In spite of Amazon's recent layoffs, the job market in February showed unexpected strength with the addition of 311,000 jobs spread across various industries including healthcare, hospitality, retail, and government. Although the unemployment rate slightly increased from a record low in January, it remains significantly low. However, the job market looks quite different across industries, with service-sector companies struggling to find suitable candidates while big tech companies such as Google, Salesforce, and Amazon continue to lay off their employees. Small business owners who want to hire top tech talent need to use innovative recruitment strategies and consider upskilling employees from other tech categories. Retaining employees is also essential because wage-price pressure remains elevated, and job switchers still expect good pay and benefits. Understanding the power of employees in the job market is crucial for prospective employers to determine what remuneration and perks to offer.
With women returning to the workforce after leaving in large numbers during the pandemic, it's important for companies to adapt to their needs. Sectors such as hospitality and healthcare have experienced a significant increase in female workers, making up almost half of the private sector gains in January, according to the Wall Street Journal. Women could even help alleviate worker shortages, as they made up 38% of private sector job gains in the six months leading up to January. However, to retain women in the workforce, companies need to address the issues that caused them to leave, such as the lack of childcare options. By providing higher pay, flexible and remote work arrangements, and other benefits, companies can attract and retain more female workers. Companies should review their current policies and enhance their offerings to effectively bring back this group of sidelined workers.