Korn Ferry: Where Jobs Are Returning—And Where They Aren't
When a balloon is squeezed, one part swells as air is pushed in that direction, while the other part contracts as air is forced out. That’s sort of what’s happening in the job market right now.
After record-setting unemployment in March and April, hiring has picked up in recent weeks for some industries and positions, while others are adding back positions at a much slower rate, if at all. Data and anecdotal evidence show that tech, healthcare, financial services, and the consumer packaged goods industries are all hiring, for instance, but retail, apparel, hospitality, hotels, and academic institutions are not.
Benjamin Frost, a solutions architect in Korn Ferry’s Products practice, says the hiring pattern is consistent not only with the relative impact of COVID-19 in each industry but also with overall job market dynamics before the pandemic. “There’s been a stable and relentless trend in the demand of knowledge workers since the last recession,” says Frost. “Positions that need highly skilled talent still need to be filled.”
For instance, 41% of high-tech industry leaders say they expect a decline of less than 15%, and in some cases as much as a 10% gain, to annual revenue this year.