05 April 2024 — AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics. In March, the US economy added 303,000 payroll positions, as well as lowered unemployment down to 3.8%.
Commenting on the latest statistics Nicky Hancock, Managing Director, Americas Region at AMS said: “Across the HR landscape we are seeing momentum and innovation. There will be a great transformation in this space over the next 2 years.
We are seeing organizations that are in growth mode who have already started planning for their 2025 TA budgets, specifically where investment in transformation or technology is on the horizon. Enterprise organizations are investing in optimizing the tools they have while small and medium businesses are continuing to purchase new hiring technologies at a consistent pace over the last 12 months.
In the Energy, Engineering and Industrials job market the first 18 months of the US Inflation Reduction Act has seen the creation of over 211,000 jobs in the US, with nearly half of these being created in electric battery manufacturing. The push for clean technology and the associated green skills will continue as the world attempt to decarbonize.
In Investment Banking, we are seeing teams review the structure of their TA function as they consider technology to provide more scalability and agility. Generally, there is still some nervousness about what to try and how to stay compliant, but excitement is growing about how efficiencies can be achieved with new tools – such as in piloting AI.
In High Volume/Hourly hiring job growth continues, such as in the construction industry. Across many industries there is an increasing interest in utilizing a skills-based approach, often focused on soft skills, to determine the strongest candidates for the role. While speed is a priority in in consumer and retail hiring, the most important factor for Hiring Managers remains Quality of Hire and finding the right match is paramount.
We have seen a new law come into effect in California increasing the minimum wage for the fast food sector to $20 per hour. A sign of the times that will likely have consequences to other sectors and parts of the country. This presents an additional layer of complexity to an already complex talent acquisition landscape.
Lastly, in the Contingent labor ecosystem, we are expecting that organizations will be looking to hire more contingent labor workers as they bounce back from lower hiring volumes and a continued uncertain economic landscape across many sectors is creating a greater focus on creating flexibility in organizations workforce make up.”
