The United States is experiencing an unemployment rate that’s the lowest we’ve seen since the 1960s, according to Trading Economics. It’s currently hovering below 4%, and that low number is having a huge impact on the staffing industry. So what trends are on the horizon for temporary workers and employers in 2019? And where can workers find jobs in a tight talent pool?
Low Unemployment Has a Big Impact on Staffing in 2019
Smaller Talent Pool to Choose From
The talent pool is a lot smaller than it used to be. A lot of highly-skilled workers have been able to secure permanent employment in their chosen industries. But there are still plenty of talented people available to fill a temporary position. It’s important to remember that working individuals are often willing to make a change for the right company.
It does mean employers might need to increase pay rates and benefits to secure the best people. One of the best places to find workers is through a staffing agency. “More than three million temporary and contract employees work for America’s staffing companies during an average week,” according to the American Staffing Association. Talent is still out there, you just need to know where to find it.
Employers Need to Act Quickly
The smaller talent pool means that when employers do find the right person, they need to act quickly to keep them. Employers used to have the luxury of taking weeks to make a hiring decision. Now highly-skilled workers are likely to have many offers coming in at the same time. Companies need to make decisions in a matter of days, not weeks, to ensure they get the right people for their team.
This will be true when hiring for both permanent positions as well as temporary positions. However, hiring temps could mean acting even faster as employers will now be competing with more sought-after permanent positions. Working with a staffing agency may help employers vet potential candidates and expedite the hiring process.
More Room for Highly Skilled Temp Workers
The good news for highly-skilled and experienced workers is that their talents are going to be in higher demand. Forbes reports that “only 35% of employers feel grads are sufficiently ready” for the workplace. Employers are eager to find candidates who have the ability to step into their positions and be ready to work on day one.
Gone are the days when temp workers were mostly clerical and admin (although there are plenty of those positions available as well). In today’s market, reports Marketplace.com, “Temps can be chief financial officers, engineers, and doctors.”
So Who Is Hiring In This Economy?
Healthcare and Technology Are Fasting Growing Sectors for Temp Workers
Business Insider reports that “Healthcare and IT have been among the fastest-growing categories” in temp work. This is a trend that started years ago and doesn’t seem to be ending anytime soon. If you want to find temporary work, you are most likely to find it in these two sectors.
These two industries are hiring temp workers in large numbers, looking for people who are highly skilled and can step into big projects quickly. They are two very good fields to consider if you are looking for a career change. Of course, if you are an employer trying to hire for other industries, you may find it difficult to locate talent with the right skill set. Using a staffing agency can help.
Short-Term Project Work Gaining in Popularity
Many businesses are finding that they need extra help at particular times of the year or on particular projects. Instead of hiring a permanent employee who may be under-utilized for the majority of the year, they will bring in temporary workers when and as they need them.
The majority of temporary assignments in the coming year are going to be a few weeks as opposed to a few months. Long-term temporary assignments of six months or more are increasingly rare outside the technology industry.
With an increased pressure on businesses to find the right people within a smaller talent pool, it’s important to work with an experienced temp staffing agency in your industry. They can speed up the hiring process so your business doesn’t have to slow down. Get in touch with our team today to learn more about how we can help you overcome talent shortage to find the right people for your company.