Many employers hoped – and economists believed – that a potential recession would alleviate some of the challenges in the current labor market. However, any relief seems limited, leaving many companies concerned about meeting their hiring needs. Ultimately, it’s critical to realize that the sansdemic isn’t going anywhere.
Here’s a look at why that’s the case, as well as what employers can do to overcome the challenges that come with it.
Why the Sansdemic Isn’t Going Anywhere
At the start of 2023, the possibility of a recession and rising interest rates seemed like they would slow down the labor market. However, the reality proves otherwise. The labor market is generally remaining strong, far stronger than most economists expected. As a result, finding suitable candidates for open positions remains challenging.
However, there’s more to the sansdemic equation than a stronger-than-anticipated labor market. The primary factor that likely means the sansdemic isn’t going anywhere is simple demographics. The US population is aging, as there simply aren’t enough younger workers to replace those reaching retirement age. It’s a pure supply-and-demand issue.
Plus, the pandemic caused some working-age adults to voluntarily exit the workforce. While many assumed they would return as soon as the pandemic calmed, the return rate is far lower than many economists expected. That took an already strained supply and tightened things further, and it isn’t clear whether those who left may come back at a later date.
While a recession – which often leads to broad layoffs – could temporarily boost the supply, that won’t overcome the fact that the workforce won’t be large enough to meet demand once a recovery begins. Essentially, a recession would act as a short-term reprieve, not a solution.
How to Navigate the Sansdemic
When it comes to navigating the sansdemic, employers can’t rely on time or a recession to correct the issue. Instead, companies need to adopt strategies that increase their access to talent, as well as position themselves as an employer of choice.
Supporting remote work is one move that can hit both objectives. Many professionals favor remote work since it better promotes work-life balance, causing them to view employers that offer it more favorably. Plus, by allowing remote work, you can tap candidates outside of your local area, allowing you to reach more job seekers who can meet your needs.
Focusing on company culture is also increasingly a must. Candidates are incredibly discerning in the current landscape, as many know that they’re in demand. By offering a supportive, positive culture that embraces diversity, equity, and inclusion, it’s far easier to connect with professionals from younger generations, alleviating some of your hiring challenges.
Having a candidate-search ally is also a must in the current climate. By partnering with a recruitment agency, you can tap vetted talent pools and the expertise of experienced recruiters. Choosing a staffing firm that can offer a variety of hiring options – including temporary, temp-to-hire, and permanent placement – also provides you with exceptional agility, letting you adapt your hiring based on the current economic landscape.
Contact PrideStaff Bend Today
At PrideStaff Bend, we focus on candidate engagement, as well as meeting job seekers where they are to form connections. Our approach allows us to curate a talent pool that can meet nearly any hiring need, as well as locate niche candidates when the need arises. Plus, we offer an array of hiring solutions.
If you’re ready to partner with a leading staffing provider, PrideStaff Bend wants to hear from you. Contact us to learn more about our services today.