The Josh Bersin Company

Jobs, Jobs, Jobs, And More Jobs. What's Up With The Economy?

Feb 4, 2023

The US unemployment rate has hit a record low, yet significant layoffs loom over major firms. What’s driving this paradox? A shift from tech jobs to sectors like retail and healthcare may be underway. The discussion highlights the need for companies to adapt their talent management strategies and prioritize employee experience to thrive in this competitive market. With predictions for redefining work and workforce dynamics, navigating this new landscape is crucial for success.

19:02

Creator website

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Despite a historical low unemployment rate of 3.4%, major layoffs at large companies indicate a complex job market shift.

The demand for talent is driving companies to enhance employee experience and adopt fair pay structures to attract and retain workers.

Deep dives

Understanding Job Growth Amidst Layoffs

In January, the economy saw the creation of 517,000 jobs, a staggering number that exceeded economists’ expectations by a significant margin. Despite major layoffs at large companies like Amazon and Meta, the overall job market remains robust due to the large number of small to medium-sized businesses driving employment. Industries such as retail, hospitality, and transportation contributed significantly to job growth, as many sectors continue to rebound from pandemic-related downturns. Additionally, the healthcare sector, particularly nursing, is facing a severe staffing shortage, indicating ongoing demand for new employees in these fields.

Insights into Job Creation and Employment Trends

12min

Navigating Talent Management in a Low Unemployment Economy

7min

This week we saw the US unemployment rate drop to 3.4%, a 53 year low. Yet many large companies are announcing layoffs. Is this "the big shift" from Tech to Retail, Hospitality, Healthcare, And Travel? Or is this just the new normal: too many jobs and not enough people? In this podcast I'll explain what's going on.

Additional Resources

Labor Shortage In The Middle Of A Business Slowdown? It All Makes Sense.

Were All These Layoffs Inevitable? Perhaps, But Here’s How It Happened.

Predictions for 2023: Redefining Work, The Workforce, And HR

Understanding Chat-GPT, And Why It’s Even Bigger Than You Think (*updated)

The January 2023 BLS Jobs Report (itself) Want More?

Join The Josh Bersin Academy!

Irresistible: The Seven Secrets Of The World's Most Enduring, Employee-Focused Organizations (my book)