Survey: U.S. Employers Look To Hire At Record Pace But Talent Shortage Remains
20 Sep, 2021
- Record hiring intentions: All 12 industry sectors and all 4 regions report their highest hiring outlook since the survey began in 1962.
- Hiring intentions highest in Northeast and West: Both regions report the strongest year-on-year improvements (both +51%).
- U.S. employers relying on financial incentives to fill talent shortages: This is more than any other country — 42% in the U.S. compared to 31% global average. Other incentives include flexibility in work schedules (38%) and working locations (30%) as well as non-financial benefits, such as additional vacation days (21%).
- Barriers to upskilling: As more employers plan to upskill workers, money (22%), time (16%) and access to the right training partners (14%) were cited as the biggest barriers businesses faced.
- Technical skills and career coaching key focuses for HR teams: More than a quarter (27%) of employers plan to invest in accelerated upskilling in technical skills for employees, and 24% plan to introduce more career coaching programs in the next six months to overcome the widening talent shortage.
- Employers in all 12 U.S. industry sectors expect to grow payrolls during the next three months: Information (+62%), Financial Activities (58%), Transportation & Utilities (+58%), Construction (+56%), Professional & Business Services (+54%), Wholesale & Retail Trade (+49%), Leisure & Hospitality (+45%), Durable Goods Manufacturing (+43%), Nondurable Goods Manufacturing (+43%), Government (+42%), Other Services (+42%), Education & Health Services (+38%).
- Hiring prospects improve in all four U.S. regions when compared with the third quarter of 2021, most notably by 28 percentage points in the West. Northeast employers report an increase of 25 percentage points, while Outlooks are 22 and 21 percentage points stronger in the South and the Midwest, respectively. Employers in all four regions report the strongest hiring intentions since the survey began with the strongest labor markets anticipated in the Northeast and the West, with Outlooks of +51%. In the South the Outlook stands at +48%, and Midwest employers report an Outlook of +45%.