Employment growth is on the horizon, signaling a renewed sense of optimism for businesses across Minnesota. As we near the end of the year, companies are preparing to capitalize on the current talent pool and an improving economic environment.
At Doherty Staffing Solutions, we understand the unique challenges and opportunities this growth presents for both employers and job seekers. Our team of employment experts is ready to help you navigate the evolving landscape, ensuring you are equipped to attract, retain, and grow your workforce effectively. In this article, discover the indicators pointing to employment growth, industries with the most demand, and what companies can do to set themselves up for success in the coming months.
The Economic Indicators Pointing to Employment Growth
As we approach the end of the year, a survey conducted by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis has found that firms expect improved profits and job growth in the coming months. Those surveyed stated that they expect profits and revenue to increase, alongside increased raises. This rise in wages and productivity points to a robust job market. Additionally, compared to last year, approximately 10% fewer respondents believe that inflation will continue to rise.
Moreover, Minnesota added jobs in eight of the twelve previous months, and it is projected that there will be multiple businesses expanding in Minnesota very soon. These factors collectively contribute to a positive outlook for new employment growth in 2024 and into 2025.
How Businesses Can Leverage the Growing Workforce
With an expanding workforce, businesses have a unique opportunity to tap into a larger pool of talent. By actively recruiting and retaining skilled workers, companies can enhance their productivity and innovation. It is essential for businesses to offer competitive salaries, benefits, and career development opportunities to attract the best candidates.
Additionally, businesses should consider investing in training programs to upskill their existing employees. This not only improves employee satisfaction and retention but also ensures that the workforce is equipped with the latest skills and knowledge needed to stay competitive in the market.
Industries with the Most Demand
Across Minnesota, four industries accounted for the majority of job openings. These industries were Healthcare & Social Assistance, Retail Trade, Manufacturing, and Accommodation & Food Services. According to the Minnesota Job Vacancy Survey, a survey conducted in 6 regions of the state, 20 industry sectors, and 4 size classes, the top five job sectors with the most vacancies are Food Preparation & Serving Related (9.3%), Sales & Related (7.6%), Healthcare Practitioners & Technical (8.1%), Healthcare Support (7.0%), and Transportation & Material Moving (4.2%).
In addition to these statistics, you may get a better understanding of the top jobs in demand through the Occupations in Demand (OID) list, which gives specific job titles and associated salaries that are in high demand throughout Minnesota.
The Role of Technology in Shaping Employment Trends
Technology has played a pivotal role in shaping employment trends and will continue to do so in 2025. Automation and artificial intelligence (AI) are transforming various industries, leading to the creation of new job roles while rendering some traditional roles obsolete. Interestingly, the introduction of technological change has been creating increasingly “polarized” jobs, splitting into high and low-skilled jobs, without much middle ground. This is especially true with recent developments in AI and robotics. Businesses must adapt to these changes by integrating technology into their operations and ensuring their workforce is tech-savvy.
Moreover, remote work and digital collaboration tools have become more prevalent, offering flexibility, and opening up new employment opportunities beyond geographical boundaries. Companies that embrace these technological advancements are more likely to thrive in the evolving job market and can open themselves up to a much larger labor force. This is an especially good idea when considering the current labor force shortage that is impacting not only Minnesota but the entirety of the United States. In fact, the US Labor force is missing 1.7 million workers compared to February 2020. There are a variety of factors influencing this shortage, from early retirement to lack of childcare.
How Your Business Can Thrive in 2024 and Beyond
To thrive through the rest of 2024 and beyond, businesses must remain adaptable and forward-thinking. Embracing innovation and staying attuned to market trends will be crucial. Companies should focus on creating a positive work culture that values diversity, inclusion, and employee well-being to attract and retain top talent.
Furthermore, businesses should invest in sustainable practices and corporate social responsibility initiatives, as consumers and employees increasingly favor companies that prioritize environmental and social impact. By adopting a holistic approach and remaining agile, businesses can navigate the evolving landscape and capitalize on the opportunities presented by employment growth.
As businesses in Minnesota prepare for the employment surge near the end of 2024, staying adaptable and innovative will be key to long-term success. Whether leveraging new technologies or tapping into emerging talent pools, the opportunities are vast. Doherty Staffing Solutions is here to support you every step of the way. Connect with our employment experts today and let us help you build a thriving workforce for the future!