The Bayard Brief: Labor Market Insights — January 2023

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Cody Harker, Bayard's Head of Data and Insights, Featured in HRO Today Magazine .

  • 12.21.2022

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  • HRO Today

With the new year right around the corner, the fears of a recession still loom. Cody Harker, Bayard’s Head of Data + Insights, shares that,

“the first thing that the possible recession has affected is talent acquisition. ‘The potential for a recession has already impacted recruitment. According to the most recent Harris poll, more than 70% of Americans seeking a new job reported more difficulty than anticipated and 72% of respondents said that employers ignored their applications or failed to schedule interviews.'”

“He also thinks that a recession would cause a power struggle of sorts, therefore threatening recent wage progressions. ‘A recession would shift the balance of power back towards employers….'”

While job seekers are struggling, so are employers. Retention has and will likely remain a concern. Cody Harker also shares some tips to help with employee retention, including

“…investing in the employee experience and showing the workforce that they are valuable to the organization can help combat attrition.”

Read the full article at HRO Today.