Private payrolls rise less than expected in March | US open positions drop below 10M for first time in 2 years | Could AI finally mean we all work shorter weeks?
The US added 145,000 private-sector jobs in March, according to payroll processing firm ADP, in a sign the tight labor market may be loosening. Down more than 40% from the 261,000 private payrolls added in February, hiring numbers came in far below the 210,000 estimate. The financial sector lost 51,000 jobs in March.
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The US Department of Labor's Job Openings and Labor Turnover Survey report indicates that the number of open positions has dipped below 10 million for the first time since 2021 in February. The report also shows that the quits rate, which represents the proportion of people leaving their jobs by choice as a share of the nation's total employment, rose slightly in February to 2.6%, or about 4 million workers.
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Compensation costs are under the knife as CFOs eye a wide range of cost-cutting measures amid rising costs and macroeconomic uncertainty. Growing recession fears have finance teams scouring the books for potential cuts, and worker bonuses and stock-based compensation have become the latest focus for firms that have already lowered employee headcount and slashed spending elsewhere. Employee compensation is the highest expense in most corporate budgets, but lower bonuses and compensation could risk alienating workers in a tight labor market.
The use of mobile robotics across various industries is expected to grow dramatically over the next seven years as labor shortages continue, say HR and workforce technology experts, who point out companies will need to develop new strategies for people and robots to work together. They recommend employers look out for people's safety in the presence of robots, consider collective-bargaining provisions related to automation, create positions for managing robots and make sure biometrics technologies such as retinal scans and voice recognition comply with laws.
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Today's Leadership & Development story talks about hiring trends over the next year and what offerings matter most to potential recruits. I'm curious about what you're seeing from your job prospects. Did I miss an offering? Let me know! And if you enjoy this brief, tell others so they can benefit also.
