Report also finds decline in turnover, hiring 'emphasising stability in the workforce'
Manager and peer reviews are beginning to go up as the fourth quarter's review season kicks off across the world, according to the latest Workforce Insights from BambooHR.
The monthly report for October revealed a 37% increase in total reviews from September to October 2024. Manager reviews went up 32%, while peer reviews went up 38%.
"This surge indicates organisations are dedicated to assessing and enhancing performance as they set goals for the upcoming quarter," the report read.
Source: BambooHR's Workforce Insights
PTO requests also increased
Meanwhile, the report also found that 43% of employees worldwide requested paid time off (PTO), but only 46% of them have been approved.
"This represents a four per cent increase in requests from September and a one per cent increase in approvals," the report read.
Regionally, European employees had the highest request rate of 66%, but the lowest approval rate of 42%.
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The highest approval rate was reported in Latin America, with 58% of PTO requests accepted. The region also had a 38% PTO request rate among its workforce.
Source: BambooHR's Workforce Insights
BambooHR's platform data was sourced from over 4.75 million employee data points across the globe. In addition to data on PTO requests and performance reviews, the report also found monthly data on:
- Global hiring (-14%)
- Job openings (+10%)
- Turnover (-15%)
"This decline in turnover and hiring reflects a broader global pattern, emphasising stability in the workforce," the report read.