With new predictions indicating that the start of economic recovery related to the global pandemic is now pushing into the summer months, businesses are frantically evaluating their strategy for softening the impact. While we see reports of industries shuttered for the foreseeable future, several workforce sectors are in current critical demand and will continue to be so well into the recovery phase. A demand for all-hands-on-deck in healthcare, as well as organizations that manufacture medical equipment, personal protective equipment, and essential household goods, can help keep an economy treading water. Other professional service industry sectors, like insurance and financial, will be in high demand, if not now, but as the economy begins to stabilize. Recruiting and talent acquisition specialists will also be pieces to the puzzle.
Recruiting and Staffing Prepared for Economic Recovery
As a company specializing in all things recruiting, it’s our job to be able to deliver the manpower needed to keep the workforce wheels turning. Not only must we have the insight into where to find talent to help keep the workforce moving today, but we also need to have the resources in place to eliminate bottlenecks when the demand for talent soars tomorrow. If recovery trends from the Great Recession are any indication of what may be in store for the recruiting and staffing industry, following the COVID-19 crisis and the pending recession as a result, providers in those sectors should be poised to meet a potential growth challenge. According to a post-recession analysis from the American Staffing Association, in 2014, the recruiting and staffing industry experienced a 2-3 times faster growth rate than the overall economy. This was in contrast to trends from previous recessions, where the industry followed virtually the same recovery track as the overall GDP. The explanation for this increased growth rate includes many theories, but it was clear that organizations were turning to recruiting firms to supplement their hiring with flexible alternatives after the 2008 economic crisis.
Now over a decade later, in order to be ready to assist during the next economic recovery phase, preparation will be paramount. To that note, Pierpoint has developed Industry Employment Market Reports indicating the employment landscape for several key market sectors. Researchers and recruiting industry experts evaluated data from millions of candidates in each defined sector to provide a concise, easily-digested overview of what will be in store for talent acquisition and hiring.
- Healthcare. Still the fastest growing and proving to be the most vital industry to help us face COVID-19, our report examined data from 8 million candidates in healthcare, and includes information on the diversity of disciplines ranging from clinical to business management within the industry and where to find the talent you need. No doubt the current medical crisis will shift priorities and pockets of need in the short term, but helping organizations plan for the long-term with a fluid, flexible working model of healthcare providers will be an important strategy as we rebuild.
- Computer Software. With information compiled from 3-5 million candidates, this industry is growing fast as well and provides a talent pool essential to keeping businesses operational. As the work model changes as we expect it to, relying on technology professionals to help build stable remote and mobile work environments will be a top priority. Find your candidates with our market research.
- Pharma. Talent in the pharmaceutical industry will be working non-stop to address the current medical challenge and prepare for future ones. Evaluating data from nearly one million candidates indicated where the prospects are, what they are studying, and where they plan to work.
- Insurance. With over 2 million workers in the insurance industry, many concentrated in New York, Los Angeles, and Chicago, we can expect an uptick in business as companies are beginning to plan already for protection from future crises like what we are facing today. The Insurance Employment Industry Report indicates the tenure and experience of the agent workforce as well as where to expect high levels of graduates to capture talent for future growth.
- Medical Devices. The procurement of crucial medical devices is at the forefront of the global pandemic and we expect that the calling for specialists in this area will increase well into recovery, especially as healthcare facilities begin to evaluate and amend their disaster preparedness programs for the future. Our report indicates where the future talent is being educated, their credentials and more.
- Financial Services Industry. Our market report demonstrates how financial services professionals are spread out across hundreds of companies, many of who have over 10 years of experience in the industry. In addition to health and safety, as financial well-being continues to dominate our concerns, professionals in this segment will be in high demand for advice on budgeting, retirement account protection and debt management.
Recruiting industry serves as a catalyst to rebuilding the economy
As we read reports of the hardest hit industries, we as recruiters have an opportunity to focus our efforts on stabilizing the hiring process wherever we can. The goal is to support and spur the economy, creating a positive domino effect during recovery. With critical industries stimulating the economy, air travel will resume, families will begin cruising again and people will dine out when restaurants reopen. With recruiting experts like those at Pierpoint, coupled with insight into top industry market sectors, we can help both candidates and employers make the connections they need to overcome today’s challenges, stabilize the business, and be prepared to thrive in the future.