Not long-ago Business Region Göteborg AB wrote a very uplifting and positive report about the position of Region Göteborg in terms of employment –https://www.investingothenburg.com/news/all-news/gothenburgs-economy-stronger-it-was-pre-pandemic
I believe this report has been accurate for a large part of H1 2022. In fact, those seeking work had all the leverage. Figures released suggest almost two open jobs for every unemployed person. In some markets the ratio was even closer to 3:1.
But is there insecurity for what comes during H2 2022, especially with interest-rate rises, stock market decline, and the growing possibility of a recession.
It seems the pace of new job postings has slowed by simply seeing the reduction of job postings on online jobs sites and higher number of applications per job posting. Does this mean companies are pulling back on filling open slots. In some cases, retailers have said they are trimming employee numbers and some tech firms are actually reducing staff.
Candidates have started to notice the change, and it’s made some reconsider whether or not they want to make a move or willing to take the risk.
Does this mean a reversal of much of what was anticipated in the last 12 months, which felt like employees of all levels were in the driver’s seat.
Companies have been scrambling to come up with ways to win over candidates and keep existing employees. To stay on the front foot, companies offered better benefits, considerably higher salaries, flexible scheduling, remote working options and bigger commitments to environmental sustainability.
Highly specialized employees remain in shortage, but companies are starting to push back on some of the employees demands. Some clients are now insisting employees work on-site at least some of the time. Companies are adopting wait and see mode – they are not necessarily filling all their open roles.
There seems to be a higher demand for people wanting to prepare for the downturn with evaluating their career paths, preparing their CV’s and opening engagement for networking. In some cases, seeking help from professionals by way of career coaches.
In some cases companies are offering exit packages which include Outplacement Services.
I am interested to hear the thoughts of those seeking employment and employers who are seeking talent.
// Craig Schlebusch
Founder / CEO
