Three 2020 Hiring Trends
2020 has kicked off, and companies are working closely to find quality hires to help their upcoming company initiatives. By understanding some of the industry trends in hiring for this year, you can better prepare yourself to understand what you can expect when hiring your dream candidates in your industries.
Continued Growth in New Jobs Across the board
Employers in the South and the Midwest expect to hire at the most robust pace in 13 (+22%), and 19 (+21%) years and workforces expect to remain at a steady level if not growing. Industries like Leisure/Hospitality and Construction lead the way with 22%-30% growth while Information industry growth is at the lowest (+12%). Wage gains are also most substantial within the Leisure/Hospitality industries at +28%, while Professional and Business services continue to look sharp at 22% growth.
Recession Fears Possibly Incorrect
While not a massive drop in the unemployment rate, OECD predictions are saying that they will remain down (decreasing 3.5%) in 2020. While 2020 has some people predicting a recession, the fact is that the 2020 housing market, job markets, and stock market look strong. Wages are growing, and the need for qualified workers is high, with companies fighting for great candidates through their benefits and culture. A recession may not be in the works for this year if these trends continue.
Increase in Manufacturing Employment
In several states such as Nevada, Manufacturing is one of the fastest-growing industries. With cities adopting more modern industries, the need for production employees is growing to help employ the booming technology-based companies. Some experts predicted a drop in manufacturing jobs, but data shows that many companies have brought back jobs previously outsourced to foreign countries.
While the demand for employees is growing, so is the amount of compensation for those roles. Within places like Nevada, projected pay-growth is increasing within occupations such as:
- General freight laborers
- Sales reps for wholesale and manufacturing
- Supervisors and production workers
- Office clerks
- Metal fabricators and fitters
- General and operations managers
- Mechanical engineers and drafters
- Stocking clerks
- Market research analysts
- Shipping clerks
These are just a few of the many trends experts are seeing on the horizon for 2020, and the outlook is bright for hiring and finding jobs this year!