[The Epoch Times, July 23, 2022](The Epoch Times reporter Takasugi compiled and reported) Many people are worried that the United States will appearlayoffstide and economic downturn.butRecruitmentExperts say what they’re seeing is stillemploymentoverall growth.
RecruitmentPeople are among the first to understand how a company is doing. In good times, they are busy recruiting and developing employees to take the business into exciting new areas. In a bad economy, recruiting takes a backseat.
Deven Lall-Perry, 31, of New York, said it didn’t even occur to her that she would be fired as a recruiter, according to CNBC.
On July 1, along with several of her colleagues, she was fired from the tech startup where she worked.When she received through an internal memo that she waslayoffsShe was really surprised when the news came.
She said in an interview on CNBC’s “Make It” that there has been a slight slowdown in hiring, hiring recently, but the pause should be natural. Because in summer, many people will go out for summer vacation.
Many media outlets are now reporting that many well-known companies, including tech giants such as Microsoft, Google, and Meta, have put the brakes on their recruiting efforts.There seems to be widespread concern about the recession, andemploymentFears that the market is about to plummet. But recruiting professionals (even those who themselves were recently laid off) say some of the recent upheaval in the job market doesn’t point to a massive recession ahead.
Cooling job market doesn’t mean recession is inevitable
Even though job openings and turnover remain at historically high levels, 70 percent of Americans still believe a recession is coming in the U.S. The reason is that high inflation, rising house prices and volatility in the stock market are all cause for concern.
Sentiment data from Fishbowl, Glassdoor’s workplace platform, shows an uptick in employees mentioning keywords such as “recession” and “layoffs” in message discussions.
Allie Kelly understands this concern. She is the Chief Marketing Officer of Employ, the parent company of several recruiting brands. But she said Employ’s hiring data showed more of a “normalisation” of the job market, as previously record vacancies started to flatten out to accommodate labour supply conditions. But for now, there are still about two jobs for every unemployed worker.
Kelly noted that layoffs and hiring suspensions in certain industries and regions are indeed notable. This must be unfortunate for those affected.But this really only meansU.S. economya small part of”.
“But this small part happens to be the very high profile part: Silicon Valley tech companies on the West Coast,” Kelly said. “Has there been some layoffs, suspensions or hiring freezes in the near term? Of course there is. Is that enough to affect the larger market? Absolutely not.”
Recruiters are still as busy as ever
According to a June survey by Employ, roughly half, or 51 percent of U.S. companies with 500 or fewer employees, are hiring more this year than last year; meanwhile, 46 percent plan to spend the remainder of 2022. Over time, there has been a further increase in hiring; only 7.6% of companies plan to reduce hiring by the end of the year.
“We’re still seeing growth in the jobs sector as a whole. We haven’t seen any data to prove there’s been a real recession,” Kelly said.
So why are people so worried?
Last year, workers who switched jobs negotiated resignations and new hires for better jobs and higher wages at a record pace, Kelly said. Because these employees know that the pressures that employers are facing today will not last forever. “In other words, people are waiting for the other boot to come off.”
Job seekers do lose some leverage if job opportunities dwindle in the coming months. But Lal Perry, now a recruiter and job seeker himself, commented that there is no doubt that it is still a job seeker-dominated market.
Responsible editor: Ye Ziwei