There is certainly a lot of debate as it relates to the long-term impact COVID-19 (coronavirus) will have on the economy and businesses in the US. We called a staff meeting on Friday of last week to collectively discuss what our clients are saying about how it is affecting the Accounting and Finance labor markets in Greater Detroit and Central Florida.
Here is what we are hearing from our clients:
- Labor markets remain very tight and although there is a concern the effects of the spread of the disease will linger, it has yet to make any noticeable effects on our client’s hiring plans
- Many businesses that have exposure to China either due to supply chain or if the country is a large consumer of goods, have already factored likely scenarios into their 2020 budgets
- As of Friday’s meeting we have yet to have had (to our knowledge) any clients postpone a hire or clamp down on an existing opening due to the effects of COVID-19
- The big unknown is Europe, since individuals are able to move around more freely from country to country, containing the virus becomes more tricky as does understanding the future impact on markets.
- At almost all levels highly skilled candidates are still receiving multiple offers during their search
Below is a recent article from the CDC (Center of Disease Control) as well as their LinkedIn page which also contain very good developing information and news.
Interim Guidance for Businesses and Employers