The hiring is increasing with employers reporting the strongest outlook since 2000, according to the latest Manpower Group Employment Outlook Survey.
But there's a big challenge facing businesses - the talent supply remains tight — and that is getting into first gear to keep the labor market recovery running strong.
The labor markets are still struggling to get out of the first gear as it is relating to the supply of the workforce, ManpowerGroup CEO Jonas Prising told Yahoo Finance Live. There are still lingering concerns about childcare, there are health care concerns and then there are support mechanisms.
Overall, one in three employers surveyed reported difficulty in finding talent, with nearly half reporting difficulties in filling job openings in operations and logistics while 23% reported similar issues for manufacturing and production.
While Labor shortage was putting stress on companies of all sizes, small businesses in particular are at a disadvantage, according to Prising.
''Small companies tend to have greater difficulty finding people right now because they can't afford substantial increases or bonuses to incite workers to come off the sidelines and join their business, Prising said. 'That is a big disadvantage.
the U.S. Small Business confidence fell for the first time in four months in May, according to a survey released this week. The findings come on the heels of a recent report by the National Federation of Independent Business which found that a record-high 48% of small business owners reported in May unfilled job openings, more than double the historical reading of 22%.
Prising added that 'Very much in the same way that we are seeing an imbalance between demand for workers and supply of workers in many other countries are dealing with the same issue. I think that is just the aftermath of working its way through the pandemic and coming back to a place where we can see a normalization of labor market dynamics, as we would expect in a recovery starting from recessions.
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