Hiring index shows Capital Region employers cautiously optimistic
ALBANY, N.Y. » According to Alaant Workforce solutions, the COVID-19 pandemic is not preventing Capital Region companies from hiring new employees, but the pace of hiring has slowed and employers’ expectations for the future are uncertain, according to its spring 2020 hiring index.
Among the 54 human resource and hiring managers responding to a survey conducted from May 5 to 21 – before the initial reopening of businesses – 46 percent said they were continuing to recruit and hire new employees; 15 percent were recruiting but holding off on hiring, and 39 percent had put both recruiting and hiring on hold.
When asked about hiring expectations for the rest of the year, the results were mixed: 42 percent said they were either very optimistic or optimistic; 43 percent were unsure, and 15 percent were either pessimistic or very pessimistic.
“There is no question the COVID-19 pandemic has impacted the Capital Region’s job market,” Miriam Dushane, Managing Partner of Alaant Workforce Solutions commented.
“Though uncertainty about the future will continue to be a challenge for employers, we are encouraged that nearly half have continued to hire, and we are seeing hiring begin to pick up as businesses reopen. Employers should keep in mind the tightness of the labor market before the pandemic hit, and remain proactive in order to recruit, hire and retain the best employees,” Dushane explained.
Of the employers that put hiring on hold during the pandemic, 19 percent expect to resume hiring this month, another eight percent over the summer, and 20 percent during the fall. Nine percent believed they would postpone new hiring until next year.
The Alaant Hiring Index also gauged employers’ experiences in addressing the immediate pandemic-related challenges.
Nearly two-thirds hired additional staff or kept staffing levels stable during the first two months of the pandemic, while 37 percent reduced staff. Of those who cut employees, 26 percent used furloughs and eight percent used layoffs.
Additionally, 20 percent of employers reduced employees’ hours, while another 17 percent cut salaries and benefits.
The vast majority of employers (85 percent) reported that most of their staff have been working remotely during the pandemic. Asked how productivity
has been affected, 72 percent said productivity either increased or remained the same, with 24 percent reporting a decrease.
“If employees are productive while working remotely, employers should strongly consider maintaining the work-from-home option,” Dushane noted.
“Not only is it another benefit companies can use to retain top performers, but it also expands the talent pool available to employers when hiring new employees,” Dushane added.