The economy and markets are constantly changing. While past markets can definitely be used to construct probabilities, they don’t stay the same. Over time, the primary market players shift, regulations change the operating rules, market territories grow and shrink, and new services and products become gamechangers.
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The recent pandemic had a massive effect on society, and not just from a health perspective. Thousands of people working remote re-evaluated their career, what they were doing, and where they wanted to be in life. That in turn triggered what has become known in the early 2020s as the Great Retirement, a wave of separations across many industries where people triggered their retirement or decided to leave early for a different path.
Businesses across the United States are not only facing the uncertain economic times of the COVID-19 pandemic but are also challenged by a record-breaking labor shortage.
The latest U.S. Bureau of Labor (BLS) statistics show more available jobs and fewer available employees creating a record 10.9 million job openings in the country in July 2021.
Economic uncertainty surrounding the COVID-19 pandemic has made long-range workforce decisions a roll of the dice for many businesses, but temporary workers can help mitigate staffing risks.
In fact, one in three companies turned to temporary workers as a solution during the early days of the pandemic with Gartner reporting last May that, “32 percent of organizations are replacing full time employees with contingent workers as a cost-saving measure. Utilizing more gig workers provides employers with greater workforce management flexibility.”