It has been more than two years since the start of the COVID-19 pandemic, and in that time, we’ve seen an economy and a job market that have changed in unprecedented ways.
Talent leaders have dealt with lean teams, developed new, virtual processes for interviewing candidates and worked through the challenges of hiring through the Great Rehire and Great Resignation. Now, they’re staring down an entirely new economic reality.
The U.S. economy has officially regained all of the jobs lost at the start of the pandemic, putting an end to the Great Rehire. The pace of hiring has started to slow; however, current monthly job gains remain at historically high levels. The labor force participation rate has yet to return to pre-pandemic levels, and there are currently 4.8 million more open jobs than there are unemployed Americans. On top of that, inflation remains high, and the Federal Reserve continues to raise rates to keep the economy healthy.
It’s a complicated landscape. How should talent leaders respond? Many have leaned on RPO partners to get through hiring spikes and implement new technology. But what is the value of an RPO partnership during more steady state hiring? How can talent leaders pull in more workers who have yet to return to the job market? What is the role of talent technology in today’s market, and how can you ensure a strong employer brand?
Joining this episode to discuss these issues is Rick Betori, PeopleScout’s President.* Rick has been with TrueBlue since 2011 and has more than 25 years of proven experience driving organizational change and growth. In this episode, listen as Rick shares his insights of the current economic landscape and how talent leaders can stay ahead. Rick also shares what he believes will be the biggest opportunities for talent leaders as they prepare for 2023.
*At the time of this recording, Rick’s title was PeopleScout Managing Director, the Americas.