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Early this month the New York Times reported the job market started 2024 with a bang, with U.S. employers adding 353,00 jobs in January, far exceeding forecasts. While cautious, signs of optimism about the labor market are present: the National Association of Business Economics (NABE) survey shows rising confidence in the economy, and predictions are that the labor market will continue adding jobs this year. Despite fears that A.I will replace human workers, recent data from the World Economic Forum finds that A.I. is now seen by nearly half of those surveyed as a catalyst for job growth.
The topics of market disruption in the tech sector, alongside new areas of opportunity for tech workers, came up when the Wall Street Journal interviewed Frederickson’s Tom Wilson this month (see the article below). Meanwhile with ongoing talent shortages, employers are putting increased focus on retaining talent. Our latest blog post examines labor relations trends, and what C-Suite and HR leaders need to know about addressing labor issues in 2024.
Un short, in 2024 the labor market is nothing if not dynamic, and we expect to continue watching with keen interest what’s happening in it—and looking forward to your insights.
Questions? Call +1 650.614.0220 or visit www.fredericksonpartners.com
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By Mehreen Khan
The 2023 U.S. labor market experienced a dramatic increase in union negotiations and strikes. With almost a million unionized workers engaging in negotiations with their employers and nearly 400 strikes recorded, the last year reflects a change in the labor landscape.
In 2024, C-suite executives and Human Resources (HR) leaders need to proactively engage with and address labor relations concerns, both to prevent disruptions and to adapt to an evolving workforce.
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In February, journalist Sarah E. Needleman interviewed Tom Wilson, Frederickson President, for the WSJ article “Tech Layoffs Just Keep Coming As Sector Resets for AI.” Amid recent “belt-tightening” cuts in Silicon Valley, Tom noted new opportunities also emerging for tech workers. Here’s an excerpt:
The employment outlook for tech workers isn’t all doom and gloom. The demand for their skills continues to grow outside of tech in areas such as consumer products and manufacturing, said Tom Wilson, managing director at Gallagher Executive Search. Consider how there is now Bluetooth in toothbrushes and GPS in tractors, he said, adding that demand for human-resources professionals who understand tech recruiting is also rising.
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Date: Tuesday, February 27, 2024 at 11am Pacific | 2pm Eastern
Pressure continues for leaders to optimize their diversity, equity and inclusion (DEI) and environmental, social and governance (ESG) strategies and there is often a direct impact to their bottom line. Gallagher brings together a panel of experts representing DEI, ESG and wellbeing teams to provide information on:
Complimentary DEI Assessment available to all who register by 2/23.
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Frederickson Partners, a Gallagher company is a market leader in retained executive search since 1995. As one of the top-rated HR executive search and C-suite recruiting firms, we have expertise in placing Chief People Officers, Chief Human Resources Officers, Chief Diversity Officers, Chief Financial Officers, Chief Legal Officers and many other senior leaders. We draw on a broad network of rising and established executives and leaders, and a 28-year reputation as a talent acquisition and HR Advisory provider.