US employers added 315,000 jobs in August, according to the latest Labor Department data, just shy of the 318,000 analysts estimated. The unemployment rate edged upward to 3.7%, a sign that the Federal Reserve's efforts to fight inflation are having a cooling effect on the labor market.
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US companies with fewer than 50 employees have curbed hiring for five consecutive months, data shows. Paychex CEO Marty Mucci says small businesses have unfilled jobs, but a lack of applicants and pressure for higher pay are complicating recruitment.
The rise of the virtual-first health plan The dramatic increase in telemedicine use seen early in the pandemic also fueled the rise of virtual-first health plans, an emerging model that is testing flexible, consumer-centric care for the digital health era. Register for this industry roundtable.
Employers can boost their chances of attracting the right talent by creating a transparent hiring process that includes on-demand interview capabilities, advises Karat's Shannon Hogue. Other tips include being flexible about interview timings and giving the right candidates a second chance.
A Transamerica Institute survey report titled "Emerging from the COVID-19 Pandemic: The Employer's Perspective" outlines gaps in, and employer-employee perceptions of, the health and retirement benefits provided by US companies and organizations of various sizes. Fifty-six percent of employers said they have reexamined their benefits since the pandemic started, and reasons for doing so included the desire to match staff members' current needs, be more competitive and control costs.
Minimize defensiveness during difficult conversations by being intentional about trying to understand the situation, focusing on behaviors instead of perceptions and giving "honest feedback without being hurtful," writes author and consultant Marlene Chism. "If you find yourself defending your stance or arguing about a different topic it means you lost your leadership clarity," Chism writes.
Welcome back! Hope you all had a restful Labor Day weekend. It’s always a bit melancholy to bid adieu to summer, but I do enjoy the fall with its crisp air and trees bursting with red and gold.
And it’s a reminder that open enrollment is just around the corner. Today’s Benefits & Compensation story talks about how employers are re-examining their benefits packages to see if they’re meeting worker needs and staying competitive with the aggressive job market.
Where are you in this process? How are you ensuring your benefits are in line with your workers’ needs? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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