What is in the cards for the job market in 2014? What trends do experts expect to see this year? It is important when planning for your business each year to look at economic information and trend predictions to position yourself for growth. Here is a look at some of the big job market trends expected for 2014.
- The unemployment rate expected to remain constant. Experts don’t believe that much will impact the current unemployment rate throughout 2014. Thought the nation experienced nearly 1% drop to 7% by the end of 2013, this year should remain somewhere between 6.7% and 7.2%.
- Participation rate will remain stagnant. The current labor force participation rate is at 63% which is the same as it was in the 1970s. These figures represent the individuals who have left the workforce which may include people transitioning to non-traditional incomes or those who have dropped out of the current job market due to dissatisfaction with their ability to find a job.
- The Affordable Care Act will impact business. The coming year remains uncertain when it comes to businesses responsibilities for the ACA. Over the course of 2014 many companies will remain cautious and this may impact the rates of hires or the benefits administration and salaries for their current employees.
- Great rise in temporary employment. 2014 is expected to be a record setting year for the utilization of contingent staffing throughout the nation’s workforce. The uncertainty caused by the political climate and ACA regulations is driving more companies to work with temporary staffing services to provide workers to fill gaps.
- Populations will see a rise in disability. A startling statistic from the social security administration shows that 8.9 million former workers are currently receiving disability benefits which are significantly increased from the 4.7 million who did so in 1998. Experts believe this number could exceed 9 million by the end of the year.
- The closing of the skills gaps through apprenticeships. Over the last several years businesses have been complaining about the skills gap. Experienced workers did not exist in certain key skill sets and companies were having a difficult time finding qualified employees. Apprenticeships are returning to the workplace as a way for businesses to train and have access to employees who can learn the skill on the job.
Are you looking for ways to increase your productivity this year? Contact ProSource, staffing agency in Deer Park TX, to learn more!