Bringing In New Talent: Employment Trends

When it comes to employment, we've gotten used to hearing nothing but negative reports and bad news from the markets over the last couple of years. However, in the last 90 to 180 days, a lot of positive news has emerged, and the most recent jobs report really stands out. What does this new trend mean, and what is the market saying to all the entrepreneurs out there?

I like to use the term solopreneurs, which describes people who want to branch out on their own and start a consulting business. What is the market saying about that? One of the reasons you’re not seeing the employment number shift to the degree that it normally would is that many had given up the idea of getting re-employed back in the marketplace, but are now entering the job market again in a different way. The unemployment numbers are staying the same, even though in the past several months there were 200,000 plus jobs added. What are some of the things solopreneurs should be reading into these trends?

Specifically, I would like for solopreneurs to consider that the strongest gain in the employment sector came from professional and business services. There were over 80,000 new jobs created in that sector alone and temporary workers filled over half, which is really unusual. Normally, when businesses are in need of a certain skill set, they would hire someone full time. So, if you’re a seasoned and talented professional thinking about consulting, then it's important to understand that businesses want your talent. They want to put your experience to work, but they don’t necessarily want to commit payroll dollars to do it. These days, businesses are more willing to commit expense dollars and bring in temporary talent than to commit payroll dollars with an ongoing effect. Recent trends show that businesses have brought on over 80,000 workers, and nearly half were not with payroll dollars. Companies are thinking carefully about the money they are willing to spend.

I contend that businesses for many years have been sidelining some very critical strategic initiatives they really need to get accomplished. For those businesses to fully come out of the current downturn, they are going to need to bring experienced talent on board. If you look at the jump in employment numbers, you're going to see it really highlights the point we’ve been making for professionals considering leveraging their resume as a solopreneur. It highlights that the market is really hungry for talent. Businesses are adding professionals, half of whom are temporary. If you think about it, the temporary agencies are getting paid for placing these highly experienced people! If you are ready to take the solopreneurial leap, then the opportunities are out there and available to you. 

In my next post, I will discuss what opportunities these new trends are creating for businesses.

Interested in learning more from Buddy? You should take a minute to sign up for the weekly Ex3 Matters newsletter, which provides you with the latest information and advice for consultants and solopreneurs. Additionally, you can download Buddy's free eBook, "Experience Matters," right here.