2020 Job Market Insights
Competition to attract and retain the talent continues in 2020.
Recruiting and retaining top talent today requires a more strategic approach than ever before. Skilled, experienced workers hold all the cards and businesses must be willing to meet or exceed what the competition is offering to not only attract the best employees, but also keep them. In fact, according to the survey results, 78% of respondents say it will be somewhat or very difficult to fill open positions in their companies. The humorous cartoon from DiagnosticImaging.com is a funny representation of what we are seeing in many market segments right now.
The top reasons open jobs are not filled:
- Lack of applicants with experience – 25%
- Lack of available applicants – 22%
- Lack of applicants with hard skills – 10%
- Lack of applicants with soft skills – 9%
The top reasons employees leave their current job:
- Lack of advancement/opportunity – 17%
- Low pay – 14%
- Not a good cultural fit – 14%
- Unlikeable boss/management – 6%
- Long hours – 6%
Overall, businesses remain optimistic for the economy going into 2020.
86% of survey respondents said their employment markets are either “trending up” or “staying the same” going into 2020. Only 13% forecast a downward trend in employment activity. Additionally, most survey respondents remain generally optimistic about the strength of the economy and do not predict the USA entering into recession.
In response to “Do you foresee entering into another recession?”
- 46% do not foresee another recession
- 20% envision a decline in 2 years
- 18% envision a decline in 1 year
- 12% envision a decline in 6 months
- 3% envision a decline in 3 months
- 1% envision an imminent decline
Completing the statement“Over the next six months, wages will …”
- 54% – Stay the same
- 45% – Increase
- 1% – Decrease
EEP’s International Headquarters conducts ongoing surveys to track hiring trends across a wide range of industries. Business owners, decision makers, and human resource professionals were surveyed about the overall hiring trends in their markets and how those trends impact their hiring decisions. Most respondents (89%) hold decision-making roles regarding hiring for their companies and represent small- to medium-sized companies:
- 55% have 1 to 50 employees
- 18% have 51 to 100 employees
- 15% have 101 to 250 employees
- 4% have 251 to 500 employees
- 8% have 501+ employees
About GLS Management & Express Employment Professionals – Evansville Our offices are located at 1100 Lincoln Avenue in Evansville, IN. We provide professional recruiting and search services nationwide both directly and through a network of selective professional partners across a spectrum of niches and locations. Businesses and applicants are encouraged to visit GLSMgmt.com or call (812) 909-1731.