceptions to this sweeping rule.
Noncompete agreements are a common tool employers use to safeguard trade secrets and sensitive information. For instance, landing a job at a major IT firm often requires signing an NDA or a non-compete and possibly your first newborn. But it’s no surprise that many business and employer groups, including SHRM, were against the rule.
The FTC estimated that roughly 20 percent of U.S. workers are tied to non-compete agreements. While the agency expressed disappointment with the ruling, they’re weighing the option of an appeal. A spokesperson also noted that this decision doesn’t tie the FTC’s hands entirely—they can still tackle non-competes on a case-by-case basis through enforcement actions.
Exploring New Recruiting Strategies for Students and Recent Graduates
In a recent article from CollegeRecruiter.com, Fortune 1000 companies and government employers are finding innovative ways to attract students and recent graduates beyond the traditional on-campus recruiting methods. Here are some of the strategies
Virtual Recruiting Events: More and more employers are turning to virtual recruiting events as a way to reach a broader audience without the limitations of geography. These events are cost-effective and offer a convenient platform for connecting with students and recent grads.
Targeted Online Advertising: Employers are utilizing targeted online ads to reach specific groups of students. By focusing on factors like major, location, and career interests, companies can tailor their messaging to resonate with the right candidates.
Remote Internships and Co-op Programs: Many companies offer remote internships and co-op programs to help them adapt to the changing work environment. These opportunities allow students to gain experience while benefiting from the flexibility of working from a different location.