The Opportunity: Develop Your People, or Lose Them
With companies currently sitting on a long-tenured gold mine of talent, and conditions likely on the verge of change, now is the time to build a higher-performing and more engaged workforce. This is why our report includes case studies on how Workday has been developing talent and performance amid the hiring slowdown.
Our case studies highlight how we drove positive impacts:
- Improved the speed and agility of our workforce by rethinking talent and performance philosophy: 35% decrease in the number of employees dissatisfied with their professional growth path. Following a thorough process that brought together executive committee members and their teams, we committed to strengthening six talent dimensions: performance, differentiation, transparency, accountability, development, and behaviors. This case study shares our actions and results, which included improved perceptions of individual growth.
- Aligned career and development opportunities for our workforce with our business strategy: Internal hires were 82% more likely to be rated as a “top performer” in their new role compared to external hires. We implemented a series of changes supported by guardrails that enabled the internal mobility program to scale.
- Empowered our employees with flex work: Three-quarters of employees are aligning to our expectations around flex work—with more getting on board every day. And, sentiment around flexibility, engagement, and remote work options have improved in Workday Peakon Employee Voice, our employee listening tool. Workday gave all employees access to a self-service dashboard to easily measure their time in office, and see how their office usage changed over time.
The time for action is now, as our indicators suggest a shift may be coming in the job market. To thrive in this environment, companies must move quickly and decisively. This is a great time for companies to learn from one another and adopt new strategies that bring out the best in talent, creating brighter work days for all.
Digging Deeper: Hiring and Promotion Trends from Workday Customer Metrics
Based on
Bureau of Labor Statistics data, on average there were 9,351,000 job openings per month in 2023. On average, Workday customers processed about 2,216,000 reqs in the U.S. per month, representing about 24% of all U.S. job openings. The size and quality of our data set allows us to have one of the most accurate and real-time views of global hiring trends playing out in the market today.
Overall Hiring Trends: Hiring remains lower than 2022 volumes.
In 2023, Workday Recruiting customers processed:
- 36 million job requisitions, a 13% decrease compared to 2022
- 284 million job applications, a 32% increase compared to 2022
- 25 million offers and employee agreements (EAs), a 9% decrease compared to 2022
Here’s what to know: Job requisitions processed in Workday Recruiting declined just 2% from the first half of 2023 to the second half, indicating hiring may stabilize in 2024.
Hiring trends across industries: While hiring across industries remained down in 2023, the rate of decline is slowing, indicating we are nearing the end of a hiring slowdown.