Compteition in the US job market is increasing, with more people vying for the same job openings compared to previous years. While the overall job market remains strong, the number of job vacancies is decreasing while more people are entering the labor market. However, experienced candidates still have an advantage as the pool of qualified applicants is relatively small.
State-level jobs data in the United States reveals that while the job market remains strong overall, some states are experiencing dynamics typically seen in recessions. California and New Jersey have seen significant increases in their jobless rates, while other states have seen decreases. These localized economic problems can be early warning signs for national economic issues.
According to new census data, the percentage of women who recently gave birth and remained in the workforce reached a decade-plus high last year. This is attributed to remote and flexible work options, which make it easier for new moms to balance parenting and their careers. However, the rising cost of child care remains challenging, and the expiration of federal funding for childcare centers may deepen the affordability crisis.
So it’s interesting that at the same time, US executives have reduced public discussions of workplacediversity following the Supreme Court’s ruling against affirmative action. Mentions of diversity, equity, and inclusion on earnings calls and at conferences have dropped by 54% compared to last year. While companies have not pulled back on diversity initiatives, they are toning down public proclamations and reevaluating programs and documentation.
According to a report by Wiley Edge, more than 60% of firms in the UK have lost diverse tech talent, with only 13% claiming to have no diversity issues. While many firms have successful diversity and inclusion initiatives, retention is often overlooked. Younger tech professionals, especially those from diverse backgrounds, feel uncomfortable in their roles. 60% of Gen Z tech workers, those born between 1996 and 2010, have felt uncomfortable in a job because of their diverse background, whether their gender, ethnicity, disability, socio-economic background, neurodivergence, or a combination of these.
Why do we care?
Broadly, the job market is tight, but it’s not universal if you dig into the data presented. Think local, and dig into your service area, particularly regarding your customers. Know your industries to anticipate issues better.
There’s a danger in pulling back on discussions of diversity efforts — you’ll lose the message for those it matters to most, your younger and diverse workers.