What the Shifting Labor Market Means for Employers and Employees

Amid economic uncertainty, companies are responding by implementing job cuts, imposing hiring freezes and tightening their budgets. The shifting environment has added a new dimension to workers’ priorities and expectations.  

Fifty-two percent of workers are worried about the impact of economic uncertainty on their job security, according to Randstad’s Workmonitor Report. But even as the macroeconomic conditions change, talent maintains the advantage in the worker-employer relationship.  

“The truth is we’re still living in a world of talent scarcity,” says Traci Fiatte, CEO of Randstad North America (No. 19 on Fair360’s 2023 Top 50 Companies for Diversity list). “While the economy has slowed, the most recent BLS report still shows a record-low unemployment rate of 3.4%. There is still demand for workers in the market but a shortage of talent available. Companies are competing for workers and must adapt to find and attract the best talent for their workforce.”  

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