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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:
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.
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.
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.
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:
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.
Download the full March Workforce Report.
Rhea Moss is director of customer experience and data insights at iCIMS. She oversees the iCIMS Insights program, which aggregates and anonymizes the billions of data points iCIMS’ software processes per year and transforms them into actionable insights to help drive business and hiring strategies. Previously, Rhea was head of products at prescriptive data, and served as product and program managers at MongoDB and Thomson Reuters.
March 20, 2024 
4 min read
