For businesses in the retail, wholesale, shipping and related industries, the 4th quarter — AKA Peak Season — is traditionally the year's big moneymaker. But this year's unprecedented events and economic disruptions have left them wondering: How can we plan our temporary labor needs for Q4?
Just a few months ago, the outlook was dire. However, the nation continues to open back up despite the ongoing pandemic; and forecasters are painting a brighter picture for the holiday shopping season.
Those forecasts are based on some interesting data:
While the holiday shopping forecast is reason to be more optimistic in planning your seasonal employment hiring, other market factors dictate that it would behoove you to act now for an earlier than usual Peak. They include:
Unemployment rates are trending down (though still higher than they've been in years). With the predicted Q4 growth, that trend may accelerate rapidly. We all remember the tight labor market in recent years, and the difficulty of even finding enough workers to meet Peak needs. Now is the time to solidify your team in preparation for the holiday rush.