Following a remarkable recovery and hot labor market over the past two years, LaborIQ predicts significant changes in 2023.
📹 Newly recorded: 3 Things to Expect in the Labor Market This Year
💡 Despite layoffs in the headlines, voluntary turnover (workers quitting their jobs for new opportunities) remains elevated. LaborIQ expects nearly 68 million hires in 2023, more moderate than the past couple of years but above pre-pandemic norms.
💡 Turnover came down slightly in many states and industries but remains elevated due to the tight labor market. The unemployment rate is near historic lows, and the pool of talent isn’t growing fast enough to keep up with demand.
💡 Often, employees switch roles for increased compensation. Businesses paying below today’s market rate will struggle to attract and retain talent.
A shift in the number of job openings, hires and quits will alter the trajectory of how quickly, and at what rates, wages are rising.
Key topics discussed:
- A slowdown in wage growth and the impact on hiring, employee retention and 2023 budgets
- The different challenges hiring managers and business leaders will face in 2023 compared to 2020-2022
- Which occupations, industries and locations are poised to remain strong during the uncertainty ahead
This webinar was presented on 12/8/2022
by: Jay Denton, Chief Analytics Officer & Mallory Vachon, Ph.D., Senior Economist