September 1, 2023, Cleveland, OH — AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics. In August, the US economy added 187,000 new jobs, less than the average monthly gain of 271,000 over the prior 12 months, as interest rates and talent competition both continue to rise, putting pressure on organizations and business models.
Commenting on the latest statistics Chip Holmes, Managing Director of Client Services in North America said: “As companies are placing increased emphasis on cost containment, they are examining their location strategies. As an example, many life sciences companies are moving much of their business to APAC – specifically India and China where they have a strong consumer base, and access to talent.
Many companies are firming up their policies regarding use of generative AI with the recent Supreme Court ruling. Most still see the value but are aware of limitations and crafting policies designed to clarify their position.”
Annie Hammer, Head of Technology and Analytics Advisory, Americas, said: “In industries and teams that are not actively hiring at the same levels as they were 12-18 months ago, revisiting talent pipelining and engagement strategies has become a priority to prepare for evolving talent needs, inclusive of contingent workers.
We are seeing organizations reviving or deploying new candidate relationship management (CRM) tools with advanced candidate discovery capabilities, including the use of AI and highly tailored content. Market insights are becoming more critical to plan and inform hiring strategies.”