Strong Employment Growth, Pre-Pandemic Unemployment Rate Forecasted

Macy’s gives workers a pay bump by raising their minimum wage to $15 an hour plus offering a debt-free education benefit. The increase is a tactic to attract workers in this hot employment climate. Corporate and hourly workers will also get to enjoy an extra flexible paid holiday so they can choose a holiday that means the most to them and ensure they have it off.

In 2021, the global economy grew by a strong 5.1%.  The forecast for 2022 is even rosier and expected to experience larger than forecasted growth. This is in contrast to the 3.3% global GDP decline in 2020, setting the global economy to get back to pre-pandemic levels by the end of next year.

The Employment Index also points to strong employment growth in the coming months with the U.S. unemployment rate reaching 3.5%, hitting the pre-pandemic low by the end of next year. However, it also forecasts that labor shortages and rising wages will continue.

IT employment continued to stay the same in October, rising just .4% over September, equaling about 5.4 million jobs.  Year-over-year, IT employment increased by almost 3.7%. These numbers indicate that the talent shortage is an obstacle for companies – but many are leveraging tactics to lure in workers amidst the stiff competition, including DE&I and pay initiatives.

I’ll give you one guess as to the most in-demand skill going on in hiring right now…time’s up! It’s cybersecurity! It had the most mentions as the most in-demand skill over the past year and 43% of respondents stated so in a recent survey. Looking around the globe, the top three sought after skills are cybersecurity, big data/analytics, and technical architecture.

Until next week,

Erin and Team BountyJobs