In an advanced economy, it’s typically a company’s workforce that sets it apart from its competition, meaning companies need to work hard to ensure they recruit and retain the top talent in the market. And just as companies compete for market share when selling their products or services, they also compete with other employers for talent.
A Competitive Labor Market
Unfortunately for recruiters, 2021 looks to be a busy year for hiring, meaning recruiters will be not only looking to fill more positions but also facing increased competition from other companies looking to do the same.
In early January, Monster released a high-level overview of the brand’s “Future of Work” report, revealing the state of recruiting based on a survey of HR professionals and hiring managers worldwide.
That report shows a positive hiring outlook for 2021. In the United States, 82% of employers plan to hire in 2021. More specifically, 42% plan to replace or backfill open positions, and 40% even expect to expand their company’s workforce by hiring for new jobs.
Companies Looking Forward to a Better Year
The Monster report reveals a great deal of optimism among companies planning to bring on new staff in 2021. According to Scott Gutz, Monster’s CEO, the report shows that “with 2020 behind us, we can begin the new year with a brighter outlook and plans for the coming months.”
“Survey results reveal that recruiters and HR professionals are taking a very optimistic approach to the new year—82% plan to hire this year and 93% are confident they will find the right candidates. We’re fully aware of the challenges the talent acquisition industry faces, including the broadening skills gap, the pandemic’s impact on our mental health, and the need for more diverse workplaces. Yet, despite these hurdles, Monster recognizes that the state of recruiting is strong and we are prepared to help job seekers and employers face future challenges together.”
In the modern economy, it’s people more than anything who drive company performance. This means companies will always compete to find, recruit, and retain the best-available workforce. While 2021 promises to see an increase in hiring across the economy, companies are nevertheless confident their efforts will help them find the people they need.