Although there is still a plethora of now hiring signs and postings, a recent survey on hiring trends conducted by QPS Employment Group showed that companies had slightly tamed their hiring expectations from their last quarterly survey. A survey of their workers as well showed an 8% increased likelihood that someone would stay in their current role, as opposed to seeking a new position.
The QPS survey conducted in June of 2022, is an indicator of expectations of the current economic climate. The survey was completed by nearly 600 working employees and nearly 300 companies throughout Wisconsin, Illinois, Iowa, Kansas, Missouri, Indiana, Nebraska and Pennsylvania. QPS is uniquely positioned to observe marketplace trends across a broad section of the marketplace because its customers span eight states; it has a large recruiting workforce; a 37-year history of recruiting in the Midwest and Mid-Atlantic; and a vast list of customers across a variety of industries.
In the main story, 60 percent of clients said they would increase staff compared to 78 percent who planned to increase staff just 3 months ago. Additionally, 38 percent said they would maintain current staff levels compared to 21 percent last survey. Approximately 2 percent of clients planned to reduce staff which remained consistent to the last survey.
Comparatively, when employees were surveyed, 20 percent said they planned on looking for a new job, down from the 28 percent who replied to the same question 3 months ago.
Consumer and business sentiment were also measured with employees ranking fuel and inflation their top concerns, while employers ranked Inflation and worker shortage as their top concerns.
An open ended question was asked of customers stating, “With fuel and supply prices rising, what is the first benefit or cost cutting measure your business would cut back on to reduce costs?” Answers ranged from potential reduction in benefits, discretionary spending, staffing levels, overtime or business travel. However, a number of efficiencies were mentioned and answers included such statements as:
The same question was asked of employees and where they were most likely to cut back on costs. Their answers ranged included:
“The slight change in both client and employee sentiment could signal a potential slowdown of the economy as we have been hearing about,” stated Ryan Festerling, president of QPS Employment Group. “We are still seeing a healthy mix of requests for employees right now, however a slower demand may also allow businesses to fill long standing openings they have had. Typically in these times we will also see a lower turnover rate. I think the key is to hope for a soft landing of the economy and not a shift into a prolonged recession.”