ILO Forecasts Global Unemployment Will Drop to 4.9% in 2024, From 5% in 2023
4.9%
The International Labour Organisation (ILO) projects global unemployment to decline to 4.9% in 2024, down from 5% in 2023, revising its previous projection of 5.1%. The ILO expects this 4.9% rate to hold until 2025. Additionally, the ILO reports a jobs gap of 402 million people in 2024, highlighting persistent employment issues. The job gap for women in low-income economies has significantly increased by 22.8% higher than the men’s 15.3%. In high-income economies, the gap for women narrows to 9.7%, but they still lag behind the 7.3% gap for men.
6%
Adzuna hypothesizes stated that the gender pay gap in the U.S. has doubled from 2.9% in April 2022 to 6% in April 2024 and the worst gaps are in STEM fields. In March 2024, the gap was 13.1% in science and 9.5% in engineering. The pay gap increased by 11% for women in law, and men earned 7% more than women in marketing. Adzuna attributes these gaps partly to pandemic-related shifts in women's work arrangements and career progressions.
4
A Bank of America survey found that 64% of employees desire a 4-day workweek, but only 42% of employers are open to offering it. Financial wellness among workers improved, with 47% feeling "financially well" compared to 42% in 2023, though concerns about inflation persist. The survey, which included 955 employees and 804 employers, also highlighted gaps in financial security and career outlook between men and women.
8%
Indeed Inc. plans to lay off about 1,000 employees or 8% of its workforce on May 13, marking its second round of cuts in two years. This follows the layoff of 2,200 positions in March last year. The layoffs will primarily affect U.S. R&D and go-to-market teams, with some impact in the UK, Ireland, and Australia. Despite previous cost-cutting efforts, CEO Hyams emphasized the need for further streamlining to reignite growth.
39%
The conversation around pay transparency in job postings is intensifying, with some states mandating salary disclosures. Currently, 39% of companies share pay ranges, up from 27% last year, according to Payscale. While 21% of companies disclose pay due to legal requirements, 11% do so during initial conversations, 8% at the first interview, and 5% wait until a verbal offer.