New report reveals decrease in turnover, hiring rates globally
Job openings soared by 20% globally in July amid decreasing turnover and hiring rates, according to new data from BambooHR.
The latest BambooHR Workforce Insights revealed that job openings saw "notable spikes in every industry analysed" in July 2024 compared to the same period last year.
According to the report, education emerged as the leading industry for hiring, followed by travel and hospitality, as well as construction.
Despite the spike in job openings, there was an 18% decrease in turnover among organisations and a 15% decline in new hires compared to a year ago.
Source: BambooHR Workforce Insights
Wende Smith, head of HR operations at BambooHR, said the gap between job openings and actual hires can be attributed to employers being "cautious" amid economic uncertainties.
"Finding candidates with the right skills is a challenge, compounded by budget constraints and the shift to remote work," Smith said in a statement. "Businesses must adapt their hiring strategies thoughtfully to navigate these complexities and meet their workforce needs effectively."
Meanwhile, the report also revealed a slight decrease in requests for paid time off (PTO) across the world annually.
According to the report, 42% of employees requested PTO in July, a two per cent decrease from the same period last year.
Among those requests, only 48% have been approved, also a two per cent decrease from July 2023.
By region, nearly two in three employees (65%) in Europe requested for PTO in July, the highest among all regions covered by BambooHR.
Among these requests, however, only 44% have been approved by employers, the lowest across the world.
The highest PTO approval rate was reported in Latin America, where 63% of PTO requests have been approved, according to the report.
Source: Source: BambooHR Workforce Insights
