Table of Contents Executive Summary3 Foreward 4 The Major Workforce Trends in This Report Report Highlights8 Hiring Is Recovering, But the Job Market Is Still Tough High-Potential Workers Are More Likely to Leave12 Engagement Is Static, with Burnout Risk Lurking14 Case Study: Creating the “Work from Almost Anywhere”Program to Strike the Right Productivity-Flexibility Balance16 Industry Insights 18 Europe and APAC Regional Standouts20 Case Study: How AdventHealth Uses AI to Fill Hard-to-Fill Roles at Record Speed Restoring Trust in theEmployer-Worker Relationship Cultivating a Greater Sense of Accomplishment and Meaning24 Flex/Hybrid Work Has Had a Positive Impact on the Workforce25 Timing (and Tenure) Is Everything26 Internal Mobility Is a Superpower for Workers and Organizations27 Conclusion Executive summary. Uncover the workforce trends shaping 2024 and beyond.Hiring demand, as measured by job requisitions, is up by 7%and applications by 31% in the first half of 2024 comparedto the same period last year, with 72% of leaders raising thebar for qualifications and experience requirements. Manyworkers have felt stuck as a result of layoffs and economicuncertainty, and we’re starting to see early indicators ofthis impact with75% of industries showing an increase inhigh‑potential voluntary turnover. of industries are experiencingvoluntary turnover of high-potentialemployees Our ownmetricsshow that baseline employee needs, including faircompensation, growth opportunities, and clearly defined goals, are thekey to an engaged workforce—but business leaders will need to considerhow to make work more meaningful if they want to raise performancestandards. Workers who believe they are doing meaningful work feel37% more accomplishedthan those who don’t, even under “challengingworkloads.” This suggests that meaningful work and accomplishmentare critical in order for employees to remain engaged and highlyproductive. Ultimately, this insight gives companies a North Star forincreasing productivity. At a glance: •Employers are hiring but significantly raising the bar•Top workers might be the first to go•Meaningful work creates more resilient and loyal employees Foreword. We need toget back to theessentials when itcomes to work andrebuild trust in theemployer-workerrelationship. Insights fromWorkday Peakon Employee Voice,Workday People Analytics,Workday Recruiting,andHiredScore(a Workday company) indicatethat we are seeing the balance of power shifting away from workers andtoward employers. With the pace of applications outpacing hiring demand(applications grew4x faster than requisitions in 2024), it’s clear that employers have morepower and employees have fewer choices. This situation could becomemore pronounced if job growth slows down or unemployment edges up inthe U.S. and globally. In our external survey conducted in partnership withHanover Research, we also found that employers have raised experiencerequirements, with 59% of respondents saying this trend is likely tocontinue over the next 12 months. This stands to exacerbate the issue,making it even harder for job seekers to find jobs. Applications grew4x faster thanrequisitions in 2024. But thanks to the clarifying nature of the last 5 years, workers aremore confident about and aligned on what is important to them:fair compensation, a clearly defined strategy that they can investin, organizational fit, and growth opportunities. And, when it comes togrowth, employees are looking at their own organization first but mightfind opportunities elsewhere if necessary. We seem to have collectivelydiscovered that to move forward, we need to get back to the essentialswhen it comes to work and rebuild trust in the employer-worker relationship. The major workforcetrends in this report. Employers needmore efficient waysto find the best hiresand reduce overloadon recruiters. Hiring: Employers are hiring butsignificantly raising the bar. Comparing the first half of 2024 to the same period in 2023, jobrequisitions are up 7%, application (app) volume is up 31%, and referralsare up 30%—but offers remain flat, suggesting a loosening but stillcompetitive landscape for workers. The shift in negotiation power is stillmoving toward the employer as our survey found that 72% of leaders haveseen a positive impact from raising experience requirements in the last 12months, and 59% believe this is a workforce trend that is likely to continuein the future.1 Why this matters:With applications growing 4x faster thanrequisitions, employers need more efficient ways to find thebest hires and reduce overload on recruiters—while ensuringan equitable process for both candidate and employee.That’s because, as we previously found (when this report wastitled “Hiring and Talent Trends”), an environment of low hiring,growth, and turnover is one that can make it challenging fororganizations to realize progress on workplace diversity.2 What you can do about it:Read the case st