iCIMS Insights March Workforce Report: Hires hold steady despite short month

March 20, 2024

 

Rhea Moss

4 min read

February saw a dip in application volume after a surge in January as job seekers looked for new gigs to begin 2024. However, levels are still well above where they were in January 2023. Hires held steady last month as all those New Year’s resolution applications became February hires. Our March Workforce Report examines this trend as well as:

• The increase in internal hiring
• Gender equality in the workforce
• Global insights from iCIMS’ EMEA customer platform

Application volume dips but remains strong

Applications continue to pour in, just as they did at the outset of 2023. In fact, application rates sit 2% higher than they did this time last year, even though they fell 11% month over month this February.

Applicants are clearly eager to make good on their new year’s resolutions to get new jobs. Employers, however, are displaying less enthusiasm. The unemployment rate is still low, but it ticked up slightly in February to 3.9%, according to the U.S. Bureau of Labor Statistics. This increase could account for the steady pace of applicants. Even so, job openings and hires are holding steady.

Curiously, employers are also remaining consistent in their time to fill rates. Time to fill has hovered at about six weeks for about 11 months. Even with surges of applicants busying recruiters, the figure has remained unchanged.

Talent acquisition teams may be celebrating their speed, but they must take care not to sacrifice quality for speed. Today’s job seekers expect consumer-like candidate experiences. And if they don’t get them, 56% would be less likely to be a consumer of a brand.

Employers and candidates look inward

Internal mobility is having a moment: Internal applications and hires were higher in February than their external counterparts. Internal applications were 7% higher than in January 2023, and internal hires were up 4% in the same timeframe.

Employers likely welcome the rise in internal mobility — a sure sign that the Great Resignation is truly behind them. Now, it’s time for TA teams to consider their plan to not only retain talent but also transition current employees into new roles.

Women nab almost half of six-figure jobs, despite fewer applications

In honor or Women’s History Month, we explored application and hiring trends to assess gender equality in the labor market. We found that men are represented more strongly among applicants. Male applicants saw a 23% increase since January 2023, while female applicants increased by only 15%.

The disparity in applicant numbers translated to a gap in hiring outcomes. Men saw a 2% increase in hires year over year, while women saw a 6% decrease in the same timeframe.

The disparity in applicants between the sexes remained for roles with $100K+ salaries. But the results differed. In these roles, hires were split equally between men and women.

EMEA employers see surge of applications

This month’s report includes data from our EMEA customer platform to gain  insight into employer and candidate behavior in that region. Here are the highlights:

• Application volume remains high: Despite a small dip in February, applications are 43% above the start of last year. Hires, however, have continued to fall since January.
• Job openings hold steady: Employers may not be sending out many offer letters, but they have continued to open new jobs steadily over the last 11 months.
• Time to fill hits the gas: As applications continue to flood employers’ pipelines, time to fill decreased by a whole week in February.

As applicants per opening continues its year-long upward trend, the power shifts away from candidates. Employers, however, will need to hone their recruiting strategies to make sure they capture the best talent on the market.

Hungry for more details?

Download the full March Workforce Report.