🎉 Job seeking increased in July

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Guess who’s back…back again! Let’s party.

PARTY PLAN 🎉

📆 Job seeking jumped in July

🤨 Weight loss drug could impact employers

👍 Gen Z needs “likes” at work

And, of course, MEMES!

MEME OF THE DAY

WORKFORCE

Job Seeking Increased in July

The proportion of people who reported searching for a job during the past four weeks just hit an 11-year high.

According to a report from the Federal Reserve Bank of New York’s Center for Microeconomic Data, 28.4% of people said they’ve looked for a job in the last four weeks. 

Yes, more than 1 out of every 4 people…

That number includes people with and without current jobs. The percentage of people expecting to be unemployed in the next four months also reached a record high since 2014.

In a survey of about 1,000 respondents, 88% of those who were employed four months ago were still with the same employer, marking a record low since 2014 and down from 91.4% in July 2023. The rate of transitioning to a different employer also increased to 7.1% — the highest since 2014 — with the increase since 2023 largely driven by women.

The average reservation wage (the lowest wage that respondents would be willing to accept for a new job) increased from nearly $79,000 in 2023 to $81,000 in 2024, slightly lower than the record high of $81,822 in March 2024.

A separate report from Gallagher found that nearly half of all employers experienced a turnover rate of at least 15% (not good).

All these signs point to a tight labor market heading into 2025. That’s why job seekers are relying on tools like Job Party to stay ahead of the game and give them a huge advantage in the job search.

HEALTHCARE

Weight Loss Drug Could Impact Employers?

Oh-oh-oh-Ozempic!

Large employers expect healthcare costs to be 50% higher in 2025 than in 2017.

Last week, the Business Group on Health announced that weight loss drugs are expected to be a significant driver of rising employer healthcare costs in 2025.

A survey of 125 large employers found that 56% of companies said weight loss drugs are impacting their healthcare costs to a “great” or “very great” extent.

70% said they were “very concerned” about the appropriate use and long-term cost implications of weight loss drugs like GLP-1.

Because of the high cost of these medications, employers have been reluctant to provide coverage of them through their healthcare plans, despite regulatory approval and increased popularity.

More than half of the employers that cover such drugs require plan members to participate in a weight loss management program or meet a specific body mass index threshold.

In other, unrelated news, office treadmills and standing desk orders just hit an all-time high!

CULTURE

Gen Z Workers Need “Likes”

The “like and subscribe” generation has finally made it into the workforce.

According to a survey from Gallup and Workhuman, Gen Z and younger millennial workers are 73% more likely than other generations to want recognition at least a few times a month.

When it comes to workplace satisfaction, consistent feedback is at the top of the list for younger workers.

Harvard Business Review published a report that found that weekly or bi-weekly one-on-one meetings can be the difference between high employee retention and frequent turnover.

But these workers don’t just want participation trophies (even though it seems like it), they say they want authentic feedback, even if it’s not always positive.

Workers who receive what they feel is authentic feedback are 5.2 times more likely to stay at a company compared to workers who don’t receive good feedback from their bosses. The chief human experience officer at Workhuman calls it a “need for microdoses of recognition.”

While this study may seem unimportant to some, employee turnover is often a big expense for companies. Companies are taking more and more seriously catering to the needs of younger workers.

What this means for everyone else: more meetings…Ok, maybe this is getting out of hand.

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