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Posted Dan Rodriguez, CEO Veredus | Hays, on Monday, Apr 20, 2015
The Hays Global Skills Index provides a distinctive and detailed assessment of the global labor market across 31 nations. This index covers factors such as wage pressures, amount of employees in the labor market and education flexibility. All factors are significant gauges to comprehending the elements of employee retention and employee attraction.
How has the US labor market faired?
Overall the economy’s recovery is strengthening and unemployment falling, although part of that decline is attributable to the rise in the number of part-time workers. The score for the United States is 6.3. This is a 0.1 point decrease last year, underlining a level of elevated stress in the labor markets.
John Faraguna, the President of Hays North America explains, “The unemployment rate in the US has dropped faster than economists predicted at the beginning of 2014 and all jobs lost in the recession have been recovered. However, there is no consensus on how much slack still exists in the labor pool and therefore how soon wages will rise as unemployment approaches a long-term sustainable rate of approximately 5.5%. While we are not seeing significant wage inflation on average across senior levels, there is still a shortage of highly skilled workers who can demand a premium to switch jobs, particularly those with technological, engineering and scientific expertise.”
Key findings and recommendations:
The overall flexibility of the United States labor market is a key advantage that the country has over most of the other advanced economies. Globally, based on all regions included in the Hays Global Skills Index, we're recommending that:
1. Businesses need to partner with education authorities to create education systems that ensure all countries are producing graduates with the skills that closely align with what businesses need.
2. Governments need to work with business to ensure that labor regulations are developed with the direct aim of increasing the availability of workers with the required skills.
3. Government policy must draw a clear distinction between mass immigration and skilled migration to ensure organizations have access to the skilled workers they need.
Read the full Hays Global Skills Index.
Search the latest jobs in the US.