06 April 2023, Cleveland, OH — AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics which indicate a complex labor market with the requirement for a clear talent strategy a key component to enabling business success.
Commenting on the latest statistics Nicky Hancock, Managing Director, Americas Region at AMS said: “Economic reports continue to point to a complex labor market. There are still almost two jobs for every unemployed worker, yet we’re seeing layoffs and reduced hiring in industries such as tech and investment banking. At the same time, we’re experiencing employment gains in industries like hospitality and travel. Despite the economic outlook appearing a bit uncertain, the job market is still strong and reducing time to hire remains a key requirement for tech searches we are seeing on our AMS Verified platform at the moment.
Companies are shifting their hiring strategies, though, to better prepare them for a downturn and help them come out ahead on the other side. One of the biggest trends right now is skills-based hiring. Organizations are finding skills-based hiring yields higher quality candidates and reduces the number of bad hires, which cost anywhere from 5 to 25 times the amount of the mis-hire’s salary. Increasingly, the use of AI is coming to the fore to better leverage this type of approach.
There is also an increasing focus on hiring emerging talent. Recruiting efforts for interns and new hires out of college are at the highest levels we have ever seen. For this group, companies are really focused on assessing future skills and investing in diversity initiatives, including increasing hiring efforts at HBCUs (historically black colleges and universities).
As the economy tightens it’s more important than ever that organizations put the right people in the right roles. Now is a good time for leadership to regroup on current talent strategy and look at their tech solutions. Investing in an employer brand remains critical to drive strong candidate interest even in times of uncertainty and low unemployment. Having a clear talent strategy has never been more important.”