It may be hard to believe in a year such as this, but 2022 is (more than) half over. We all are familiar with the headlines where the news seems to veer in different directions on a daily basis. But, what can we learn from the last six months that will prepare us and our organizations for success in the rest of the year (and beyond)?
We’ll take a look at where the current employment landscape sits and what that means for your company in the months ahead.
The Good News: The Jobs Market Remains Strong
The Bureau of Labor Statistics June jobs report closed Q2 with a robust showing, adding a higher-than-expected 372,000 positions, well above the 250,000 estimate. The unemployment rate remained steady at 3.6 percent for the fourth straight month, matching the near-50 year low reached before the pandemic — another sign of the nation’s resilient labor market.
A variety of sectors of the economy posted strong job gains in June. Healthcare added 78,000 positions, professional services gained 74,000, hospitality acquired 67,000, and transportation and warehousing 36,000.
Let’s break some of those encouraging numbers down even further to see exactly where these gains have been made: Employment in professional and business services continued to grow, with an increase of 74,000 in June. Within the industry, job growth occurred in management of companies and enterprises (+12,000), computer systems design and related services (+10,000), office administrative services (+8,000), and scientific research and development services (+6,000). Employment in professional and business services is 880,000 higher than it was in before the pandemic hit in February 2020.
In June, transportation and warehousing added 36,000 jobs. Employment rose in warehousing and storage (+18,000) and air transportation (+8,000). Employment in transportation and warehousing is 759,000 above its February 2020 level.
More good news for the current jobs market: 11.3 million jobs remain open, meaning there are nearly two jobs available for every person looking for work, suggesting that the unemployment rate will remain low in the foreseeable future.
All this data reflects that most companies are still reinvigorated in this next phase of the evolving pandemic conditions and still believe in their continued progress and long-term success.
It’s Time to Take Stock
One of the most impactful measures business leaders can take right now is conducting a comprehensive mid-year review that assesses where your organization is at this moment and if you’re on track for your year-end goals. What to examine:
- Your company wins — big and small. What has your team achieved over the past six months? How did you meet these goals? Reviewing your strengths identifies approaches that have worked in the past — and can help you in the future.
- Any opportunities for improvement. Has your company fallen short of its goals? Can you identify any pervasive problems or patterns that you can rectify right now? By being truthful and transparent with yourself and your team, together you can fix the issue in time for to meet your year-end numbers.
- A roadmap for the rest of the year. Your business plan has most likely shifted since January. Adaptability is your superpower in uncertain times.
The smartest business leaders are able to honestly appraise their company’s operations and pivot where needed for the betterment of their organizations and their employees. Proactivity leads to productivity and, ultimately, better performance.
Playing the Long Game
No one can predict the future, but with a trusted team, you can be prepared to persevere.
Implementing an intelligent, forward-thinking hiring strategy has never been more essential to ensuring a company’s long-term relevance and resilience.
The best approach to recruitment today is centered on a combination of process, technology, tools, and, most important of all, people who are experts in your industry and in your business. 20/20 Foresight Executive Search has these key elements and can help you find the top talent to close skills gaps, fill critical roles, and build your organization’s strongest and most steadfast team yet.