Welcome to our Talent Insights Monthly Digest! Each month, we deliver a talent intelligence newsletter filled with North American market updates, in-depth analyses, practical resources, and recommended reads. Our goal is to help you stay ahead in the dynamic talent landscape, navigate your career success, and empower your team.
🌟 Key Indicators 🌟
Stay informed with the recent numbers that shape the talent landscape.
🌟 Key Indicators 🌟
Stay informed with the recent numbers that shape the talent landscape.
Canada
Unemployment Rate in Canada remained unchanged at 6.5%, slightly below market expectations that it would have bounced back to the near 3-year high of 6.6% from August.
The Inflation Rate in Canada rose more than expected to 2.0% in October as gas prices fell less than the previous month, causing markets to scale back bets on a big rate cut next month.
Interest Rate: The Bank of Canada cut its key interest rate by 50bps to 3.75% in its October 2024 decision, as expected, signaled that it will continue to lower its rate should the economy develop as expected.
United States
The Unemployment Rate was at 4.1% in October, remaining unchanged from the three-month low in the prior month.
The Annual Inflation Rate in the US accelerated to 2.6% in October 2024, up from 2.4% in September which was the lowest rate since February 2021.
Interest Rate: The Federal Reserve officials were uncertain about the extent of interest rate cuts at their September meeting, but opted for a half-point reduction to balance inflation confidence with labour market concerns, according to minutes.
📜 Monthly Reading Picks 📜
📜 Monthly Reading Picks 📜
"Dare to Lead" by Brené Brown
Brené Brown delves into the qualities that make a great leader, emphasizing courage, vulnerability, and empathy. She provides insights on how to cultivate brave leadership and build trusting teams.
Brené Brown delves into the qualities that make a great leader, emphasizing courage, vulnerability, and empathy. She provides insights on how to cultivate brave leadership and build trusting teams.
This book offers practical advice on career exploration and job hunting. It includes exercises to help readers identify their strengths and interests to find fulfilling work.
🔥 The Market in Brief 🔥
🔥 The Market in Brief 🔥
Compensation & Benefits
Oct 19: California is exploring the option of increasing the state’s minimum wage to $18 per hour from 2025.
Oct 17: The Ontario government is making it easier for workers to save for retirement by expanding access to workplace pension plans, especially for those without pension coverage.
Oct 8: A new Mercer study finds that paid leave benefits are expanding at companies, despite challenges in complying with a patchwork of state and local leave laws.
Employee Experience
Oct 16: As artificial intelligence continues to transform HR practices, HR managers can leverage AI to create personalized employee experiences, streamline processes, and make data-driven decisions, but must also prioritize responsible AI frameworks to maintain employee trust and optimize the combination of human and automated work.
Oct 15: Nearly one in five workers are ignoring their companies' return-to-office mandates, often finding ways to circumvent policies requiring them to be in the office.
Sept 26: Workers report that social media trends are threatening workplace productivity, prompting employers to seek new ways to boost engagement and efficiency.
Recruitment
Oct 18: Nokia lays off nearly 2,000 employees in China and 350 in Europe as part of cost-cutting efforts to reduce workforce to 72,000-77,000 by 2026.
Oct 17: Airbus announces plans to cut up to 2,500 jobs in its Defence and Space division amid ongoing losses in the satellite sector.
Oct 16: Meta has confirmed layoffs impacting employees in various divisions, including WhatsApp, Instagram, and Reality Labs, as part of the company's continued reorganization and cost-cutting efforts.
Oct 15: Boeing announced plans to cut 17,000 jobs as ongoing strikes and production issues have significantly affected the company's finances.
Oct 8: A recent survey reveals that 2 in 3 employers are open to increasing starting salaries by up to 30% for employees willing to work onsite full-time, as companies navigate the challenges of enticing workers back to in-person arrangements.
Diversity, Equity & Inclusion
Oct 19: HR concerns grow as DEI scale back threaten employee psychological safety and inclusion, particularly for LGBTQ+ community.
Oct 15: A group of Democratic members of Congress is calling on major U.S. companies to maintain their DEI initiatives as legal battles and Supreme Court decisions pose challenges to such programs.
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