Exec Recruiter Sees Increase in Global Hiring Across Sectors
Unemployment is still a major issue in the United States, but signs of a recovery are visible according to Korn Ferry International CEO Gary Burnison.
Hiring has increased — particularly in the health care and financial services sectors — the chief of the world's largest executive recruitment firm said.
"It's not in droves, and it's really been over the last six weeks, but it has been across the board with the exception of real estate, and that's been true around the world," Burnison said.
Watch Burnison's Full Comments Below
According to Burnison, it's still difficult to determine if the stimulus package has aided the increase in hiring.
"Certainly when you look at, the investment in infrastructure and health care, it only makes sense," Burnison said. "Health care spending's going to be 20 percent of this economy in five years.
Burnison added there have been more jobs lost in the last several months than created during the entire expansion. Despite high unemployment rates, the long-term demographic trends suggest that less people will be coming into the workforce in a couple years.
"If you look at the baby boomers, the age group 55 and older is going to grow four times as fast," he said.
Burnison also noted there are more jobs than unemployed workers in both engineering and computer science. The construction, retail, and manufacturing sectors, however, are losing the most jobs.
Burnison thinks it will be unlikely that unemployment rates will go into the mid-teens but admits that America's consumer society is currently not consumer.
"If you look over the past 30 years, we've been addicted to spending. Conspicuous spending is now gone," Burnison said. "That is really the wildcard over the next ten years because that's driven the economy."