{"id":28519,"date":"2016-01-08T14:37:18","date_gmt":"2016-01-08T19:37:18","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2016\/01\/economic-outlook-2016---dhianna-yezzi.html"},"modified":"2017-11-08T13:46:31","modified_gmt":"2017-11-08T18:46:31","slug":"economic-outlook-2016-dhianna-yezzi","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2016\/01\/economic-outlook-2016-dhianna-yezzi\/","title":{"rendered":"Economic Outlook 2016 – Dhianna Yezzi"},"content":{"rendered":"
\n
\"dhianna\n<\/div>\n
Dhianna Yezzi, owner, Integrated Staffing, Saratoga Springs.\n<\/div>\n<\/div>\n

BY DHIANNA YEZZI<\/p>\n

As 2016 rolls in, it’s a time to take stock and
\nreview the labor market, jobs and where the employment
\ntrends will be focused. We continue to
\nsee slow growth with an average of 100,000 jobs
\ncreated monthly.<\/p>\n

The great news: It’s a strong job market. The
\nstrongest in at least a decade. The Labor Department
\npredicts that all job losses from the Great
\nRecession will be fully recovered by 2020 and
\nthat the labor force will return to full employment
\nwith a 4-5 percent unemployment rate.
\nThis is coupled with an average wage increase of
\nat least 2.5-2.8 percent. Until this point, jobs have
\nincreased but wages have remained stagnant.
\nEmployees are finally reaping the benefits after
\na largely employer based recovery.<\/p>\n

The fastest growing jobs are still in IT, healthcare
\nand financial services. As baby boomers age
\nout of the job market, those skills that service and
\naging demographic will continue to grow.<\/p>\n

Of course, social media will continue to drive
\nrecruitment, as the market tightens for qualified
\ncandidates, firms will rely more on passive
\nrecruitment through referral bonuses, Linked-In
\nand Facebook. The gig economy will play a bigger
\nrole in employment, offset by the rise of freelancing
\nand more effective technology. In fact, by
\n2020, 40 percent of the employment population
\nwill be in a gig role as evidenced by the over 1
\nmillion Uber drivers.<\/p>\n


\nOther issues facing employment including
\nthe influx of Generation Z graduates, the change
\nfrom a 40-hour work week to a more flexible
\n47-hour work week outside of regular hours
\nand with the rise of telecommuting, co-working
\nspaces, globalization and new technology tools,
\nan increased flexibility. Companies are also
\ngetting ready for the next “baby boom” when
\n80 million millennials have children.<\/p>\n

This is the time to find a new job or leverage
\nyour current position and capitalize on the upcoming
\nlabor shortage. Applicants and employees
\nare in the driver’s seat. Now is the time to Google
\nyourself, clean up your on-line presence and
\ndevelop your personal brand.<\/p>\n

The so-so news: All this positive, albeit slow
\nemployment growth was another sign of the
\nsolid economy and fed the first Federal Reserve
\ninterest rate rise in a decade. There is optimism
\nthat tightening labor market conditions with a
\njobless rate almost consistent with full employment,
\nand strong domestic demand will put some
\npressure on wages.<\/p>\n

However, the interest rate increase will make
\nborrowing more expensive and may limit investment
\nin the capital improvements that drive
\nhiring.<\/p>\n

The bad news: There’s a trifecta of costs that
\ncould severely limit the hiring at the all-important
\nsmall business level. The Affordable Care Act
\nemployer mandate, the $15 per hour minimum
\nwage fight and a New York state regulatory environment
\nthat is ranked 41 in the nation could
\nall profoundly affect job creation within small
\nbusinesses.<\/p>\n

The take-away: For the first time in over a
\ndecade, the employee is firmly driving the job
\nmarket, employment trends and hiring. As the
\nwar for talent increase, companies must continue
\nto drive their brand and create a flexible
\nwork environment that recruits talent while
\nretaining staff.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dhianna Yezzi, owner, Integrated Staffing, Saratoga Springs. BY DHIANNA YEZZI As 2016 rolls in, it's a time to take stock and review the labor market, jobs and where the employment trends will be focused. 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