There are plenty of economic concerns at the moment; there are signs of a serious recession, a cost of living crisis, and sky-rocketing inflation. However, businesses remain keen to hire.
At least this is what ManpowerGroup has found. ManpowerGroup’s quarterly Employment Outlook Survey spoke to 6,050 employers across the US and found that optimism for growing headcounts was still high.
The study subtracts the percentage of employers who anticipate reductions in staffing levels from those who intend to hire. The figure of that calculation is now +33%, which is slightly less (-5%) that the anticipated headcount increase in Q3.
Interestingly, all sectors surveyed looked to be increasing staff. Leading the charge is IT, technology, telecoms, communications, and media (+56%), followed by banking, finance, insurance, and real estate (+42%), and construction (+36%).
Other sectors looking for more staff include manufacturing (+35%); wholesale and retail trade (+30%), restaurants and hotels (+29%), non-profit organizations (+26%), education, health, social work, and government (+25%), and finally primary production (+24%).
While the need for more employees will be perceived as a positive by candidates, it may be symptomatic of greater issues in industries across the US. The need for new workers may reflect the lasting impact of the ‘Great Resignation‘ which saw millions reconsider their options and leave the workforce.
Additionally, if budgets do become tighter in a recession, then businesses will need to look to perks rather than ever climbing wages when attracting talent. This can vary from flexibility to programs that cater to specific needs. These options are a cheaper way to distinguish organizations from their peers. Of course, another factor is looking at retention strategies so less can be spent on hiring going forward.
ManpowerGroup’s chief commercial officer and North America president, Becky Frankiewicz, discussed the findings: “Q4 is a critical bellweather for the US labor market, As we head into the holidays, employers are telling us skilled workers are the top of their wish list and tailwinds like weaker growth and inflation haven’t dampened their demands.
“The pandemic and subsequent talent shortages have taught companies that hiring and keeping the best talent is critical to success and just-in-time hiring is a challenge in this tight labor market.”
Frankiewicz added: “As the labor pool begins to look more like a labor puddle, we’re counseling companies to do three things – look for potential versus simply past performance; reward and celebrate each and every person who dedicates their time and skills to work, and ensure flexibility and balance are an option for the many, not the few. From factory floor to finance, every worker deserves the opportunity to work in a way that works for them.”
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