We’re in a new year which means new goals for candidates and companies alike. Many organizations are desperate to boost their talent by hiring employees poised for growth and advancement. Candidates, however, have a wealth of options in today’s candidate-driven market. Here’s a look at the staffing and hiring trends that will drive the job market in 2018.
Hiring Will Increase
Hiring was strong in 2017, the year ending with around a 4% unemployment rate. This push for hiring will continue to grow into 2018, with 61% of companies expecting to hire more talent in 2018 than the year previous. The best part? Companies are hiring to support growth – with 56% of employers aiming to use fresh talent to push growth agendas, and only 13% hiring to backfill open positions. (Source: Indeed)
Competition Is Hot
With the unemployment rate being so low, competition for hiring top talent is at an all-time high. 42% of employers are concerned about finding the candidate’s they need to fill new and existing positions.
The U.S. Tax Reform Bill
Whether you are for it or against it, the U.S. Tax Reform Bill was signed into law by President Trump on December 22. The tax reform will provide a whopping $1.5 trillion in tax cuts to corporations and businesses. These reductions in taxes may result in a boom in the economy and companies may look to create more jobs with their tax savings.
Increase In Contract Work
“In 2018 we expect to see a continued imbalance between a tight labor supply and fairly robust demand,” says Patrick Beharelle, CEO of TrueBlue. “And with such low unemployment, you tend to see more churn.” (Source: Monster) Rapid turnover in a candidate-driven market often increases the demand for temporary or temp-to-perm hiring. In 2018, employers will be eager to hire employees and train as they go in an effort to fill critical needs quickly.
Tech & STEM Will Lead The Way
2018 will continue to be a year of technological advancement and companies who want to stay competitive will be looking to hire top tech talent. Other STEM positions will also be in high demand as drones, streamlined product development, and data analysis become more and more prevalent in business operations. Between now and 2022, over one million new STEM jobs are expected to be created, with about half not even requiring a Bachelor’s degree. Additionally, 93% of STEM occupations boast wages above the national average and these numbers are expected to continue rising as competition for this skilled talent increases.
Healthcare is Now the U.S.’s Largest Employer
Due to the escalation of medical spending and the inevitable aging of the U.S. population, the Healthcare industry just surpassed the manufacturing and retail markets as the largest source of jobs in the United States.