State of Hiring
The economies of the United States and Canada present a study in contrasts. Entering the new year, employers in the U.S. have continued a remarkable post-pandemic trend of month-after-month job growth, underpinning a national GDP that continues to expand. Even as data indicates a modest slowdown in hiring is underway, there is cause for optimism: the underlying strength of the job market—combined with a decline in inflation—offers encouraging signs that conditions are once again normalizing.
Across the border in Canada, economic data reveals a slightly different story. After a robust start to the year, the Canadian economy has seen a more pronounced deceleration, reflected by a sharper rise in unemployment rates from the lows of 2022. Still, the medium-term economic outlook for Canada remains positive, and employers are likely to benefit from a less competitive job market.
The broader economy is hardly the only factor that stands to impact employers across North America. As these neighboring nations mark a new chapter in their continued economic recovery, companies will also need to adapt to underlying changes in how we work. The rise of new technologies, exemplified by the mainstream introduction of artificial intelligence last year, will impact employers of all sizes. It’s just one of the reasons why, by 2027, nearly a quarter of the world’s jobs are predicted to see movement—either through the creation of new roles or the elimination of existing ones. This will have consequences for all industries, with sectors like supply chain and transportation, as well as media, entertainment, and sports, expected to experience the highest churn. As a result, employers must double down on their commitment to creative staffing, reskilling, upskilling, and diversifying the global workforce.
As companies search for ways to compete in the science, technology, engineering, and mathematics (STEM) talent revolution, understanding the latest economic trends is key to success. That is why we are pleased to present Workforce Solutions Market Overview: 2024 Outlook in STEM. Produced by AllSTEM Connections, an ActOne Group company, this report combines the latest economic data and insights from around the world with leading solutions to help companies adapt to change and succeed—no matter the circumstances.
Learn more in the 2024 STEM Market Overview
By 2027, nearly a quarter of the world’s jobs are predicted to see movement—either through the creation of new roles or the elimination of existing ones.
Challenges Are Opportunities to Outperform Your Competitors
We are in a challenging time to hire and retain staff. However, this can be good news for companies that can rise to the challenge. When most companies are struggling, opportunities arise for the organizations that can be flexible and creative in their efforts to attract talent.
What Is Your Top Priority?
Since 1964 we have helped thousands of employers achieve their workforce productivity goals. Please use our Leadership Priority Finder to create a personalized Leadership Priority Kit with custom productivity solutions assembled specifically for you.
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Or, explore how we can help employers solve for some of the most common priorities we encounter below.
Better Customer Service
Customers report 3 times faster hiring and better results when working with AllSTEM.8
Attracting Quality Candidates
48% of employers say that failure to find the right workers is the biggest risk to hitting their growth targets7, and 52% of employed workers are NOT actively seeking new opportunities.1
Filling Openings Faster
Job seekers say that a slow hiring process is the top reason they lose interest in a potential employer leading to increased ghosting and the loss of an employer’s preferred candidate.2
Optimizing Costs
Labor is often one of the biggest costs of doing business and labor expense is up 4.5% year over year.3
Improving Engagement and Retention
Voluntary turnover remains 20% higher than pre-pandemic3 levels with more than 4 million people quitting each month.