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CNBC recently published the results of their Q4 CFO survey, stating that control of the job market and wages have been relinquished by the workers and are now in control of companies. According to this survey, the job market and wage growth have cooled, meaning that it should be easier to get qualified workers.
From our perspective, as we end 2023, the number of jobs has not really decreased, but the urgency to fill those open jobs has certainly quieted. During the Great Resignation, companies were hiring out of near desperation and were willing to invest time interviewing candidates that were at least a reasonable fit. But now, the shift has moved to tighter qualification tolerances, resulting in companies being more selective about who is granted an interview.
Slowing economies are not a new phenomenon, but this time will be different.
As economies begin to slow, so does the velocity of time to fill open positions. Companies become more selective and tend to interview more candidates before deciding to hire. The next phase will be the dreaded rounds of layoffs and hiring freezes. Current workforce conditions, meaning low participation rates and generational gaps, should keep layoffs and hiring freezes to a minimum and localized to certain industries rather than a more macro perspective.
From the workers’ perspective, they have become more pessimistic about their current company’s growth projections over the next year, and the unfortunate people who have lost their jobs have increased their pessimism about available job openings. If you worked in the collapsed high-tech market, the pessimistic attitude is certainly understandable, but the high-tech market is showing signs of a rebound. This attitude has made workers nervous about making job changes, causing a decrease in worker availability for hiring companies. Also, inflation has increased...read more https://neeljym.com/thoughts-on-the-recent-cnbc-cfo-survey/ ;