The Hudson Employment IndexSM fell 8.9 points in November to a record low of 91.9. What triggered the decline? Growing concerns about hiring and signs of personal financial strain. One year ago, the Index registered 13 points above the current reading at 105.3. Another history maker of the Hudson Employment Index - the fewest workers expect job growth. The number of workers anticipating hiring at their companies registered at only 25 percent, falling three points from last year. In addition, the percentage of people expecting their employer to cut staff jumped two points to 17, marking the highest level for this response in almost two years. Robert Morgan, Chief Operating Officer for Hudson's Talent Management Practice in North America, states:
Simply put, U.S. workers are worried that job growth is going to slow significantly in the coming months. They remain concerned about finance-related issues, but that apprehension has boiled over so they are now seeing a more widespread problem.
The Hudson Employment Index reported another record low in the twin cities, MN. The number of workers expecting their company to add headcount fell to 16 percent in November, down from 24 percent in October and 34 percent in June.
Now is the time to seriously prepare for next year. If you must cut budgets, and potentially cut headcount, be judicious about how you reach decisions. Organizations must lean on metrics in making these decisions. After all, it justifies actions. If you could get your hands on a tool that would provide a critical lens to your HR organization and carve out a road map for your recruitment strategies (both internally and externally), you'd want it yesterday, wouldn't you?