Bit more data now on the state of hiring – companies are holding onto people. A new record low for layoffs and discharges in new jobs data. The rate fell to 0.9% in May, a record dating back to 2001.
Companies are planning to hire. A West Monroe Executive Poll indicates 77% of respondents plan to hire additional workers in the third quarter, and only 4% expect to do layoffs. Asked about the biggest challenges in hiring – 51% said not enough people with the right skill set, and hiring and retention of the workforce is the number one threat to their business, at 49%. Cyberattacks were 13%.
LinkedIn is reporting in its July WorkForce Reports more about hiring too. Overall, hardware and networking hiring increased 3.3% year over year and jumped 2.7% month over month. Hiring in the software and IT services increased 62.3% year over year and jumped 8.9% month over month.
Why do we care?
I think owners and managers should be hyper-aware of the power individual workers have right now, and be planning accordingly.
This is more than salary. It’s skills training, total compensation, quality of life – the works. Smaller companies have the ability to be agile here, and know that investing in workers right now is not optional. Over index here… it’s a matter of survival AND flourishing.