- They were all in agreement that the jobs picture for the entire country will be very slow to recover and job growth will 1% to 1.5% at most. Gone are the days of 3% job growth.
- Job growth is driven by investment. And investment is driven by CEO confidence in the economy.
- It will take until 2014 or 2015 before jobs return to the pre-recession levels. We lost 8.4 million jobs and at 1% it is going to take awhile to get back to even.
- Job growth driven by government hiring will continue to diminish and for the remainder of 2010 and some of 2011 will drag down growth numbers, but the private sector will be hiring.
- Companies expect workers to "retool" themselves by acquiring new skills that will make them more attractive to companies.
- Workers will need technical skills regardless of what industry segement they work in.
- Job growth will come in these areas:
- Professional business services
- Some high tech
- Some education
- Entertainment and hospitality
- Export services and companies
- But, repeating, job growth is driven by investment, investment is driven by CEO confidence and CEO's are uncertain about what the government is doing. Thus they are not confident. So job growth will be slow.
- The job market will be competitive through 2015.
If you are an employer, you must change too. However, it will still continue to be a "buyers" market that allows you to get the cream of the crop. Some people may still be reticent to trade a "sure thing" for a "new thing" so you will have to hone your sales skills to attract the best. One thing you may need to do if you have a new technology is to provide some help in people acquiring that new technology. Hire for attitude and train for aptitude, like Disney. Or work with a school and sponsor them training for that technology.
BTW, for those of you that don't remember STEEP stands for Socitial, Technological, Economic, Evironment and Political. It is a good way to classify your environment scanning. You can learn more about it here by reading Future, Inc.: How Businesses Can Anticipate and Profit from What's Next and by reading my post about it here.