Global Hiring Down 20% Annually Despite More Job Openings

                                                                         Hiring Down 20% Annually Despite More Job Openings

219,000

According to the latest data from the U.S. Labor Department, initial unemployment claims fell by 12,000 to 219,000 for the week ending September 14, marking the lowest level since mid-May. Economists had predicted 230,000 claims. Additionally, the number of people receiving continued benefits, or "jobless rolls," dropped by 14,000 to 1.829 million, the lowest since early June. This points to solid job growth and a strong labor market, supporting economic expansion at an estimated 3.0% annual rate for the third quarter.

 93%

A recent survey by Riskonnect of over 300 risk and compliance professionals revealed that while 93% of companies acknowledge the risks of using generative AI, only 9% feel prepared to manage those threats. Furthermore, just 17% of leaders have provided formal training on generative AI risks. Major concerns include data privacy (65%) and decision-making based on inaccurate information (60%). The study also found that 63% of companies haven't simulated worst-case scenarios, highlighting a significant gap in risk preparedness.

20%

Global hiring dropped by 20% year-on-year as of August 2024, despite a 4% increase in job openings. North America led with a hiring ratio of 3% and turnover at 2.8%, while Latin America experienced the lowest turnover at 1.7%. Meanwhile, requests for paid time off (PTO) are at their lowest since September 2023, with only 38% of employees filing requests globally, and only 50% of those being approved. Europe had the highest PTO filing rate at 55%, but Latin America boasted the highest approval rate at 63%.

90%

By 2026, it's expected that 30% of companies will automate more than half of their network activities, up from less than 10% in mid-2023. This change is driven by increasing interest in AI-based analytics and intelligent automation (IA) to improve efficiency and handle large amounts of data. While IA is currently facing some skepticism, it's anticipated to become widely adopted in the next five to ten years. Additionally, 90% of large enterprises are prioritizing hyperautomation, although less than 20% have effectively measured how well their hyperautomation efforts are working.

52% 

According to a 2024 Gartner survey, only 52% of CMOs and senior marketing leaders were able to prove the value of marketing and receive credit for it. Nearly half (47%) of CMOs said marketing is still seen as a cost, rather than a smart investment. The survey also revealed that CFOs (40%) and CEOs (39%) are often the most doubtful of marketing’s value. However, those who take a broader, long-term approach and use more advanced metrics are much more successful, with leaders using two or more complex metrics being 1.8 times more likely to prove marketing's impact and get recognized for it.