Ask TESA: Are we in a recession?

Despite the recent market correction and slower growth pace of the US economy, many of our clients in the lab sciences industry still need professional help attracting, landing, and retaining top talent for critical positions.  

The current slow growth does beg the question, are we in a recession? Officially, no, we are not. Despite high interest rates and persistent inflation, the economy is still growing at a rate of over 2%. We’re experiencing a market correction from 18 to 24 months ago when the US economy grew almost 6%, a number nearly unheard of and hasn’t happened since 1984. 

We are a team of experienced recruitment professionals and experts in the lab sciences industry. None of us here at TESA Talent hold a degree in economics, but we have a finger on the pulse of what companies in the STEM industry are experiencing. Over the past nine months, we have seen a slight drop from the high volume of positions available in 2021 and early 2022. However, even the firms with hiring cuts admit the struggle remains real to locate people with all the skills and education needed to grow their business. Our insight tells us that jobs will remain available for educated STEM professionals, especially those with soft skills and high emotional intelligence. We are hopeful that we’re slowly getting back to “normal.”  

It can be frustrating to attract and “reel in” the impact players to your company; we all know prize catches never jump in the boat; in fact, I am not sure fish ever jump in the boat, except maybe in the movie Jaws. Sorry, spoiler alert?  

Now may be a good time to ensure that you are attracting the best talent and retaining the same. Need help figuring out how to bait your hook? Check out our article on attracting and retaining talent.