One could be forgiven for feeling a bit of confusion about the overall job market as it stands today in 2024. It seems like for every report that paints a positive picture about the future employment outlook, another report comes out that talks about slowing hiring for a myriad of reasons⸺most unfounded.
Given this uncertainty, how can employers prepare and predict the upcoming changes to the labor market and strategically plan for these changes?
Here are a few areas where there seems to be a consensus:
- Hiring and overall employment is increasing, but at a very modest rate that appears to be keeping pace with the overall economic growth.
- Companies (particularly small businesses) are eager to hire, but are wanting to see more consistent positive signals emerge before making the leap.
- Overall workplace efficiency is declining due to a lack of qualified candidates that companies need to add to their workforce. Many experts are observing that companies have decreased their traditional recruiting methods because employers are having limited results in adding the workers they need through traditional recruiting channels.
- According to the feds, unemployment will stay flat remaining at historically low levels creating a shrinking pool of skilled workers for almost all sectors. Economic growth is predicted to continue its rapid pace over the next few quarters, with it slowing as inflation is dealt with through monetary policies.
- With labor costs rising in China and the Far East, some analyst predict a solid growth in US Manufacturing jobs in the upcoming quarters.
Be Prepared for the Future
For most, their strategies are typical for times of rapid economic expansion —waiting to see, increase capital reserves, increase efficiency, create new, valuable business relationships. What is different this time around is successful companies are using new, innovative recruiting tools and software to attract and retain top talent while adopting a "wait and see strategy" to see where the economy and the job market are headed.
Try New Recruiting Methods
Top talent is out there, but it is becoming increasingly difficult to find. Being able to employ traditional methods to attract candidates—job postings, referrals, external recruiters, and networking—are still viable and important. The difference is the emergence of social media, social networking, and social advertising, which is making the difference in recruitment strategy effectiveness. As competition for existing jobs increases, so has the search to find that quality talent. It is no longer possible to hang a virtual “help wanted” sign and expect to receive top-tier talent. Employers must get exposure to their brand and their openings by focusing on the traditional forms of advertising, internal and external sourcing, and referrals while increasing the use of social media marketing and effective job post advertising strategies to stay on top of their game.
Most indicators point to an improving job outlook, however slow and modest. Times are now forcing companies to rethink and change their recruitment strategies, and regardless of what the future holds for the job market, I think that companies that neglect the emergence of these new forms of advertising and technology will find it increasingly difficult to survive future changes in the job market.
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