Latest Release: 2024 Q3The ZipRecruiter Survey of New Hires
The ZipRecruiter Survey of New Hires is 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.
Latest Release
Q3 2024
The latest findings from ZipRecruiter's Q3 2024 New Hires Survey suggest that the labor market's cooling may be approaching a plateau. The share of workers who increased their pay with a job switch dipped slightly to 57%, down from 58% in Q2. Recruitment efforts also showed a modest decline, with 29% of new hires being actively recruited, down from 30%. Similarly, the share of new hires negotiating their offers edged down to 25%, and only 12% received a signing bonus, a slight drop from 14%. Meanwhile, the percentage of new hires receiving counter-offers inched up to 17% from 16%, and job satisfaction held steady, with 39% reporting they are “very satisfied” with their new role. These small declines suggest the labor market may soon be done slackening, with worker leverage stabilizing after months of erosion.
Data Spotlight
⇩ 57%
Previous: 58%
increased their pay
⇩ 29%
Previous: 30%
got recruited
⇧ 17%
Previous: 16%
negotiated their offers
⇩ 25%
Previous: 26%
received a signing bonus
⇩ 12%
Previous: 14%
received a counter-offer from their prior employer
-- 39%
Previous: 39%
are “very satisfied” with their job
Highlights of the Q3 2024 Survey
Sentiment Among Recently Hired Workers Declines, but at a Slower Pace
In Q3 of 2024, the labor market continued to cool, though the rate of decline in worker bargaining power has slowed, hinting at a possible leveling off in labor market slackening. Recent data from ZipRecruiter's quarterly survey of newly hired workers suggest that the labor market may be approaching a turning point after several quarters of weakening conditions.
Key indicators show that while the decline continues, the shifts are smaller than earlier in the year. For instance, 25% of workers reported negotiating their offers in Q3, down slightly from 26% in Q2. Similarly, the share of workers who received a signing bonus dropped to 12%, from 14% in Q2, a more moderate decline than seen earlier in 2024. The percentage of workers increasing their pay when switching jobs also saw a modest dip to 57% from 58% in Q2.
Overall sentiment regarding the job search experience deteriorated slightly, with a record-high 10% of workers describing their recently completed job search experience as poor, up from 9% in Q2, and 59% describing it as good, down from 61% in Q2.
Recruitment and Job Satisfaction Hold Steady
Despite the slower pace of hiring, the share of workers who were recruited into their jobs remained relatively stable, at 29%, down from 30% in Q2. The portion of workers receiving a counter-offer from their previous employer increased slightly to 17% (from 16%), suggesting some employers are trying harder to retain talent in the face of slower hiring.
Notably, job satisfaction appears unaffected by these trends. The percentage of workers reporting they are "very satisfied" with their job held steady at 39%, signaling that while workers may have less leverage in negotiating offers, many are still finding satisfaction in their roles. This stability, combined with the slower rate of change in labor market conditions, suggests the labor market may soon be done slackening, and a more stable hiring environment could emerge in the coming months.
Job Security Perceptions Decline Slightly
The sense of job security among recently hired workers saw a slight decline between Q2 and Q3. The share of workers who reported feeling secure in their new role decreased from over 74% in Q2 to just under 73% in Q3. At the same time, workers’ concerns about their employers’ financial wellbeing rose modestly, from 10% in Q2 to 11% in Q3. Workers also expressed more anxiety about potential layoffs in their companies, with 9% in Q3 worrying that layoffs might affect coworkers, up from 7% in Q2. Despite these concerns, the number of workers who feared being personally laid off stayed relatively stable, between 10% and 11%.
Meanwhile, workers’ job-seeking behaviors also shifted slightly, with more workers reporting that they continued to look for the “right job” even after getting hired (12% in Q3 up from 11% in Q2). The percentage of those who stopped searching after securing their current job remained relatively steady at 57%, however. The findings suggest declining satisfaction with job match quality and growing uncertainty about long-term job stability, potentially driving workers to keep their options open despite most feeling secure in their current roles.
“The labor market may be nearing a turning point. Our Q3 data shows a continued decline in worker bargaining power, but at a slower pace. Pay raises, signing bonuses, and negotiations dipped slightly, while job satisfaction and recruitment held steady. Signs of a possible leveling off ahead. #Jobs #Hiring”
- Julia Pollak, ZipRecruiter Chief Economist
Job Seekers Gain More Flexible Schedules
U.S. workers are less likely to gain bonus pay or the ability to work from home through switching jobs than they were a year ago, but they are increasingly improving their lives along one dimension: schedule flexibility. 45% of new hires said they gained greater schedule flexibility in their new job, up from 42% a year ago.
While flexibility is not the main reason job seekers cite for accepting an offer, it is a key reason for 16% of job switchers. Women are more likely than men to gain schedule flexibility when switching jobs (49% compared to 41%), and parents with young children are more likely than workers without young children to do so (51% compared to 43%).
"Did you know? 45% of job switchers gained schedule flexibility when changing jobs! 🕒 Flexibility is more than a perk—it’s key to making the workplace more inclusive for women and parents of young children. #FutureOfWork #Inclusion #WorkLifeBalance #FlexibilityMatters"
- Marissa Morisson, ZipRecruiter VP, People
Methodology
The ZipRecruiter Survey of New Hires is a survey fielded to a nationally representative online panel administered by Qualtrics during the second month of every quarter. The sample consists of more than 1,500 adults who reside in the U.S., who are currently employed, and who began their current jobs within the past six months. It excludes self-employed workers.
The survey asks these recently hired workers detailed questions about the circumstances leading up to their employment, the hiring process, the job offer, and the working conditions in their new roles. Additional findings regarding the prevalence and distribution of particular job search experiences and working conditions across the cohort of recent hires, by age, gender, education, and industry, are available upon request. Email press@ziprecruiter.com for more survey data or to schedule an interview with the authors of this study.