The Job Market is Revving Up, Are You Asleep at the Wheel?
By Jeff Herzog and Steve Margalit
Most economists agree, economic conditions will continue to rapidly improve throughout 2021. The global pandemic which was thrust upon us in early 2020 sent shockwaves through the stock market, the job market and almost every aspect of our daily lives. Because the setback was event driven and not an underlying economic meltdown, much like an overstretched rubber band, many aspects have snapped back in short order.
After contracting by 4.36% in 2020, a direct result of the pandemic, the U.S. economy is expected to grow 5.15% in 2021 according to a recent Statista report. The unemployment rate, which peaked at 14.7% in April 2020, has dropped to just 6.3% in January 2021, and is expected to continue to decline through 2021.
These are all great signs whether you are searching for a new job or hiring to build your team. As the vaccine rollout continues to take effect on an increasing number of folks in our population, things will only improve. For those who plan on waiting on the sidelines for perfect conditions, this is your wake-up call…THE TIME IS NOW! Full employment is the key lever driving the economy forward and we are clearly trending towards that reality.
Across our FPC system of 65 offices, we are seeing tremendous upticks in open and active jobs, as well as increased interview activity across many sectors of the economy. Our average monthly job orders are up over 100% from the pandemic lows. On-site interviews are up 34% on average and 184% from the low point, and filled jobs are up 50% on average and 85% from the low point.
We asked recruiting industry veteran Mike Dubeck, the owner of FPC of Troy, what he’s hearing from his clients. He said, “our clients in manufacturing really pulled back on hiring in March through June of last year. Many were completely shut down. As their demand for product returned, so did their confidence to hire. In fact, by end of 2020, they were really at normal operating schedules. Some people have left the work force, but the needs remain – especially in manufacturing plants. January hiring has elevated further to highest levels we’ve EVER seen. For the rest of 2021, there is still some wariness to add costs, but fundamental talent is needed throughout supply chains to keep product flowing to end customers.” These are great signs validating our statistics of the broader market.
According to Sheryl Horowitz, owner of FPC of Marlboro, “this is definitely a job seeker’s market, which means a shortage of candidates for the companies looking to hire. In the executive search industry, that should be music to our ears since talent is our commodity and it’s all driven by supply and demand. Currently I’m finding we are more in demand than we have been over the past couple of years, which is a wonderful feeling after a much slower 2020. The major challenge is that it’s taking 3-4 times more calls and emails than it used to, in order to identify a good candidate who is looking to make a move. But they’re out there… we have to dig deeper into our networks and work smarter!”
If you are looking to find elusive top talent to build your team, or if you are in the market to find your next great opportunity, FPC can help. To find an FPC recruiter that specializes in your industry and discipline, FIND YOUR RECRUITER HERE