ZipRecruiter Launches Economic Research Site for Labor Market Data

Rhea-AI Summary

ZipRecruiter has launched a new research hub, ZipRecruiter-Research.org, featuring commentary and analysis from its team of economists and data scientists. The site will provide insights on labor market data, trends, and opportunities for job seekers, employers, and policymakers. The latest research includes the Q3 2023 edition of the Survey of New Hires, which found a decrease in key indicators such as pay increases and signing bonuses. Additionally, the research highlights the interest in part-time seasonal roles over the winter holidays and the rise of 'quiet cutting' in reassigning employees to less attractive positions.

Positive

• Pay increases and signing bonuses for new hires have decreased compared to last quarter.
• Nearly 1 in 3 new hires are interested in part-time seasonal roles for the winter holidays.
• More than half of employees reassigned to less attractive positions experienced this in 2023, with a majority quitting.
• The research hub will provide regular updates on labor market trends using ZipRecruiter's exclusive data and proprietary research.

Negative

• None.

New research hub features economist commentary on market indicators and insights from ZipRecruiter marketplace and survey data, including the latest edition of its Survey of New Hires

SANTA MONICA, Calif.--(BUSINESS WIRE)-- ZipRecruiter®, a leading online employment marketplace, today launched a new home for its economic research – ZipRecruiter-Research.org. The new site features commentary and analysis from its team of economists and data scientists on the latest labor market data, as well as insights from the company’s marketplace data and quarterly surveys.

With a dedicated focus on collecting and analyzing comprehensive employment data, the team will use the new site to deliver insights that drive informed decision-making for job seekers, employers, and policymakers alike. Through rigorous research and analysis, the team will work to uncover emerging trends and unveil opportunities for workers and businesses navigating the ever-evolving world of work.

ZipRecruiter’s vast trove of labor market data has three key benefits over publicly available sources: It features up-to-date insights; it provides details, takeaways, and trends from various industries and locations; and it is based both on surveys and actual employer and job seeker behavior. With the launch of our new research website today—as well as multiple new data products to follow over the coming year—ZipRecruiter is inviting you to share our front-row view of the labor market,” said ZipRecruiter Chief Economist Julia Pollak.   

The latest research published on the new site includes the Q3 2023 edition of the company’s Survey of New Hires, which found that most U.S. residents who started their careers or switched jobs in the past six months found satisfactory jobs after a relatively brief search, but the share who struggled grew. Almost all key survey indicators—such as the share of new hires who increased their pay, received a signing bonus, or got recruited to their new jobs—fell substantially, suggesting a palpable loss of worker leverage over the past quarter.

The full report, including the below key findings, can be accessed on the new site here:

• Better pay is consistently the top motivator for new hires to switch jobs, but only 58% of new hires increased their pay in their new roles, and only 18% received a signing bonus – down from 64% and 28%, respectively, last quarter.
• Nearly 1 in 3 (29%) new hires are interested in taking a part-time seasonal role over the winter holidays. Their top motivations for wanting to take on holiday jobs are to earn extra pocket money (74%), pay down debt (35%), offset the effect of inflation on their budgets (23%), and save up for a specific purchase (24%).
• Quiet cutting—reassigning employees to less attractive positions in an attempt to push them to quit—may be on the rise. More than half (55%) of those who have been reassigned to a less attractive position at some point in their careers experienced this in 2023. Of those reassigned in 2023, 59% quit, while 9% were later fired and 7% were laid off.

Featured Research and Insights on ZipRecruiter-Research.org

The Economic Research team uses ZipRecruiter’s exclusive data—on job posting volumes, salaries, benefits and perks, job seeker and employer interactions, and more—alongside proprietary research and government data to uncover meaningful labor market trends that will be updated regularly on the site.

Each quarter the team will:

• Release its Job Seeker Confidence Index, a nationally representative quarterly survey of U.S. job seekers that measures how optimistic or pessimistic they are about their ability to land their preferred jobs. Increased confidence is typically an indicator of future increases in employee turnover, wage growth, and labor force participation. Click here to see the latest report.
• Release its Survey of New Hires, a quarterly survey of U.S. residents who started their current jobs within the past six months. New hires are the leading edge of the labor market—the first to experience changes in the urgency and intensity with which employers are recruiting workers, and the terms of employment on offer. Indicators tracked in this survey—such as how long it took workers to find their jobs, and what share received signing bonuses or healthcare benefits upon hire—can help gauge the quantity and quality of jobs available in the U.S. economy. Click here to see the latest report.
• Release additional reports on timely labor market topics based on survey data and/or proprietary ZipRecruiter marketplace data. Click here to view the reports.

Each month the team will:

• Provide commentary on key economic indicators released by The Bureau of Labor Statistics. Click here to check out the team’s latest commentary.

Each day the team is:

• Available to answer questions, facilitate interviews, and provide ZipRecruiter data and commentary upon request. Email the team at press@ziprecruiter.com to get in touch.

Disclaimer

ZipRecruiter Economic Research is an independent research entity within ZipRecruiter and is not a revenue center for the company. Data provided by the research team should not be considered representative of potential revenue or earnings of ZipRecruiter.

ZipRecruiter Economic Research provides fact-driven, objective, unbiased data and analysis about the labor market. The team does not manipulate data or findings to produce favorable results. When possible, the team will make accompanying data available so that sources can be checked and independently verified. Survey and data methodology will be sourced and provided, and if it is not directly linked in an article, is available by request.

About ZipRecruiter

ZipRecruiter® (www.ziprecruiter.com) is a leading online employment marketplace that actively connects people to their next great opportunity. ZipRecruiter’s powerful matching technology improves the job search experience for job seekers and helps businesses of all sizes find and hire the right candidates quickly. ZipRecruiter has been the #1 rated job search app on iOS & Android for the past six years¹ and is rated the #1 employment job site by G2.²

¹Based on job seeker app ratings, during the period of January 2017 to January 2023 from AppFollow for ZipRecruiter, CareerBuilder, Glassdoor, Indeed, LinkedIn, and Monster.

²Based on G2 satisfaction ratings as of December 13, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102897683/en/

Claire Walsh, Press Relations

press@ziprecruiter.com

Source: ZipRecruiter, Inc.

FAQ

What is the new research hub launched by ZipRecruiter?

ZipRecruiter has launched a new research hub called ZipRecruiter-Research.org, featuring commentary and analysis from its team of economists and data scientists.

What type of insights will be provided on the new site?

The site will provide insights on labor market data, trends, and opportunities for job seekers, employers, and policymakers.

What were the key findings of the Q3 2023 edition of the Survey of New Hires?

The survey found a decrease in key indicators such as pay increases and signing bonuses for new hires. It also highlighted the interest in part-time seasonal roles over the winter holidays and the rise of 'quiet cutting' in reassigning employees to less attractive positions.

What benefits does ZipRecruiter's labor market data offer?

ZipRecruiter's labor market data provides up-to-date insights, details, takeaways, and trends from various industries and locations. It is based on surveys and actual employer and job seeker behavior.

How often will the research hub be updated?

The research hub will provide regular updates on labor market trends using ZipRecruiter's exclusive data and proprietary research.