BambooHR
Workforce Insights
Monthly Report – November 2024
Welcome to the November edition of the BambooHR Workforce Insights report, where we dive 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.
Turnover Hits a Three-Year Low in November
The start of Q4 has been marked by a 73% increase in reviews within the US, a pattern that aligns with typical end-of-quarter review processes. This surge indicates organizations are dedicated to assessing and enhancing performance as they set goals for the upcoming quarter.
Globally, November 2024 witnessed a decrease in turnover and hiring, with turnover reaching an almost three-year low. In the US, these trends are mirrored, with turnover dropping to 2021 levels across all industries. This decline in turnover and hiring reflects a broader global pattern, emphasizing stability in the workforce.
Additionally, November saw a slight increase in PTO requests, particularly in the US, where employees have shown a higher propensity to request time off. Notably, the construction and restaurant, food & beverage industries continue to exhibit high PTO approval rates, despite having lower request proportions compared to other industries. Regions such as Latin America and the Middle East and Africa maintain low request rates but enjoy high approval counts.
BambooHR’s platform data, sourced from over 4.75 million employee data points across the globe, provides a global perspective on these evolving trends and offers valuable insights for businesses aiming to foster a culture of continuous improvement and engagement.
Hiring, Job Openings & Turnover
Hiring
- Globally:
- From October to November 2024, hiring decreased by 22%.
- Year-over-year, hiring decreased by 22% from November 2023.
- In the US:
- From October to November 2024, hiring decreased by 13%.
- Year-over-year, hiring decreased by 22% from November 2023.
Job Openings
- Globally:
- From October to November 2024, job openings decreased by 12%.
- Job openings increased by 8% from November 2023.
- In the US:
- From October to November 2024, job openings decreased by 14%.
- Job openings increased by 9% from November 2023.
Turnover
- Globally:
- Turnover decreased by 22% from October to November 2024.
- Year-over-year, turnover is down 20% from November 2023.
- In the US:
- Turnover decreased by 27% from October to November 2024.
- Year-over-year, turnover is down 21% from November 2023.
In November 2024, there was a significant decrease in both turnover and hiring rates globally, with turnover reaching its lowest point in nearly three years.
Month over Month (MoM)
and
Year over Year (YoY)
US Hires, Job Openings & Turnover
Global Hires, Job Openings & Turnover
Industry Trends: Hiring, Job Openings & Turnover
- All industries saw a decrease in hiring, turnover, and job openings from October to November.
- Travel/hospitality, healthcare, and construction stayed at the top of hiring in November.
- Education and technology had the lowest proportion of hires.
- The education sector saw a significant decrease in hires by 25.9% and job openings by 12.3%.
- The finance industry experienced a notable 62% increase in hires and 41% in turnover.
- The healthcare sector had a turnover rate of 2.0% and a job opening rate of 1.0%, with a decrease in hires by 19.5%.
November 2024
Proportion of Total Employees
Regional Trends: Hiring, Job Openings & Turnover
- Middle East and Africa (MEA) and Europe: These regions experienced the lowest turnover rates and also had the lowest percentage of hires in proportion to total employees, indicating a stable employment environment with minimal changes in workforce size.
- Latin America (LATAM): This region had the highest percentage of hires and turnover relative to its total number of employees, suggesting a dynamic labor market with significant workforce changes. Despite this high turnover and hiring activity, LATAM had the lowest job posting rates at 0.5%, indicating fewer new job openings compared to other regions.
- Asia Pacific: This region had a relatively low percentage of hires and turnover compared to LATAM but was not the lowest in these metrics.
Manager & Peer Reviews
The spike in peer reviews continues in November 2024. In the second month of Q4, we observed notable trends in manager and peer reviews both globally and in the US:
- Globally, from October 2024 to November 2024, there was a 15% increase in total reviews, with peer reviews increasing by 17% month-over-month, while manager reviews slightly decreased by 0.7%.
- Year-over-year, there was a 3% decrease in peer reviews globally, with manager reviews showing a slight 0.3% increase.
- In the US, the trend also showed significant changes. There was a 6% increase in total reviews from October to November 2024, with peer reviews increasing by 8% month-over-month, but manager reviews decreased by 5%.
- Year-over-year, the US saw a 4% decrease in total reviews, with peer reviews decreasing by 5% and manager reviews decreasing by 0.4%.
US Manager & Peer Reviews
Global Manager & Peer Reviews
Month over Month (MoM)
and
Year over Year (YoY)
Employee PTO Requests & Approvals
Overall, PTO requests decreased in November.
Global PTO:
- In November 2024, 43% of employees made PTO requests, with 45% of those being approved. This represents a 4% decrease in requests from October and a 6% decrease in approvals.
- From November 2023 to November 2024, requests and approvals decreased by 9% each.
US PTO Requests:
- In the US, 34% of employees made PTO requests, with 50% of those being approved. This reflects a 9% decrease in requests from October and 6% decrease in approvals.
- From November 2023 to November 2024, requests decreased by 10%, while approvals decreased 9%.
US Employee PTO Requests & Approvals
Global Employee PTO Requests & Approvals
Regional Trends: Employee PTO Requests & Approvals
In November 2024, regional PTO requests and approvals continued to show distinct patterns:
- Europe: Led the regions with 64% of workers requesting PTO, though only 42% of these requests were approved.
- Asia Pacific: Saw 56% of employees requesting PTO, with an approval rate of 34%.
- Middle East/Africa: Had a lower request rate at 43%, but a higher approval rate of 56%, indicating a more favorable response to requests.
- Latin America: With a request rate of 38%, it had the highest approval rate of 57%, closely following Middle East/Africa in terms of approvals.
- North America: Had 37% of employees making PTO requests, with a slightly higher approval rate of 48%.
Industry Trends: Employee PTO Requests & Approvals
- Construction and restaurant, food & beverage continue to see high PTO approval, despite having low request proportions.
- The industry with the highest proportion of PTO requests in November was finance at 62%, followed by nonprofit at 53%, a continued trend from previous months.
Methodology
All source data is from the BambooHR® platform, gathered between December 2018 and November 2024, and includes over 4.75 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.
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.
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