As the United States workforce increases by another 321,000 jobs in November, according to the US Bureau of Labor Statistics, we see continued confidence in the economy from our customers. Organizational planning by businesses includes more focus on internal career management, leadership development and executive coaching. Emphasis is being placed on the development of individuals who possess high potential as successors for corporate leadership in the near future. Leadership succession is becoming even more critical for organizational success as Baby Boomers begin their transitions to partial and full retirement. Additionally, company leaders are investing in contemporary development programs that create individual and cohort learning to instill accountability, drive engagement and enhance productivity. Of the US jobs added in November, nearly one-third represents the professional and business services sector while retail only rose by 50,000. Unemployment in the US continues to hold steady at 5.8%, down 1.2%. These trends indicate a strong employer commitment to non-seasonal employment.
While the Canadian unemployment rate edged slightly higher in November according to a Labor Force Survey issued by the Canadian government, it has decreased 0.6% since the beginning of 2014. The same slight decline in unemployment has been experienced throughout the European and Middle East (EMEA) region for 2014, which currently holds steady at 11.5% according to data provided by Trading Economics, a producer of more than 300,000 economic indicators. Like their counterparts in the US, Canadian and EMEA businesses – especially those in Austria and Germany where the unemployment rates are approximately 5% – are readying leaders for increased responsibilities as a result of anticipated successions in leadership roles.
Across the Latin American (LATAM) Region, the total working-age population began to decline in 2013 and continues this trend in 2014, according to research by the International Labour Organization (ILO). The same research found that urban unemployment decreased slightly over the rate in 2013, reaching 6.0%. Other research by the ILO found that employment growth across the LATAM region continues to outpace workforce growth, creating high demand for talent. This competitive employment landscape has led more businesses to invest in professional talent search and assessment services to locate and hire the best employees possible. This trend is also felt across the Asia-Pacific (APAC) region where unemployment has remained relatively flat.
Proving insights on employment and workforce trends, Global Talent Trends is a publication of Career Partners International, a global leader in talent management consulting that enhances organizational performance and people’s lives every day! Since 1987, organizations of all sizes and industries have trusted Career Partners International for the very best outcomes to their most challenging and important talent strategies and initiatives. With the most experienced and respected consultants in more than 45 countries, Career Partners International provides clients with one-on-one access to local experts in talent development, career management, executive coaching, outplacement and career transition services to successfully assess, engage, develop and transition talent to drive organizational performance. More information may be found at www.cpiworld.com.