Fewer Layoffs and More Hires and Wage Increases Anticipated in 2016

Though the oil crisis has led 2015 job cut numbers to reach a six-year high, the overall downsizing in 2016 is expected to drop, outplacement consultants Challenger, Gray & Christmas, Inc. said.

In addition, the hiring and wage rates are supposed to increase in the new year.

According to the article, nearly one in five job cuts this year were a result of the fall oil prices. In addition to oil, another contributing factor to smaller job gains this year could possibly be due to a dearth of available talent.

The labor force is going through a big change, however. Baby boomers are reaching retirement age, and some may be leaving, or cutting back hours. Although the space made in the labor force will create opportunities, hiring and job seeking is still anticipated to be a lengthy process.

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