In times of economic recession, not only does the unemployment rate increase dramatically, but the underemployment rate is drastically affected as well. Unfortunately, there are many workers who would like the opportunity to work full-time, but settled for a part-time because they were unable to find a full-time job or their employer recently cut their hours. According to the Bureau of Labor Statistics, the number of involuntary part-time workers increased by 3.4 million over the past 12 months.
There is a large financial motivation for employers to hire part-time workers, which is likely the reason why there is an increasing demand for part-time workers. By making the decision to hire more part-time employees or reducing full-time employees down to part-time, employers are not obligated to cover benefits, saving the company valuable money.
What industries are currently hiring part-time employees?
There are many industries and roles that are more likely to experience an increase in demand for part-time positions in an economic downturn. Industries that typically hire on a consulting or outsourcing basis, such as IT, Accounting & Finance and Human Resources, will increase their part-time hiring strategy to reduce the risk associated with hiring full-time talent.