How Employers Can Navigate a Tight Labor Market
May 2023

How Employers Can Navigate a Tight Labor Market

By Michael Horn & Ryan Stowers

When it comes to hiring, the U.S. economy is not cooling. A Harris Poll released this March found 91% of hiring managers expect to face staffing challenges this year. Nearly half, 45%, say they have positions they cannot fill — a number that is the highest Harris has ever seen — and one-third are worried about retention.

Employers have addressed these concerns by investing in talent development, as they should. Even before the Great Resignation, manufacturers spent $26 billion on upskilling, Amazon pledged $700 million to help employees build new talents, and Pricewaterhouse Coopers committed $3 billion to retrain every employee. Even investors are catching on. Venture capital has poured $2.1 billion into companies like Guild Education that provide upskilling opportunities.

Still, employers are worried about finding and keeping people. Why?


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