Is Your Company Still Affected By Worker Hoarding?
What Is Labor Hoarding?
Labor hoarding is a term growing in popularity. Labor hoarding can be described as the practice of keeping employees within an organization by any means necessary.
This includes not firing some employees when companies typically might and not laying off employees to cut overhead or hit a financial goal. It’s becoming more popular for companies that faced challenges bringing talent back after layoffs in 2020 -2021 tight labor market.
Companies continue to hoard workers as a red-hot December jobs report is released
5 key takeaways from the latest Labor Departments’ JOLT report and the Bureau of Labor Statistics
- The economy added 2.7 million jobs in 2023
- Average hourly earnings rose 0.4% in December, matching the prior month’s gain. That raised the year-on-year increase in wages to 4.1%
- Job openings stood at 8.790 million (last day of November) down from a record high of 12.0 million in March 2022 .
- Layoffs remain near record lows with December’s job count gain standing at 216,000 jobs
- The unemployment rate held steady at 3.7% as non tech companies continue to hoard workers
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Rellevate’s PayCard featuring Pay Any-Day and Direct Deposit can help increase employee retention rate by as much as 36% and help reduce employee financial on-the-job stress by 74%, at zero cost to the employer.
