S4 E89 | eXpertease: ThinkWhy’s Jay Denton jumps in to give his perspective on current talent supply and demand trends

https://vimeo.com/539763558

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Chris Hoyt, CXR 0:20Hi Welcome back to another CXR eXpertease. I'm Chris Hoyt, president of CXR and your tour guide on this wild 15 minute ride together, where we'll connect with industry personalities, experts and leaders to talk about one thing that's keeping them up at night or that they've learned in their career that they want to share with you, our passengers on this journey we call talent acquisition. If you're here live, you can jump into the chat and ask whatever you like of our guest. And if we've got the time, we'll try to get the question on the call if we miss you, we'll put the question in our open public forum found at CXR.works/talenttalks. Now as a reminder, anyone can attend the live sessions, or can subscribe to our full video in podcast series anywhere you listen to podcast by joining, or excuse me, by pointing your vehicle at CXR.works/podcast. Now, as a point of clarity, each of these segments and the guests are chosen around feedback received on our 2021 priority survey that you'll find in the reports and research section of CXR.works. If you haven't added your own thoughts to this open survey with the hundreds of other talent leaders that have already chimed in, today is the day! We're going to publish the results and a bit of insights by the end of this week. So with all of that, let's jump in. Because as we know, the world is just starting to open up again after the COVID pandemic has wreaked havoc on nearly every part of our lives, both personal and professional. And from a talent and working perspective. A lot of organizations are struggling to find or even know what to expect of the new normal. So with us to talk about the talent supply and demand perspective of that challenge is market expert Jay Denton who is the chief analyst at Thinkwhy. Jay, welcome. How are you this morning?

Jay Denton, ThinkWhy 1:55Hello, Chris. I'm doing good. Glad to be on. And I hope everyone fills out that survey for you.

Chris Hoyt, CXR 1:59Yeah. We'll get those results out pretty soon. So, Jay, before we get going, give us a little bit of background about yourself, who is Jay, and why should we give a heck or a hoot about what you think?

Jay Denton, ThinkWhy 2:14I'll I'll do my best with that, Chris, for that ah, that question. I've been studying the labor market for almost a couple decades now. And in a variety of fashions. Previously, it was with real estate and trying to figure out, if someone wants to buy a piece of real estate, where's the demand going to be aware of jobs really going to be created? And now ThinkWhy what we're doing with our labor IQ product is helping, you know, with that where the jobs would be created, but then what should you actually pay those people? And so you know, I'm using that part of my background to help with the product that we have here.

Chris Hoyt, CXR 2:45Nice. Well, look, we'll get right to it, leaders are starting to see those job growth numbers, right, we're starting to see rumbles and it can be a little scary when for almost the last year. Applications for many, and response rates are literally at an all time low for them. And many are scared. They're predicting a tidal wave of attrition. At the same time, and they don't know if they need more recruiters or if they should hold steady, should they fight for resources? Should they just be patient? Wait, what are your, what are your thoughts sort of in summary on supply and demand for labor? And how that sort of plays out from from the remainder of the year? Where should their heads be?

Jay Denton, ThinkWhy 3:23You know, it's interesting, we think through this because we're projecting 73 million hires for this year.