Business owners in today’s economy stress over the uncertainty of what’s to come. Let’s face it, COVID-19 took a toll on just about everyone but especially small business owners. Interest rates are rising, inflation is through the roof, and talk of a recession is all at the forefront of our minds. However, small business owners continue to hire additional employees. Over the last three months, over one million jobs were added within the U.S. Alongside this, you see companies such as Zoom, Dell, PayPal, and Hubspot lay off a significant amount of their workforce. As a business owner, you may think do I add more employees, or do I need to cut back?
What The Experts Are Saying
Mass layoffs have been a reality for many workers worldwide, especially since the COVID-19 pandemic. The pandemic forced many businesses to shut down or scale back operations, resulting in significant job losses in all industries. While the economy is slowly working on getting back to life before the pandemic, businesses still struggle to survive, forcing business owners to lay off workers and cut costs. The major companies making layoff announcements are those within the technology, accounting, and engineering industries. More than 77,000 workers in U.S.-based technology companies have been laid off in mass job cuts in 2023.
However, the job market remains stronger than expected despite the ongoing recession fears and constant news regarding mass layoffs. The health care industry is growing rapidly, with more than two million job openings. In addition, the following industries are increasing their hiring efforts:
- Restaurants
- Hotels
- Hospitals
- Sports
- Civil engineering
- Dental
Have You Considered Partnering With A PEO?
The job market is complex and ever-changing, as mass layoffs and hiring booms are happening within different industries. As the economy recovers and adapts to new circumstances, consider partnering with a professional employer organization (PEO) like Group Management Services (GMS). Between recruiting and retaining employees to payroll and tracking vacation time, there are many functions we can help with. When you partner with GMS, you gain HR experts that help you attract and retain top talent, create enticing job descriptions that get you the talent you need to grow, create a competitive benefits package, and so much more. Contact us today to learn more.