GOLDEN VALLEY, Minn. -- Ted Chalupsky from The Right Staff talks about hiring trends for 2014.
The continued improvement in economic activity, both on a domestic and global basis, bodes well for new job openings and increased hiring in 2014. Many economists are predicting the national unemployment rate to be near six percent by the end of the year. In Minnesota, where the current unemployment rate is at 4.6 percent, we project the rate to be near, or possibly dip under four percent by the end of the year.
There are several trends that will contribute to new job creation over the coming year, which you should take into consideration as you review your job search strategy in the New Year.
1. 2014 - The Year of the Employee: This year, for the first time in more than five years, employees are in charge. Companies have reduced costs, restructured, rationalized spending, and pushed people to work harder than ever. This year the power will shift: high-performing employees will start to exert control. Top people with key skills will be in short supply
2. The Boomer Factor: We're going to see a lot of boomers retire starting next year and it's going to cause major shifts in workplace demographics.
3. Internships: The pressure is going to be on colleges much more than in years past. College's continue to increase their tuition rates for 2014 and there are still one trillion outstanding student loans out there. Due to all the unpaid internships, it's becoming harder for students to pay back their loans and save up to live on their own when they graduate. In response, colleges are being forced to prove their worth and one way they are doing it is to offset unpaid internships with money.
4. Video interviews & resumes': Video and web conferencing technology have opened up many new ways of interviewing for employers and candidates. Video interviews are rapidly becoming a hot technology trend when it comes to digitally connecting to the best candidates on a personal level. Live video interviews will continue to expand until it becomes the standard practice, at least for initial interviews.
5. Obamacare and the Job Market: CNNMoney.com found that nine out of 14 economists say that businesses are putting off hiring because of health care reform. It's debatable exactly how Obamacare will impact the workplace but some are saying that companies will be laying off more full-time workers and hiring more contingent workers in order to dodge penalties.
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