By Neal Glatt
There were some who thought 2023 would bring an economic recession and restore some power to employers to hire employees more easily. Not only were they wrong, most people don’t realize how much harder hiring is going to get for businesses. Here’s what the latest job data is showing, and how businesses need to prepare…
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The biggest reason that some managers thought there would be a slowing in the jobs market for unfilled jobs was because of layoffs in the technology sector over the past twelve months. Companies including Facebook, Microsoft, Amazon, and Twitter collectively layed of around 174,000 employees leading to “sky is falling” headlines over the security of jobs.
Unfortunately for those doomsayers, the US economy added nearly 517,000 in January alone. The job creation market, which did briefly stagnate in late 2022, has been in full swing since the new year, sending the unemployment rate to the lowest it has been in over 50 years. 2023 will be every bit as difficult to hire employees as 2022.
There will be no rest for the weary (employers) in the near future either. Given current economic forecasts and demographic trends, jobs will dramatically outpace workers through at least 2030. Consider Massachusetts for instance, where state economists expect an increase of nearly 20% in jobs in the state by 2030, but only an additional 1.5% employees over the current rates in the same time period.
While employers can’t do anything about the historical birth rates, increased retirees, and rise of the gig economy that have conspired to create such a worker shortage, there are opportunities to outpace the competition and secure whatever size workforce is required. Improving the employee experience, investing in professional development, and rewriting job advertisements have all been proven to boost recruiting and retention efforts for companies.
Here at GrowTheBench, we’re committed to supporting your efforts to win the talent war through 2030 and beyond. Here’s three ways we can help:
- Check out the FREE course “Recruiting Talent” to learn how to rewrite job advertisements, find untapped talent pools, and engage potential employees better at this link courtesy of our friends at Team Engine.
- Click here to purchase an All-Access Pass to train up to 10 of your employees for only $97 per month and give them the professional development they need to excel in their roles and advance professionally, both of which dramatically improve employee retention and performance.
- Email Neal@GrowTheBench.com to learn more about our hiring service to help you find and secure the best employees possible for any role while learning a repeatable process that can be repeated for success on your own with future hires.
No matter which option is the right step for you this Spring, there is no debate that taking the next step will be required for the long-term success of your business. The labor problem is not something that can be simply waited out and the businesses which refuse to change will suffer the consequences. But change is possible if you’re ready to invest in it - and if not now, then when?
Tags: hiring , Hiring in 2023 , Economic Recession ,