Slowing Hiring
By Jeff Altman, The Big Game Hunter
On LinkedIn, they wrote, “Wanting to put in your two weeks’ notice? Or hoping to transition into a new role? owing Economists say that decreased wage growth and a steady rise in jobless claims — possibly due to the latest layoffs in industries such as tech, retail and real estate — show labor demand may already be slowing.”
I commented:
Respectfully, there is not one labor market. Once that idea is accepted, the data makes more sense. Office work (tech jobs, realtors, accountants) are experiencing some slowdown already. Non-office workers (blue collar, no collar, service workers, manufacturing) are still experiencing enormous demand. The typical images of signs advertising worker need are in front of restaurants and manufacturing plants. Add that to the fact that 3+ million people have left the workforce due to death or retirement and the huge Boomer demographic is followed by the much smaller Gen-X cohort, Gen-Z is only now entering the workforce and the continued push for college education to the neglect of these other roles, creates a storm of need for this type of worker. As for decreased wage growth, 5.2% – 5.6% wage growth only leaves employees 6% behind inflation when factoring in taxes. Public policy has become the biggest drag on employment by creating disincentives for staying at one employer.
ABOUT JEFF ALTMAN, THE BIG GAME HUNTER
Jeff Altman, The Big Game Hunter is a career and leadership coach who worked as a recruiter for more than 40 years. He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with more than 2400 episodes. He also hosts Job Search TV on YouTube, and Amazon, as well as on BingeNetworks.tv for Apple TV and 90+ smart sets.
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