The theme for the start of 2021: cautious optimism.
As we turn the page on an unprecedented year, experts are looking to key indicators — including gross domestic product and the national unemployment rate — to make predictions of how quickly the labor market will continue to rebound from the impacts of the pandemic.
December’s national unemployment rate remained unchanged at 6.7%, according the U.S. Bureau of Labor Statistics, with job gains in professional and business services, retail trade and construction. But for professionals in the financial activities sector, the unemployment rate is much lower — hovering at 3.1%.
– U.S. Burea of Labor Statistics
Looking ahead to the rest of 2021, ITR’s Trends Report points to the gradual rise in the U.S. Industrial Production and U.S. Total Retail Sales as healthy signs of economic recovery. And on a larger scale, PwC Global projects the global economy to expand 5% — touting it as “the fastest recorded in the 21st century.”
We forecast what this means for employers and job seekers in Q1.
After experiencing a brief holiday lull toward the end of December, staffing employment has bounced back up 2.8%. In fact, staffing jobs for Jan. 11-17 were nearly 1% higher than they were the same week last year, according to American Staffing Association.
This positive trend falls in line with Monster’s Future of Work 2021 Global Outlook Special Report, which found that “82 percent of the respondents plan to hire in the New Year, and 93% feel confident they will find the right candidates.”
Put plainly: all signs indicate companies plan to do a lot of hiring this year — and are already well on their way.
To remain competitive, employers must prepare to offer accounting and finance professionals a salary at market rate, as well as showcase an attractive benefits packages and strong company culture. Top hiring trends for 2021 also illustrate a focus on remote work capabilities and flexibility as key to engaging skilled workers.
For Job Seekers
If there was any unease for job seekers in 2020, it seems that trepidation has vanished with the change of the calendar year.
Eighty percent of candidates — passive and active in their search — see themselves working at a new company within the next 12 months, according to the 2020 Candidate Sentiment Study by American Staffing Association and ClearlyRated.
Whether it’s because of or is in spite of the pandemic, a rallying optimism around future employment opportunities is evident. And job seekers need to be prepared for a crowded candidate pool as they begin to apply for new roles. Having remote work accessibility and strong soft skills are crucial to helping you stand out from your peers.
Contact our team today for your job search or hiring needs!