Almost three years after COVID-19 hit, companies around the world still complain that they can’t get the talent they need. They worry about labor shortages that probably will last beyond not just the pandemic, but also the next downturn too. Deeper forces, such as changes in population and immigration, are shrinking the pool of workers from which they can hire.
This time around, white-collar industries including business services, tech, banking, and real estate, in which staffing numbers are far above pre-COVID-19 levels and layoffs have already begun, may be more vulnerable to job cuts. In the U.S., at least, that’s the message central bankers are hearing as they try to bring down sky-high inflation and reduce demand in the economy and the labor market without causing a recession.Since the Fed met earlier this month, economic data have shown moderate growth with some signs of slowing inflation amid a still strong labor market.
Even as the government’s fiscal watchdog issued its warning forecast Nov. 16, industry leaders were grappling with staff shortages in sectors such as hospitality and retail.
Well, that will be a problem that solves itself then. Hiring in the US is deeply dysfunctional. The whole hiring and HR system needs to be completely overhauled.
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