With the exception of 2020, Vegas’ economic outlook has been promising in the recent years and it took the City almost a decade to get to this point.
DOMINO EFFECT
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.
FAST-TRACK TO YEAR 2022
In 2022, Vegas has seen a record rebound in sales and tourism. The initial challenge in 2021 was the fact that majority of the casino resorts furloughed or laid off many of their employees the year before and a tsunami of tourists came to Las Vegas when things started to open back up.
CANDIDATES ARE DICTATING THE TRAJECTORY OF THEIR CAREERS
To make it more complicated, talent pool in the professional industries decided not to come back to work that caused empty positions for a long period of time.
The demand for talented individuals skyrocketed almost instantaneously. Companies could not keep up with the increase in demand and many operations are spread thin. It is a sad reality that companies are in a talent war fighting for the best of the best.
“A” RATED TALENT
Since we live in Vegas’ unique environment, it is estimated that an “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.
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 fact created a labor disruption in the hiring of talented individuals.
Companies unable to cope with the sudden opening of businesses when professionals moved from one job to another. Corporate recruiters were overwhelmed in the hiring practices while companies who require the best talents had a hard time attracting the right individuals.
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