While job postings on Indeed are down 15% year over year, it’s not all bad news for the economy — and for employers trying to retain workers, according to Indeed Hiring Lab’s U.S. labor market update.
Corporate role postings have declined quickly, particularly those in software development and finance. Other surveys have shown that support roles also may be on the chopping block. But even with these “soft spots,” Indeed said, the broader job market remains solid.
“The trend in layoffs is nearly as flat and as low as it has ever been, even below its pre-pandemic baseline,” according to the report, written by Daniel Culbertson, senior economist at Indeed.
Notably, job postings still remain 33% above the pre-pandemic baseline, Indeed said, indicating a still strong talent market.
The good news for employers: Worker turnover, particularly in those hard-hit corporate roles, is down. The quits rate for professional and business services industry jobs fell to its pre-pandemic level “as workers become more cautious about switching roles in an industry that has slowed over the past year,” Culbertson said.
But companies may still be pondering cuts, various surveys have shown, prompting layoff anxiety that may exacerbate other retention issues. Strong, compassionate communication and opportunities for continued development are some ways employers have sought to keep talent onboard amid potentially choppy waters.