6 Ways the Economy Will Impact Hiring in 2017

2017 is a new year, with a new president & other governing bodies, as well as anticipated changes to policies, trade agreements and the way companies and individuals spend their money. New technologies will roll out in 2017, beliefs and lifestyles will change, and all of these factors will shift our economy. The economy of our nation is affected by so many factors that can change in a moment, and this year, many new factors will be introduced. There’s no way to know yet how 2017 will fare economically, but at Malone Staffing Solutions, we do know one thing for sure: Shifts in the economy ALWAYS affect the job market.

Below, we have chronicled the major effects we often see during changes in the economy and how employers like you can prepare.

If the economy improves in 2017:

  • Your needs for recruitment will increase FAST as demand increases. You can expect that if sales increase quickly, your company will need new bodies to help production meet demands. If so, you may need floor workers, managers and even executives. To boot, some of your best employees may move on, seeing greener pastures or more money in jobs elsewhere or having spouses who do. When the economy is good, movement in the job market is active.
  • Demand will impact your staff, leaving them too busy to source candidates for you. Despite all the good news of increased revenue and creating new jobs in your agency, you still have a top-tier focus – to produce or provide the service to YOUR consumers. Your managers will be required to source employees for their departments, taking them off task. Fortunately, staffing agencies like Malone do this expertly. We can bring you an eager pool of sourced, vetted job seekers while your organization focuses on the goods.

If the economy declines in 2017:

  • Sales may be down for your company, thus tightening your recruitment budget. If this happens, never fear. You may require fewer employees in this calendar year; however, some hiring is required annually in most organizations. For those positions, we can help you find the right employee at the right salary level while saving you money on posting your job in 40 places across the web, or paying someone overtime to recruit.
  • Employee turnaround will increase in struggling companies, expanding the hiring pool. This is good news in a bad situation. However, you can’t take advantage of this increase in job seekers if you receive three times the resumes. Hiring will take forever! Luckily, we prescreen the best of the best, so you don’t have to!
  • Job sites may become more expensive to account for job seeker bandwidth. Sites that allow companies to post their own jobs have been a commodity for years because they allow for massive reach. However, they provide no curbside service. With Malone, you’ll get a more targeted reach, wade through irrelevant resumes, and land at a short-list of interview-worthy candidates with less mess.
  • The best employees will be harder to come by, as financial strain makes some employees stay with their current companies. The same decline in the economy can cause turnaround from struggling companies and stagnation in safe-net companies. If a company is doing okay and lay-offs are kept at bay, many excellent employees will stay, just to maintain security for their families. If this happens, it might require more finesse to find Mr. or Ms. Right for an open position. In this case, you might need an ally to source the best of the best.

There are an infinite number of ways the economy could shift in 2017, and an equal number of impactful changes we could see in the job market subsequently. To make the most of any situation and stay prepared for anything this year, partner with a staffing firm that has been through it all – Malone Staffing Solutions. Get started in sourcing the top prospects for your vacant positions today!

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