McKinsey: Job Growth Will Continue
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McKinsey says the war for talent will continue in 2008, despite economic problems and some slippage in hiring; its Outlook also suggests strong interest in reducing energy costs. From the report: |
Executives around the world (particularly in the developed economies of Europe and North America) said that they expected higher inflation and deteriorating economic conditions over the next six months. Some 41 percent expect inflation in their home countries to rise by one percentage point or more--up from 30 percent three months ago. Only 13 percent think they will have the power to raise prices during the next six months.Despite such negative indictors, the ongoing competition for talent is clear from other survey findings: Twice as many respondents expect their companies to increase as to shrink their work force, and training and recruitment is the only area in which respondents say that investments are more likely to rise than to remain the same.
40 percent of North American respondents said their companies will increase hiring in 2008, and 23 percent said hiring will decline, which is an increase from 16 percent in McKinsey's June 2007 survey
87 percent of the respondents said rising energy costs are causing inflation; of these, 58 percent said they are "investing in energy-efficiency measures." The report does not say whether reducing IT energy usage is one of those measures or not, but it certainly suggests there would be strong boardroom support for lowering those costs.
More from McKinsey here. McKinsey's is just one of many analyses of the economy's impact on hiring. More analysis can be found in CIO Insight's 2008 Top Trends study. To read about how economic insecurity and the IT job outlook affects the mood among IT workers, click here; for the long-term IT job outlook from the Bureau of Economic Statistics, click here.
