The COVID-19 pandemic has had a profound impact on the job market, leading to economic uncertainty and significant changes in employment trends. Many companies have been forced to review operational efficiencies, which has caused many of the employee layoffs we have seen. As a result, there is a larger pool of talented workers looking for new opportunities. While this is certainly a challenging time for both employers and employees, it presents a unique opportunity for businesses to stock up on top talent. In this blog post, we will explore the current job market and why it is the perfect time to hire new talent.
The Current Job Market
In the current job market, we have seen steady increases in employment gains across the business services and healthcare segments. According to the Bureau of Labor Statistics (BLS), “employment in professional and business services continued to trend up in March (+39,000) , in line with the average monthly growth over the prior 6 months (+34,000).” Even with large, noted layoffs, job gains continue to increase so the pressure to hire remains. However, even with job market gains this past quarter, there was an influx of highly trained talent in the marketplace. As a result, the talent pool has expanded significantly, creating a favorable hiring environment for companies looking to build their teams.
In a typical job market, companies are forced to compete for a limited pool of candidates, often resulting in long hiring processes and higher salary demands. However, the current market provides a rare opportunity for employers to acquire top talent without having to break the bank.
The current job market is experiencing a significant increase in job openings, particularly in industries such as healthcare, technology, and e-commerce. According to recent reports, there has been a significant increase in job postings in March 2023 compared to the previous year (source).
It is more important than ever for companies to leverage the current job market to acquire top talent. With so many talented workers available, companies have a unique opportunity to build their teams and secure a competitive edge in their industries. This is particularly important for small businesses and startups, who can use this opportunity to build a strong foundation for future growth.
Advantages to Stock Up on Top Talent During This Time
As the job market has shifted due to the pandemic, there are several advantages for businesses to consider when it comes to hiring top talent.
For starters, consider, “During times of large household brand name layoffs, it is a great opportunity for all companies, tech and non-tech, that are still “digitizing” their business to gain access to highly skilled individuals that are looking for a change. Many of these professionals are realizing how disposable they were working for the large tech companies and will be looking for opportunities to feel more valued,” said Digital Division President of SkillGigs, Brad Hill.
Additional advantages include:
- More job candidates available: With the economic uncertainty, many companies have laid off employees, leading to an increase in job seekers. This means businesses have access to a larger pool of potential candidates to fill their vacancies. As a result, companies can be more selective in their hiring process and find candidates that are a perfect match for the job.
- Opportunity to hire top talent who were laid off due to COVID-19: Many highly skilled individuals lost their jobs due to the pandemic, despite their expertise and experience. This means that businesses now have the opportunity to tap into a talented pool of professionals who may not have been available to them otherwise.
- Increased diversity in hiring globally: With the ability to hire remotely, businesses can look for top talent beyond their immediate area or region. This opens the opportunity to diversify their workforce with new perspectives and ideas from a wider range of candidates.
- Potential cost savings in hiring top talent during a slower job market: During slower economic times, top talent may be willing to accept lower salaries or benefits packages in order to secure a job. This could potentially save businesses money in hiring costs, while still acquiring top talent to strengthen their workforce.
- Expand your reach: The changing of workforces is not unique to the United States. Changes in roles as well as large companies downsizing are a global phenomenon. This is a great opportunity to take your hiring practices beyond your limited borders. Exploring hiring international and remote workers is a great opportunity to hire fast, save costs, and get the skillsets you need — today.
How SkillGigs Can Help
SkillGigs is a talent marketplace that connects businesses with skilled professionals from around the world. With its advanced search and matching algorithms, the platform can quickly and efficiently identify the most qualified candidates for each job posting. Moreover, with SkillGigs’ global reach, companies can tap into an international talent pool to fill skill gaps and ramp up productivity. By using SkillGigs’ advanced search and matching algorithms, companies can easily find the right talent for their specific needs, no matter where they are located. And with comprehensive onboarding and training programs, companies can ensure that their new hires are up to speed and ready to contribute to their team from day one. Whether it’s hiring full-time employees, contractors, or freelancers, SkillGigs provides companies with the tools they need to find and hire the best talent from around the world.
In conclusion, the current job market presents a unique opportunity for businesses to stock up on top talent. With more job candidates available and the ability to hire globally, companies can take advantage of this time to build a strong team that will help them succeed in the future. By focusing on attracting top talent with competitive compensation packages, re-evaluating job descriptions and requirements, utilizing online resources, and prioritizing diversity and inclusion in the hiring process, companies can increase their chances of finding the best candidates. And with platforms, like SkillGigs, available to assist in the search, companies can streamline the process even further and find top talent from around the world. Sign up today to get started.