2013 Employment and Growth Forecast

It’s 2013, officially.  Now what?  It seems we are in an economic limbo, according to economists.  The recession is over, the real estate industry is bouncing back, and people are starting to spend again.  This is all a direct result of companies starting to see profits.  However, employers are still a bit gun shy and haven’t quite started dolling out raises or opening up new positions.  Employers are reluctant to hire new employees in 2013 because they don’t want to find themselves in a position where they have to go through layoffs; again.  The recession ended, technically, a while ago but that doesn’t mean we’ve stopped feeling the effects.  People and companies alike are still trying to get a strong foothold on finances before they focus on growth and spending.  The good news is the U.S. Department of Commerce reported a 2.0 percent U.S. GDP growth in 2012.  So we can surmise that profits and growth are going to continue to rise in 2013.  Since the employment market has started to open up a little bit companies should focus on two key elements in 2013:

  • Work hard to attract and retain top talent.  If they aren’t happy at your company, they’ll search for greener pastures with a competitor.
  • Baby Boomers are going to start retiring.  HR departments should anticipate retirement announcements and be on the search for talent to fill those spots.

Although you’re right to be cautious with loosening your purse strings in 2013, it’s going to be important to position yourself so talent will want to work for you and will want to stay working for you.  In other words, balance on that fine line and don’t be too cautious.  To keep up with the latest HR trends be sure to follow me on Facebook and LinkedIn!