Lungile Mahluza’s Post

🚀 Excited to share this week's workforce update! Here's what's happening: 🛠️ The skilled trades shortage in the U.S. is reaching critical levels, especially in sectors like manufacturing and construction. With over 20 times the needed new skilled workers annually, high turnover and retirement rates are impacting industry costs and productivity. (Read more here: https://lnkd.in/ekkbam2E) 💼 U.S. inflation continues to rise, driven by factors like increased fuel and housing costs. This poses challenges to the labor market, potentially leading to prolonged high interest rates, impacting both employment and wage dynamics. (Read more here: https://lnkd.in/etVPMzba) 💡 March 2024 saw the U.S. labor market surpass expectations, adding 303,000 jobs. This could sway the Federal Reserve's interest rate decisions as they seek more evidence of slowing employment to reach their inflation target. (Read more here: https://lnkd.in/e7TmfCzv) 🔍 The recruitment landscape remains tough in the U.S. as talent scarcity and skills gaps persist. 77% of HR professionals report hiring difficulties, with low applicant numbers, competitive job offers, and changing job skills adding to the challenge. (Read more here: https://lnkd.in/et97Ei6j) 👵 Recent research from Pew Research Center highlights a notable trend: 19% of Americans aged 65 and older were employed in 2023, up from 11% in 1987. This indicates a significant increase in older individuals participating in the workforce, many out of economic necessity. (Read more here: https://lnkd.in/ezau96Rm) Let's stay informed and proactive in navigating these evolving workforce dynamics! #WorkforceUpdate #TalentTrends 📊💼

News Headlines Get a lot of attention, but they do not tell the whole story Although the Department of Labor Statistics releases a myriad of reports each month, financial analysts and the news cycle report out on only a few. The number of new jobs and the unemployment rate are the headline makers, flowed by number of job openings, employee turnover and workforce participation by gender and unemployment by race. Because of this some labor market ‘big wins’ and many notable occurrences and trends are overlooked. Among these overlooked milestones: Level of unemployment for African Americans at an all-time low (4.8% in April 2023) Record workforce participation level of women with children under the age of 5 70.4 percent of women with children under age 5 were in the workforce as of June 2023. Record workforce participation of individuals with disabilities. In 2023, 22.5 percent of disabled people were employed. According to the BLS, this number is “the highest recorded ratio since comparable data were first collected in 2008,” and an increase of 1.2 percentage points from the prior year. Some concerning trends that have been missed are: A decline in workforce participation of prime aged workers and notable decline of men of prime working age participating in the workforce. For men aged 25-54 BLS data shows that the participation rate has declined from a high of 98% in September 1954 to 89% in January 2024. Although those aged 55 and older have a slightly lower overall unemployment rate, they are 50% more likely to experience long term (27 continuous weeks or longer) unemployment.  https://lnkd.in/gj8yT-Qj So don’t over rely on headlines for your workforce information of your industry, demographic, or geography of concern. Go to https://www.bls.gov/ and find releases pertaining to your region/states. The BLS also releases a wealth of reports and those general reports on unemployment, industry hiring, productivity, and much more which can be sorted by state, industry, age and many more variables. 

🚀 Excited to share this week's workforce update! Here's what's happening: 🛠️ The skilled trades shortage in the U.S. is reaching critical levels, especially in sectors like manufacturing and construction. With over 20 times the needed new skilled workers annually, high turnover and retirement rates are impacting industry costs and productivity. (Read more here: https://lnkd.in/eahC6NTc) 💼 U.S. inflation continues to rise, driven by factors like increased fuel and housing costs. This poses challenges to the labor market, potentially leading to prolonged high interest rates, impacting both employment and wage dynamics. (Read more here: https://lnkd.in/e2gzMRXs) 💡 March 2024 saw the U.S. labor market surpass expectations, adding 303,000 jobs. This could sway the Federal Reserve's interest rate decisions as they seek more evidence of slowing employment to reach their inflation target. (Read more here: https://lnkd.in/ea6DyRWv) 🔍 The recruitment landscape remains tough in the U.S. as talent scarcity and skills gaps persist. 77% of HR professionals report hiring difficulties, with low applicant numbers, competitive job offers, and changing job skills adding to the challenge. (Read more here: https://lnkd.in/eBBq_zXx) 👵 Recent research from Pew Research Center highlights a notable trend: 19% of Americans aged 65 and older were employed in 2023, up from 11% in 1987. This indicates a significant increase in older individuals participating in the workforce, many out of economic necessity. (Read more here: https://lnkd.in/eRQSbXic) Let's stay informed and proactive in navigating these evolving workforce dynamics! #WorkforceUpdate #TalentTrends 📊💼

🚀 Excited to share this week's workforce update! Here's what's happening: 🛠️ The skilled trades shortage in the U.S. is reaching critical levels, especially in sectors like manufacturing and construction. With over 20 times the needed new skilled workers annually, high turnover and retirement rates are impacting industry costs and productivity. (Read more here: https://lnkd.in/g9aujNdF) 💼 U.S. inflation continues to rise, driven by factors like increased fuel and housing costs. This poses challenges to the labor market, potentially leading to prolonged high interest rates, impacting both employment and wage dynamics. (Read more here: https://lnkd.in/gaDe_CSJ) 💡 March 2024 saw the U.S. labor market surpass expectations, adding 303,000 jobs. This could sway the Federal Reserve's interest rate decisions as they seek more evidence of slowing employment to reach their inflation target. (Read more here: https://lnkd.in/gq7bhZTm) 🔍 The recruitment landscape remains tough in the U.S. as talent scarcity and skills gaps persist. 77% of HR professionals report hiring difficulties, with low applicant numbers, competitive job offers, and changing job skills adding to the challenge. (Read more here: https://lnkd.in/gGHst8sW) 👵 Recent research from Pew Research Center highlights a notable trend: 19% of Americans aged 65 and older were employed in 2023, up from 11% in 1987. This indicates a significant increase in older individuals participating in the workforce, many out of economic necessity. (Read more here: https://lnkd.in/gqzJ5NXJ) Let's stay informed and proactive in navigating these evolving workforce dynamics! #WorkforceUpdate #TalentTrends 📊💼

🚀 Excited to share this week's workforce update! Here's what's happening: 🛠️ The skilled trades shortage in the U.S. is reaching critical levels, especially in sectors like manufacturing and construction. With over 20 times the needed new skilled workers annually, high turnover and retirement rates are impacting industry costs and productivity. (Read more here: https://lnkd.in/gZtr7snz) 💼 U.S. inflation continues to rise, driven by factors like increased fuel and housing costs. This poses challenges to the labor market, potentially leading to prolonged high interest rates, impacting both employment and wage dynamics. (Read more here: https://lnkd.in/gfvwu3W6) 💡 March 2024 saw the U.S. labor market surpass expectations, adding 303,000 jobs. This could sway the Federal Reserve's interest rate decisions as they seek more evidence of slowing employment to reach their inflation target. (Read more here: https://lnkd.in/gHRUf9Dc) 🔍 The recruitment landscape remains tough in the U.S. as talent scarcity and skills gaps persist. 77% of HR professionals report hiring difficulties, with low applicant numbers, competitive job offers, and changing job skills adding to the challenge. (Read more here: https://lnkd.in/gH7F6E_B) 👵 Recent research from Pew Research Center highlights a notable trend: 19% of Americans aged 65 and older were employed in 2023, up from 11% in 1987. This indicates a significant increase in older individuals participating in the workforce, many out of economic necessity. (Read more here: https://lnkd.in/gJrdD4Cy) Let's stay informed and proactive in navigating these evolving workforce dynamics! #WorkforceUpdate #TalentTrends 📊💼

🚀 Excited to share this week's workforce update! Here's what's happening: 🛠️ The skilled trades shortage in the U.S. is reaching critical levels, especially in sectors like manufacturing and construction. With over 20 times the needed new skilled workers annually, high turnover and retirement rates are impacting industry costs and productivity. (Read more here: https://lnkd.in/eNwZ4ejC) 💼 U.S. inflation continues to rise, driven by factors like increased fuel and housing costs. This poses challenges to the labor market, potentially leading to prolonged high interest rates, impacting both employment and wage dynamics. (Read more here: https://lnkd.in/eFPQnam3) 💡 March 2024 saw the U.S. labor market surpass expectations, adding 303,000 jobs. This could sway the Federal Reserve's interest rate decisions as they seek more evidence of slowing employment to reach their inflation target. (Read more here: https://lnkd.in/enDqUrxx) 🔍 The recruitment landscape remains tough in the U.S. as talent scarcity and skills gaps persist. 77% of HR professionals report hiring difficulties, with low applicant numbers, competitive job offers, and changing job skills adding to the challenge. (Read more here: https://lnkd.in/eTN8V94Q) 👵 Recent research from Pew Research Center highlights a notable trend: 19% of Americans aged 65 and older were employed in 2023, up from 11% in 1987. This indicates a significant increase in older individuals participating in the workforce, many out of economic necessity. (Read more here: https://lnkd.in/e33M9TzU) Let's stay informed and proactive in navigating these evolving workforce dynamics! #WorkforceUpdate #TalentTrends 📊💼

In the second piece of a three-part series, Schroders explores the impact of changing #demographics on global economies, markets and businesses. With global population growth predicted to decline and labor force growth expected to slow, the number of available employees will decrease, putting pressure on employers to compete for talent. This scarcity of workers could have significant impact on inflation and economic growth as wages rise. In this environment, businesses will need to pay more for salaries and productivity-boosting technologies, while workers will demand higher pay increases to alleviate the rising cost of living.

Today, the labour market is grappling with an ageing workforce and shrinking working-age population. 🌏 As the global economy contends with workforce scarcity, learn how this affects employers and employees alike: https://bit.ly/47qH2bp #TalentScarcity #TalentAttraction

Reflecting on the US's Usual Weekly Earnings Summary for Q4 2023, 📊 a few thoughts come to mind, particularly from a DEI perspective: 1. Earnings Momentum: 🚀 The 5.5% increase in median weekly earnings signals a robust job market. Organizations might need to rethink compensation strategies to stay competitive. The age old argument of recruitment vs. retention! 2. Persistent Gender Disparities: 🚺🚹 Women earning 83.8% of men highlights ongoing challenges. Closing the gender pay gap requires continuous efforts for workplace equality, still work to be done here by all organizations... 3. Diversity in Earnings Across Ethnicities: 🌍 Disparities among racial and ethnic groups underline the need for addressing systemic issues. It's not just about numbers; it's about inclusivity. SUCH a big opportunity for all in 2024. 4. Age-Related Earnings Patterns: 🎓 The earnings peak for ages 35 to 64 spotlights the value of experience. However, lower earnings for younger workers spark questions about early career financial challenges. 5. Occupational Divide: 💼🛠️ Contrasting earnings in management and service roles provoke thoughts on societal perceptions. It raises questions about how we value different professions, a key topic for discussion this year. 6. Educational Attainment's Role: 🎓 The link between higher education and earnings prompts contemplation on accessibility. Is higher education equally accessible to everyone and how does this link to the DEI agenda? 7. Seasonal Adjustments and Realities: 📆 The seasonal adjustment in earnings highlights the adaptability of the job market. It prompts reflections on how organizations navigate temporal fluctuations. This earnings summary isn't just numbers; it's a reflection of the complex and nuanced economic landscape. In particular, for me It invites a broader and more meaningful conversation on fairness, inclusivity, and the values we assign to various aspects of work and education. 🌐 #EarningsAnalysis #JobMarketInsights #PayEquity #WorkforceTrends #DiversityInWorkplace #CareerReflections #InclusiveEconomy #GenderPayGap #EducationalAttainment #CompensationStrategies #WorkLifeBalance #EmploymentData #CareerDevelopment #JobSeekers #EmploymentTrends #SalaryInsights #InclusiveHiring #FutureOfWork #JobMarketTrends #EconomicLandscape #CareerEquality https://lnkd.in/gcPBvsHh

In the second piece of a three-part series, Schroders explores the impact of changing #demographics on global economies, markets and businesses. With global population growth predicted to decline and labor force growth expected to slow, the number of available employees will decrease, putting pressure on employers to compete for talent. This scarcity of workers could have significant impact on inflation and economic growth as wages rise. In this environment, businesses will need to pay more for salaries and productivity-boosting technologies, while workers will demand higher pay increases to alleviate the rising cost of living.