Workers are set to have an upper hand in the job market as demographic changes make it harder for employers to hire and retain staff, according to a new study by economists at Glassdoor and Indeed.
An aging population and reduced immigration have led to a smaller pool of workers overall, according to the joint report, which analyzed employment trends across the U.S., Canada, France, the U.K., Germany, Australia, Japan and China. As a result, staffing in certain industries will remain challenging for years to come.
Fears of a potential recession next year may temporarily curb businesses’ hiring in the short term, the report said, with recent mass layoffs at tech giants like Meta Platforms and Amazon.com sending shock waves through the industry. But long-term effects are likely to skew market power toward job-seekers, according to the study.