- While layoffs currently remain low, employers should keep a close eye on what happens to that statistic in the months ahead, according to Indeed analysis of June’s labor market.
- Notably, the Federal Reserve has signaled willingness to allow a controlled rise in unemployment to combat inflation, Indeed said. The argument is that workers won’t be laid off, but rather will stop finding jobs as the market slows down; “But it’s not clear that a significant pullback in demand for workers will show up primarily as a reduction in hiring,” Indeed said.
- As of now, demand for workers still overtakes supply, Indeed said, and the number of jobs continues to rise, even as recovery slows and numbers reach pre-pandemic levels.
Job increases have remained steady in 2022, though the latest jobs report — May’s — contained the lowest recorded job gains of the year so far. Experts then said employers should remain “cautiously optimistic” regarding the jobs market, but concerns about a recession continue to mount.
More than 650 CEOs have departed this year so far, according to executive outplacement firm Challenger, Gray and Christmas — the highest January-May total since the firm began recording CEO departures in 2002. The last time the firm recorded such a high was in 2019, when recession worries were also top of mind.
Despite these concerns, employers are still struggling to hire in the current market. State and local governments have even felt the crunch, analysts recently discussed during an online event. Remedies for such a market cross public and private entities, however, and can include hiring bonuses, clear career paths, recognition and emphasis on service.
Notably, a high number of workers are open to career or industry shifts in the hunt for better opportunities, a BambooHR survey revealed. Young workers are especially willing to do so — though creative employers may be able to use that inclination to their advantage with the right messaging.