Global Talent Solutions Firm Vaco Releases Q3 Market Report as Potential Recession Looms

From inflation to DE&I, sustainability to rising interest rates, report provides key insights into today’s talent market.

The workforce and the ways people do their jobs have undergone a significant transformation since the start of the pandemic and these shifts are unlikely to change in the foreseeable future. Talent solutions firm, Vaco is releasing its Quarterly Market Report as several new factors have the potential to impact the labor market, including inflation and a possible recession.

In the report, Vaco’s leadership team provides insights and perspectives on the quarter ahead, including:

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Talent Trends:

• Talent scarcity: This will continue as organizations adopt new technology, remote opportunities increase, and as jobs require advanced skills.
• Sustainability: Candidates will be more interested in joining companies focused on environmental, social and governance concerns (ESG).
• Remote vs. in-office: This question is likely to plague organizations for the next several quarters, and years, ahead. Employee demands are softening a bit given the market uncertainty, but the majority still want hybrid work options and/or work from home flexibility.
• Worker confidence: Given the overall scarcity of talent across sectors and skill levels, employees have long been in the driver’s seat. As the threat of recession looms, we see a softening of employee demands as the supply and demand equation sways.
• College hiring: College grads are a great source of talent for companies who have entry-level openings.

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Company Trends:

• Rising interest rates: As the Federal Reserve looks to correct inflation by increasing interest rates, companies are continuing with existing projects; we are seeing more thoughtfulness in the permanent hiring process and as organizations consider starting new projects.
• DE&I: Some of the market correction tactics, like rising interest rates, have historically impacted certain worker types more than others. Organizations need to keep their long-term commitments to diversity, equity and inclusion (DE&I) in mind as they make decisions about their talent in the quarters ahead.
• Data privacy: With new and more stringent data privacy regulations taking effect in various places around the world, it may only be a matter of time before the U.S. enacts similar reforms.
• Recession-proof your business (just in case): Vaco leaders recommend starting first with customizing an operating model built on a blend of permanent and variable resources.
• Tech takes a tumble, but tech workers still have a lot of job options: The demand for technology talent is continuing despite headlines about layoffs and hiring freezes at top tech companies.
• Concerns and opportunities for CFO’s: One of the top concerns for today’s CFO continues to be talent; ironically, their biggest opportunity is in assessing, advancing and retaining their internal talent.

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