What’s going on:
A recent survey by The Harris Poll, commissioned by Express Employment Professionals, indicates that 80% of U.S. companies are positive about the hiring landscape through the end of 2023, according to PR Newswire. This positive sentiment represents a 5% increase from late 2022.
Additionally, 62% of hiring managers anticipate an increase in employee numbers through the end of the year. The primary reasons cited for this expected rise in hiring include managing greater work volumes, filling newly established positions, and addressing employee turnover. In contrast, 28% of businesses anticipate no change in staff numbers — while 7% plan to reduce their workforce. Notably, 16% of those reducing or not changing their workforce attribute this decision to increasing automation or technology adoption.
Why it matters:
The hiring trend, which has seen a consistent rise over the past few years, speaks volumes about the state of the U.S.’s resilient economy and business confidence levels. It’s an encouraging sign for job seekers, especially since 38% of American job seekers (aged 18 and over) state they’re actively pursuing new job opportunities.
How it’ll impact the future:
The bullish hiring outlook suggests a robust job market in the remainder of the year, which may lead to lower unemployment rates and potentially higher wage growth. However, the adoption of automation and technology by some firms might necessitate a change in skill requirements for employees.