With the exception of 2020, Las Vegas’ economic outlook has been promising in the recent years and it took the city almost a decade to get to this point.
When there is an economic boom, professionals are more motivated to move around causing a domino effect among highly specialized key positions. Demands go up, while the pool of talent retreats over time.
“A” RATED TALENT
Since we live in Las Vegas’ unique environment, it is estimated that “A” rated talent only represents approximately 10% of the professionals that are passively seeking opportunities and for certain specialized positions, it could be much less.
YEAR 2020 SHUTDOWN
The recent pandemic caused a major havoc in the talent pool market. First time in its young history, the City of Las Vegas completely shut down and everyone was laid off. This unprecedented event created a labor disruption in the hiring of talented individuals.
Companies unable to cope with the sudden reopening of businesses due to the massive movements of professionals from one job to another. Corporate recruiters were overwhelmed in their hiring practices, while companies who require the best talents had a hard time attracting the right individuals to run their organizations.
FAST TRACK TO 2022
Due to the sudden influx of tourists visiting Las Vegas, many casino and gaming resorts are enjoying record-level quarter earnings above pre-Covid numbers despite of inflation and high gas prices. In addition, trade shows, conventions and special events are coming back to near normal level in 2022.
Commercial and housing real estate experienced a major uptick in expansion that started in 2020. However, due to the Fed’s higher interest rates, the housing market has started to cool off. Las Vegas is also seeing major casino projects being built and schedule to open the next couple of years.
Furthermore, those companies who can provide a hybrid work environment are able to attract talent that are very selective. In Las Vegas, there is no city or state income taxes, so many candidates have decided to move from California to Las Vegas to adapt to rising cost of living.
———————————
COPYRIGHT © 2022 Access Executives, LLC All rights reserved. The statements, posts and pages in this website are copyrighted and cannot be used in part or whole without permission. The ideas, views, opinions, and statements were created by the principals of Access Executives, LLC and Access Executive Search.