In the U.S., there were an estimated 1 million more jobs open than unemployed workers. The low unemployment rates in China, Japan, the UK, and Germany indicate that talent availability is diminishing in major economies globally.
Employers have to pivot to employee training, retention, and enhanced compensation practices in order to compete for their own internal talent.
The strong job growth and tight labor markets which characterized most of the world’s leading economies in 2018 continued in the first quarter of 2019. And while the overall economic headlines have been positive, employers have been challenged by record high job openings, rising wages and uncertainty over trade. For many economies, 2019 got off to a strong start, but the outlook for the remainder of the year is uncertain