Some companies may also turn to automation; check out the overview and the report below
Tight labor markets are prompting companies around the world to employ various strategies to attract and retain top talent, according to a recently released report.
Fueled by the acceleration in global economic activity, which led to strong hiring and slow-to-negative labor supply growth, labor markets tightened in almost every country in 2017; the report suggests by 2019, labor market tightness could reach levels not seen for decades — particularly in the U.S., U.K., Japan and several countries in Central and Eastern Europe.
In the U.S., the unemployment rate is likely to be at the lowest point since the 1960s, with many industries and locations experiencing acute labor shortages. Some U.S. employers are lowering educational requirements and increasing teleworking options in response.
Worldwide, employers in many countries are hiring more women and senior employees to increase their labor pool. Alternative work arrangements, according to the report, may provide additional opportunities to hire from both groups.
As a result of currently tight labor markets, to control costs and meter labor shortages, the report findings suggest businesses are also more likely to invest in automation.
For more information on the research involved in The Conference Board’s Global Labor Market Outlook report, view this press release