October 6, 2023, Cleveland, OH — AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics. In September, the US economy added 336,000 new jobs against the forecasted growth of 170,000 jobs as interest rates and talent competition both continue to rise, putting pressure on organizations and business models.
Commenting on the latest statistics Nicky Hancock, President, Americas Region at AMS said: “As the market continues to ebb and flow, many industries remain focused on understanding tech strategy, the tech landscape and its impacts to talent acquisition. Overall, high volume hiring has slowed slightly but remains competitive with a push to utilize more technology and outpace competitors.
While businesses are using a measured approach to hiring, there is focus in financial services on how to leverage technology and tech-skilling. Cyber resilience has also become a critical topic as companies seek appropriate talent to fill key security roles. In other industries such as life sciences, hiring continues to slow due to economic headwinds.
From a global location strategy perspective, there is an increasing desire to move core functions to India due to a growing talent pool (recently passing EMEA as the second largest behind the Americas for life sciences and pharma).
In Q3, our contingent labor portfolio saw a general decline in contract positions across industry sectors. As we enter Q4, we are starting to see positive signs that contingent labor vacancies are beginning to fill. We expect this trend to continue as organizations lean on contingent hiring as economic headwinds and uncertainties persist.”