The Herman Trend Alert|
February 18, 1998:
Economic Health Expected to Last
Our economy is strong. Based on what we hear from corporate economists, we expect it to stay strong—probably for another ten years or so. We’ll enjoy steady economic growth, which spells good news and bad news for employers.
The good news is that there will be plenty of business—and cash flow—to keep well-run businesses healthy. Consumers will have discretionary income to spend, and will comfortable buying because they’ll perceive themselves to be in a secure situation with regard to income stability. Business-to-business buying will remain strong, though corporations will reduce the number of suppliers. Companies producing a good product or service, reliably, will earn profitable long-term relationships with their customers.
The bad news is that corporate growth will continue to generate more jobs, creating an almost insatiable demand for qualified workers. Our healthy economy has already generated a sellers’ market as the need for good people provides a wide range of choices for workers. Astute employers will become more aggressive in recruiting, but will also concentrate more deliberately on holding the talent they have.
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