BambooHR
Workforce Insights
Monthly Report – April 2024
Welcome to the April edition of the BambooHR Workforce Insights report, where we delve into the latest trends shaping the world of employment.
Workforce Insights is powered by aggregated data trends from the millions of admins, managers, and employees who use BambooHR in the US and across the globe.
Trivia of the Month
In April 2024, PTO requests were up but approvals were down. In the spirit of taking time off, we have a trivia question for you (answer at the end!)
What was the most visited city in the world in 2023?
Hiring, Job Openings, & Turnover
MoM 12% ⇧ increase
YoY 3% ⇩ decrease
MoM 8% ⇧ increase
YoY 26% ⇧ increase
MoM 9% ⇩ decrease
YoY 13% ⇩ decrease
MoM 12% ⇧ increase
YoY 6% ⇩ decrease
MoM 9% ⇧ increase
YoY 25% ⇧ increase
MoM 8% ⇩ decrease
YoY 16% ⇩ decrease
- The 26% increase in YoY job openings shows an upward trend well above pre-pandemic levels, which is great news for the thousands of job seekers looking for work after layoffs.
- A note of caution: Be aware of resume farming and recruiting scams.
- While hiring is still down YoY, the MoM increase is promising, and hopefully the bump in job openings means a boost in hiring in the coming months.
- Decreased turnover across the board shows hesitancy to move jobs in a competitive labor market.
Hiring, Job Openings, & Turnover by Industry
- Travel & Hospitality and Construction had the highest proportion of hires in April, continuing the trend from February and March.
- These two industries also had the highest turnover rates, suggesting that despite the strong hiring activity in these sectors, they are also experiencing significant challenges in retaining staff.
- This high turnover rate could indicate issues such as job dissatisfaction, competitive job markets, or the seasonal and project-based nature of work in these industries.
- Tech and Education had the lowest proportion of hires.
- Education had the lowest rate of turnover as well as the lowest number of job openings, which is no surprise—with fewer openings available, people are unable to leave their current jobs.
Manager & Peer Reviews
MoM 10% decrease
YoY 18% increase
MoM 11% increase
YoY 19% increase
MoM 9% decrease
YoY 16% increase
MoM63% decrease
YoY 17% increase
- April has had the lowest proportion of reviews so far this year, but it did increase from April of 2023.
- A 19% increase in US manager and peer reviews from April 2023 to April 2024 shows that while turnover is down, managers are taking a closer look at employee performance.
Employee PTO Requests & Approvals
MoM <1% decrease
YoY 10% increase
MoM 1% decrease
YoY 6% decrease
MoM <1% decrease
YoY 9% increase
MoM 2% decrease
YoY 5% decrease
- US PTO requests have continued to increase year over year—with 10% more in April 2024 than April 2023.
- In April 2024, 37% of employees made requests, with only 50% being approved.
The PTO Gap is an interesting trend. Low job turnover points to employee fears about moving jobs and an uncertain market, but the high PTO requests might be signaling a desire to escape, either from the pressures of work or a role they are no longer excited about. Post-pandemic workers prioritize mental health and wellbeing because it’s better understood and more needed, and time off is a critical component of rest.
There is also a seasonality element as we start approaching summer breaks. With most employees wanting to get away during the same three month period, it’s important for People leaders to plan ahead and communicate early and often how the business will balance keeping shop with vacation requests.
Anita Grantham, Head of HR
Employee PTO Requests & Approvals by Industry
- The industry with the highest proportion of PTO requests to employees in April was Nonprofits, followed by Finance and Tech, with more than half of employees requesting PTO.
- Restaurant, Food & Bev ranked dead last, as it has all of 2024 so far.
- Healthcare is the only industry with more than 50% of PTO requests approved (55%).
Employee PTO Requests & Approvals by Geography
- Two-thirds (66%) of European workers made PTO requests in April, with less than half being approved (44%).
- Europe leads in PTO requests while North America, APAC, and LATAM all land below 40%.
- Despite having the lowest number of PTO requests, LATAM continues to lead in PTO approval, with 62% of PTO being approved in April.
Trivia Answer
Istanbul! Did you guess correctly?
About BambooHR
BambooHR® is the leading HR software solution that sets people free to do great work, by managing the complex work of supporting employees and succeeding as a business, while giving leaders all the data they need to make informed strategic decisions.
Intuitively designed and easy-to-use benefits administration, payroll, performance, time tracking, and reporting where everything works together means less focus on process and more focus on growing what matters most—people.
Over the past 15 years, BambooHR has been the trusted partner of HR professionals at 33 thousand companies with employees in over 190 countries and 50 industries, supporting millions of users throughout their employee experience.
Methodology
All source data is from the BambooHR platform, gathered between December 2018 and April 2024, and includes over 4.4 million employee data points across the globe.
The data includes employee and manager performance scores, PTO requests, and other data points that have been analyzed in an aggregated, anonymized way to protect the privacy of employees and the integrity of the metrics.
Turnover includes all types of separation of an employee from their company, including voluntary and involuntary separations.
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