I hope this finds everybody safe and sound. Challenging times for all, but hopefully opportunities as well.
The past few weeks, I have been working with many firms across the country as well as fellow recruiting companies to gauge the employment market and make some projections. Here are some highlights from my notes that I think you might find interesting.
To say these are unprecedented times is an understatement. Business down-sizing and closures have left the U.S. with record and rising unemployment. My firm, Two Roads continues to stay close to our clients, candidates, competitors and various industry leaders to monitor movement in our industry and those of our clients.
As the demand for high tech employees continues to be solid, the supply of available resources is finally loosening up. We have seen unprecedented demand for technical employees over the last five or more years, but current economic challenges have led some companies to reduce headcount and even close their doors. If you are looking to add to or improve your team, this is an excellent time to consider your hiring options.
- Companies in industries across the board are investing in business development and marketing to establish a good position for a quick rebound and re-branding.
- Demand is increasing for highly skilled candidates as businesses feel an urgent need to re-launch projects that were put on hold due to uncertainty caused by COVID-19.
- Significant movement in the employment market based on company restructuring. This includes replacing overpriced or average/poor performers.
- Increased supply of skilled talent in various sectors including space, launch, and satellite markets due to consolidation and competitive elimination of emerging growth companies.
- Overall hiring in Manufacturing and Construction is decreasing and expected to trend lower.
- Energy and Alternative Energy industries continue on a downward trend and are expected to remain flat in the best-case scenario.
Despite increased unemployment figures, there are some sectors that are still experiencing a shortage of talented and available resources.
High Demand Labor Sectors:
- Banking/Finance Sectors have urgent requirements to hire new developers to support new software needs.
- Automation Software – Manufacturing environments continue to expand automated processes and need talented developers of automation tools.
- Research and Development – Scientific and Medical sectors are expanding, increasing demand for R&D professionals.
- Space & Defense – Opportunities continue to grow in space and defense, stimulating demand for communication and systems engineering resources.
- Information Technology – Surge in developing virtual work software tools is driving new technology development and hiring.
Overall, businesses will be looking to find a new equilibrium with respect to growth and staffing expenditures. If your company does not currently utilize temporary or consulting professionals, now may be a good time to consider the pros and cons of doing so. The temporary to direct hire concept also allows additional staffing flexibility.
Two Roads maintains relationships with a vast number of resources, so if you are contemplating a project restart or see a future opportunity, please call us to help you get started with your staffing solution. We’d love to hear what is going on in your business!
On the good news front – CONGRATULATIONS to our friends at SPACEX for their successful launch over the weekend. I was glued to the live coverage and am so excited to see humans return to space on a USA made rocket. Can’t wait for further exploration.
Thanks for reading this!! – Barry Vince