Latest US Bureau of Labor Market statistics continue to signal a tight talent market
July 7, 2023, Cleveland, OH — AMS, the global talent solutions business responds to latest US Bureau of Labor Market statistics. Despite a slowdown in the number of jobs added to the statistics overall, 209,000 jobs were added to the economy in June. Competition for talent remains strong but there remains volatility across industries.
Commenting on the latest statistics Nicky Hancock, Managing Director, Americas Region at AMS said: “Organizations across the country are showing real resilience in their hiring strategies and are continuing to fight it out for the best talent available. We are still seeing the impact of fewer people in the workforce overall even 2 years after the peak of the pandemic and for industries such as retail, hospitality, pharma and med-tech, that skills shortage continues to bite."
“Financial services and technology organizations are in the midst of a layoff cycle across their skillsets but amongst this, many are also being far more mindful about their strategies around internal talent. With such a volatile market overall and inconsistencies in skills requirements throughout the workforce, they cannot afford to lose their key talent during the difficult process of reducing costs. Career mobility remains at the forefront of the minds of most HR professionals who are really at the sharp end of keeping their remaining talent happy and fulfilled.
“Another focus point of a hiring strategy is the investment in infrastructure. When hiring does accelerate, it is well-designed people structure, strong employer brand messaging, and the effective use of AI technology that will enable increased efficiencies.
“Despite this mixed picture, interestingly, organizations are continuing to invest in and keep an eye out for new and emerging talent technologies. Whether using full scale AI-powered solutions or simply accessing enhanced data insights, companies are establishing strategic approaches to leverage technology that both impacts and invigorates hiring and talent management processes.”
About AMS:
We are a talent solutions business
Working with clients across the globe, we have learnt what it takes to build a high performing employer. It starts with talent; sourcing, selecting and keeping the right people in the right jobs.
To do this well, you need unmatched expertise in digital innovation, and a deep understanding of the complex needs of the talent you are seeking to engage – whether that talent is external to your business or already inside it.
Taking a holistic approach to the HR value chain and to attracting and retaining a world class workforce enables business success.
10,000+ experts, across 120+ countries, speaking more than 50 languages, delivering projects for the world’s most admired companies.
We are AMS. This is what we do. Talent is our world.
