May 5, 2023, Cleveland, OH — AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics revealing the current complex labor market. Skills shortages remain in sectors such as retail and hospitality requiring organizations to carefully consider their employer brand. In other sectors, companies are renewing their focus on early careers initiatives as they seek to capture talent. Regardless of sector or speciality, the use of technology and more specifically AI-led technology will be a key component in the support of future talent strategies but careful consideration is required.
Commenting on the latest statistics Nicky Hancock, Managing Director, Americas Region at AMS said: “Overall, the trends we’re seeing show that hiring levels are reducing as organizations continue to brace for economic headwinds. Dive into the detail though and the talent market is far more complex than we have seen for some years. Skills shortages remain, especially in technology, life sciences and the hospitality and retail sectors. Even the economy can’t slow enough to keep up with the demographic changes we’ve seen, there are simply fewer people in the workforce and the competition for the right talent remains fierce.
“This is perhaps playing on the minds of many big employers who are now focusing their efforts on early careers and campus hiring volumes. Renege rates for college students have increased as choice remains in the sector and young people at the beginning of their careers increasingly look to organizations whose direction aligns with their purpose. To address this, companies are having to think carefully about their communication and engagement, assigning mentors and career coaches and bringing back in-person "welcome" events."
“Whether organizations are focusing on experienced hires or on those at the outset of careers, they are all increasingly looking to the benefits and pitfalls of AI hiring technologies. It’s a difficult line for companies to walk, investing now ahead of the curve will allow them to embed tools which could be game-changing for them when the inevitable return to hiring and growth begins. With regulation on the march, this will be a delicate task to get right but the rewards, especially for sectors which require specific skills or high volumes will be significant.”
