Labor market trends
What are labor market trends?
Labor market trends, or labor workforce trends, are critical for helping employers make the best workforce-related decisions possible to thrive in a changing economy. For example, digital training includes upskilling the workforce to meet trending automation processes.
What decisions can labor market trends help HR leaders make?
HR leaders can use labor market trends to make choices related to the organization’s human capital, careers, and skills. Trends can help them decide:
1) If the existing supply of employees reflects the needs of the business
2) If the focus should be on retraining current staff or hiring new employees to meet expected changes, such as when introducing new products or technological innovations
3) What skills and competencies are available, and which will be essential in the future