The 2017 Talent Forecast is Here! What You Need to Know About Hiring and Job SearchingFebruary 2017
Each year, we had the opportunity to produce the Talent Forecast – which we just released! The process of writing this allows us to reflect on the past and chart the future. In developing the Talent Forecast, we get to have conversations with creative and marketing leaders across the Twin Cities and turn these conversations into insights that inform others in the industry. We take frank discussions, deep thoughts and rich collaborations to develop the annual Talent Forecast. Let us tell you what matters this year.
Everyone (almost) is working
Unemployment at 4.5% – 5.5% is really “full employment” or “natural unemployment”. Minnesota sits at less than 4%. It’s great that the unemployment rates are as low as they are, but as rates go down, wages rise, the hiring process accelerates and everyone, almost, gets a job.
Too-low unemployment isn’t desirable
Inflation is a result of a too-hot job market. At this point, we’re below the natural rate of unemployment but above the lowest rate ever. Employment is at an all-time peak at 2.9 million in Minnesota. Unemployment is near the U.S. all-time low at 3.5%.
Zero percent unemployment isn’t possible
People are always moving whether it be for themselves, a promotion or a spouse or partner finds a job elsewhere. In a hot market, top talent waits for the right job. Others who may or may not be well-qualified re-enter the market while new graduates (4+ million) also join the talent pool. Needless to say, zero percent unemployment isn’t healthy.
Budgets are fixed
Some unemployment continues, despite a hot job market, because the upward wage pressure produces work force reductions and delays to maintain budgets. To maintain macro-economic balance as payroll numbers increase, the institutional response to save the bottom line is to cut or delay staff. Have you ever felt like there is no way to get all the work done? You get it. We’ll chat more about this in our next blog post.
Are we aware?
Maybe not. Less than two years ago, we climbed out of the longest period of shedding jobs since the end of World War II. In more than ten of the past sixteen years, the U.S. economy has lost more jobs than it has created. 2016 was different, and 2017 will be different, too. It can take a little perspective for us to realize that things are different. Expect wages to rise, hiring windows to shrink and know the available talent requires stringent vetting to ensure a good fit.
We’ll talk more about these in the next blog post too. For now, just know that this is a great economy with incredible jobs, competitive pay and we’ve got a slew of hot ones waiting for you to check out. Click here to see what we’re talking about: https://truetalentgroup.com/find-whats-next-for-you/ .
Download the full report today! Go to https://truetalentgroup.com/request/.