The only constant in life is change—and that’s never been more true than in today’s rapidly changing labor market.
Since the pandemic began, the U.S. labor market has seen no shortage of twists and turns—from the Great Resignation to record-breaking job losses and shutdowns.
It’s safe to say that doing business in a post-COVID world has been nothing short of tumultuous. With the health of the free-market being so uncertain, how can business leaders prepare for the potential pitfalls of 2023?
In the first part of today’s two-part episode of The Skillwork Forum, Tim Raglin (COO of Skillwork) and Brett Elliott(President and CEO of Skillwork) discuss the major impacts, trends, and challenges they see coming as we enter into 2023.
How can businesses overcome potential challenges and mitigate the current changes present in today’s U.S. labor and manufacturing space? Tune in to the first part of this two-part episode of “TSWF” for strategy to overcome the struggles of the rapidly changing marketplace.
| Concerns about contracting COVID may have lessened, but the impact of the pandemic still remains.
| A rapidly changing workforce means that companies will have to change their approach to hiring and retaining talent.
| Inflation and a potential recession impacts the free-market, especially in the manufacturing space.
| The Great Resignation will likely continue as individuals seek higher wages to offset the higher cost of living.
00:00-06:00 | The changing workforce demographics
06:00-12:00 | The need for companies to rethink the benefits they offer employees
12:00-18:00 | The impact of governmental shutdowns due to COVID
18:00-24:00 | Are we in a recession, or is one impending?
“During COVID, we shut everything down. We created huge supply issues that we're still continuing to try to dig out of.” - Brett Elliot, CEO of Skillwork
“I often had to remind my accounting staff that we’re not going to save our way to a profit.” - Brett Elliot, CEO of Skillwork
“If your employees don’t feel like they’re thriving or being taken care of within the company culture, they’ll leave.” - Tim Raglin, COO of Skillwork
“As a company, we have to be paying attention to the realities that inflation is creating. If I'm paying a person a set amount, technically, if I haven't raised their wages, I'm now actually paying them less, as far as the impact.” - Brett Elliot, CEO of Skillwork
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- Skillwork’s website: www.skillwork.com
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- Rveal’s website: rveal.media
- Rveal’s LinkedIn: https://www.linkedin.com/company/rvealmedia/
- Rveal’s YouTube channel: https://www.youtube.com/channel/UC69p14R2ccMdyUbbmdlWCEw