Two weeks ago, we reported that hiring was slowing in some sectors and speculated it was due to industry shifts (see “Is Hiring Really Slowing?” on our blog page.) With the collapse of SVB and Signature Bank, we see more evidence of stress in specific economic sectors like tech and finance.
Now economists worry about contagion, which may drag down lending and impact all sectors.
I’m not so sure.
This week the Wall Street Journal reports on which companies are laying off. The list is substantial but concentrated in Technology, Media, Finance, and Retail. While some large manufacturers announce layoffs, their numbers are smaller and appear driven by innovation as new products replace outdated ones. Plus, the banks we work with in the midwest do not focus on technology venture capital to any degree near SVB and Signature Bank.
At the same time, we now see data showing that many women are returning to the workforce as the pandemic wanes.
It is a window to hire well, but with a caveat. Don’t expect to find exact skills to match your jobs on day one. You have experienced workers switching careers and a limited number of inexperienced 18 to 25-year-olds. You must hire aptitude and give them time to learn new skills.
At JobMatch, we help our clients discover aptitude and match it to each job. Job matching is a proven way to hire and promote the talent that is best fit to produce and stay in the position.
Use the best tools to thrive. You can discover who has the aptitude and attitude for a specific job and maintain a strong culture by keeping everyone connected. We can help you develop the skills, leaders, and teams you need to succeed.
Our assessments and surveys are world-class and statistically sound. Contact us, share your concerns, and see how we can help you. No charge, no obligation.