2014 Talent Management and Workforce Trends
by Chris Burkhard & Chris Barton, Outside-In® Companies Leaders
As a workforce and work place expert, we’d like to share our view of the 2014 workforce. After reviewing the numbers and statistics from 2013, here are 14 talent management trends to look out for in 2014.
- In November of 2013 the economy had more temporary jobs than any month but April of 2000. The number of temporaries as a percentage of the total workforce (called the penetration rate rose above Octobers’ number from 2.03 from 2.02 percent of the total workforce. This represents 2,775,900 workers in the temporary field. These numbers reflect the commitment of business to find ways to keep their workforce more flexible and adaptable to economic fluctuations and marketplace changes. You can expect this trend to continue and for 2014 to be the year that more temporaries than ever before are in the workforce.
- 2014 will continue to show improvements for college grads. Unemployment rates for college level unemployment fell .4% points to 3.4 from 3.8%.
- Unemployment rates will continue to decline. Currently at 7.0% down from 7.6% in May of this year. 2014 will bring the end to the 7’s as we slowly, gradually, almost painfully lower the rate!
- Monthly job creation numbers will continue to be above 200k jobs next year. The US created more then 200k jobs just a handful of times in 2013. This will become the norm rather than the highlight reel moment!
- You can expect 200,000 to retire per month. The statistics suggest that 10,000 a day/ 300,000 a month is plausible. Even with an improved stock market and stabilizing housing prices, the number is probably adjusting down a little.
- The new workers entering workforce have been thought to be balancing or replenishing retired workers. Expect the numbers of retirees to increase and the numbers of workers to be relatively flat. This could further lower unemployment in 2014.
- Technical fields will continue to show strong demand. These are good times to be in accounting, finance, IT, engineering or “ist” fields in the sciences (i.e. chemist or biologist).
- Organizations will continue to shift their business strategies, thus impacting their people. Look for more firms to focus on meeting the needs of workers that go through a reduction in force (RIF). Studies show that the focus is on getting people jobs first and doing what is right for the firm second. More and more outplacement will be done through virtual/technology driven models that lower costs of services but meet the changing needs of the worker! Office space is no longer important… and updated, contemporary coaching content will never go out of fashion!
- Never before in the history of the modern workforce will it be more evident that employees are fully responsible for their own careers as workforce trends confirm the end of the “parental role” big companes used to play.
- The Rise of the Coach. Today’s employee uses a coach to lose weight, achieve personal goals, to learn new skills in business as a high performer, and to manage their career. Look for the HR field’s (more likely and entrepreneur!) response to the needs of the workforce and to become their agent in 2014!
- Temporary staffing utilization is up over 8% this year. Expect that number to be exceeded in 2014 as more small and mid-market companies get comfortable utilizing a contract workforce!
- This is the year the underemployed make a change. The number of people that are chronically underemployed in lesser jobs or in jobs that provide less hours of work then desired see modest improvement. With unemployment being as low as April of 2008, this worker pool will be next in line!
- Jobs growth and creation will continue to be frustrating. Some markets and cities will see strong job creation, while others will continue to lose job sectors and industries at an alarming rate. Job growth will not be everywhere, instead you’ll see it in pockets!
- Overall, you can expect businesses to modestly increase hiring plans in 2014. But the use of temporaries will continue to rise as the business strategy behind using a contingent workforce continues to have a higher adoption rate.
Here’s to a great year for the workforce!