Like many of you, we have been monitoring the US Labor Statistics closely and remain hopeful that our unemployment numbers continue their downward trajectory. We’ve seen unprecedented market volatility as vaccine news, employment data, corporate earnings, and Fed commentary influence the major indices. While we hope there isn’t a retest of the lows, most experts agree the numbers will remain well above pre-pandemic levels into next year even with the various stimulus programs and reopenings.
While it is easy to fall prey to the bearish headlines, it’s important to note some positive developments for both employers and employees.
Employees shifting to remote working certainly isn’t a new trend, but it was amplified seemingly overnight when quarantines were announced across the globe.
The increase in contract hiring should continue as employers look to reduce risk in the event of another downturn. Using contractors also allows these employers to be more nimble in hiring, as the talent can often be identified and deployed much quicker than with a traditional full-time hire search. The speed of deployment often results in a reduction in SG&A spend and provides a predictable cost model based on the hours budgeted for the resource.
The ability to right-size the workforce during both predictable and unpredictable environments allows for cost savings and yields better results. This has been a common practice for professional service firms and consultancies to avoid costly dips in full-time utilization.
Geographic barriers have been virtually eliminated as employers that have been forced into operating remotely – some with no plans on returning to the physical office space – are seeing the same if not higher productivity in their workforce.
Job seekers previously turned off by a daunting commute can broaden their search for a company that may align better with their current/future goals. In theory, this should result in a more satisfied– and more productive – employee.
While this may have been easy to predict, we are continuously seeing how the technology and healthcare sector have shown their resiliency through this pandemic. Tech’s propulsion comes as companies look toward further automation and enhanced security for the remote workforce. The so-called “work-from-home” stocks are also heavily made up of tech workers as these companies adapt to the changing consumer.
While the boom in healthcare is most visibly seen in the hiring of frontline workers and pharma companies racing toward a vaccine, there is also demand for resources to support the myriad applications needed for telehealth services.
We welcome your thoughts as to how you and your organization have shifted your hiring strategies amid this pandemic.
Throughout history we have witnessed thousands of innovative ideas and products born in crisis. PeopleCaddie will continue to monitor hiring trends during this period of uncertainty with the help of our esteemed partners.
PeopleCaddie operates a rapidly growing contingent labor marketplace for highly-skilled, independent business professionals who enjoy the excitement and flexibility associated with being a part of the gig economy.