Job market pessimism grows

Read on to discover what 25,000 Americans told us about how they perceive their economic well-being and the key barriers they face to grow and thrive in the workforce.

Interesting article from Financial Times around where and why certain regions and sectors of the United States are still feeling more of a struggle with the tight labor market than others. Food Service, Healthcare and Manufacturing will remain tight because the pandemic merely exacerbated a problem that already existed. These sectors need to get out of the textbook human resources way of thinking and closely examine their current labor strategies to understand the root cause of their workforce challenges. Then create a different, more innovative plan to improve culture and executive connections, onboarding/training practices, and retention programs. Or, stick to the status quo and blame it on conditions you think you can’t control. Side note: your competitors are taking the innovative route.? #TalentManagementStrategy #LaborMarket #Manufacturing #FoodServiceIndustry https://lnkd.in/gXeqFCjV

Take a look at this labor market overview for the US states as per the Financial Times article. For every unemployed worker there are on average 1.9 vacancies, however, in some regions this is as high as 3.8. This is more acute in certain markets, and although we keep hearing it's a great time to look for a new job, in certain states competition is rife as ever. #job #markets #vacancies #unitedstates #america #labor #hiring #recruitment #staffing https://lnkd.in/gpSpy926

We've been thinking a lot about opportunity at the Baton Rouge Area Foundation lately -- who has one, how it can change lives, and the role we can all play in increasing opportunity for our fellow citizens. This survey from McKinsey & Company provides sobering but important data on how our fellow citizens feel about their own access to opportunity in this moment. "The survey found that the cornerstone of the American dream—access to opportunity—is perceived by many to be increasingly out of reach."

The real title of the article should be "Where are the workers!!" In these times of #thegreatresignation, the question 'Where are the workers?' sounds so counter-intuitive! Interesting insights on the US jobs market but I guess the story should not be too different for any market with companies facing possibly the highest ever attrition rates and yet struggling to find the right talent. Wondering what may be the real reason for this divide? Is it... - The ever widening skills gap - New outlook towards the work-life balance post #covid - Over-reliance on machine readers to perform the 'match-making' - Employers and job-seekers at odds with managing ever increasing cost of living/doing business due to historic #inflation levels

More people also say they have fewer economic opportunities than they did a year ago. And they expect that there will be even fewer economic opportunities for themselves and the country in a year and five years from now.