[Music] today I want to talk about the monumental changes in the u.s. job market they're having a major impact on hiring and retaining employees they're basically 5 factors at play in the US economy that erratically changing the job market and influencing how organizations are competing for top talent number one it's a job seekers market as the US economy improves there's a higher demand for workers than over the past 10 years according to the latest data from the US Department of Labor since 2015 job opening surpassed hires meaning that there are more jobs available and can be filled quits or voluntary separations are rising accordingly as new and better opportunity to become available this is great for job seekers yet problematic for organizations looking to retain top talent number to a decrease in layoffs is driving quits so according to the latest data from the US Department of Labor quits plummeted during the recession as workers weather the poor economy this created a backlog of potential quits that are being released as the economy improves the recent decrease in layoffs is making employed job seekers more confident in their ability to find better work thereby increasing quits and number three surprisingly tenure actually increased with all the new job openings available it seems average tenure would be declining but the latest data again from the US Department of Labor shows average tenure at its highest point in over 30 years the data shows that the tenure has been flat since 2012 so we suspect a slight decrease will be found once new data becomes available because of the improved economy number 4 mobility of younger workers is the same looking at tenure by age shows that the youngest group of workers aged 25 to 34 had the lowest average tenure of about 3 years this hasn't changed much since 1951 but think about it younger workers are usually more mobile and are looking for better career opportunities therefore they change jobs more frequently number 5 Millennials are taking over according to the Pew Research Center Millennials now make up the largest segment of the u.s. workforce at fifty three point five million employees so more than one in three American workers today are Millennials that's ages 18 to 34 there's a lot of talk about Millennials but the truth is that they're just as mobile as young workers in the past there's just a lot more of them in the workforce now if you'd like to understand how to compete for employees in this jobseekers market read the book the employee experience how to attract talent retain top performers and drive results thanks for watching and best of luck in your efforts to create an engaging workplace [Music] you