Please ensure Javascript is enabled for purposes of website accessibility

Tag: colorado economy

Top Insights in the Colorado Job Market — A Look Back at 2022

2022 has been a spectacular year for the Colorado job market (at least from the viewpoint of the job seeker), with a reported nearly twice as many job openings as there as job seekers, giving people across the country yet another reason to move to the great state, home of the Rockies.

If you’ve been contemplating a move to Colorado, or if you currently live in Colorado and are considering making a career change, now is an excellent time to do so. Companies in Denver, such as Wells Fargo, AT&T, and Amazon, are hiring. From tech to finance, retail, and the healthcare industry, opportunities abound in Colorado.

In this short article, we’ll take a look at the Colorado job market and the projections going into next year.

READ — How to Successfully Recruit Talent Today

Why Are There so Many Jobs?

The labor shortage (or abundance of work opportunities, depending on how you see it) is not unique to Colorado. Although the Colorado job market has been experiencing a greater number of job openings remaining unfilled, this phenomenon is being recorded all across the country.

Several factors are contributing to the high number of job openings compared to the number of job seekers:

Post-Covid Shake-Up

During the economic turmoil that was the Covid-19 pandemic and consequential lockdowns, many workers were either laid off or switched to remote work. Following the pandemic, as many companies went back to full strength, there has been a rush to try and fill the many open positions. However, a significant number of workers have taken to their new status as under-employer or freelance and are choosing not to return to the workforce.

The Great Resignation

Starting from the spring of 2021, we have seen a record number of workers voluntarily leave their jobs in what industry experts have coined The Great Resignation.

READ — The Great Resignation’s Untapped Talent: The Autism Community

High GDP and Economic Growth

In contrast to many of the states in the Union, Colorado has been experiencing economic growth. This, in turn, has led to businesses either moving to Colorado or increasing their investments in the region.

The Public Sector

The labor shortage has hit both the public and the private sector hard. Private sector jobs, such as with the Department of Corrections, have proven tough to fill. In fact, the Colorado Sun reports that the Department of Corrections has had to scale back on vaccine mandates in order to try to fill job openings. As of September 2022, they still have nearly 1,700 jobs to fill.

The public sector job board, State of Colorado Job Opportunities, has openings in pretty much all areas of public service: law enforcement, education, and athletic associations, to name a few.

In addition to an increase in the number of public sector jobs available, we are seeing restrictions being lifted (such as vaccine mandates) and an increase in the compensation offered.

The Private Sector

In August of 2022, unemployment went up in 32 states. However, in Colorado, unemployment rose by only .1%, a significantly lower rise than in other states in the union. And over the past 12 months, the unemployment rate in Colorado has fallen by almost 2 percentage points. Colorado now ranks as the state with the 2nd highest worker participation rate in the country. 

Over the past 12 months, nearly 107,000 jobs have been added in the private sector alone.

Screen Shot 2022 11 28 At 10423 Pm
Graph provided by the U.S. Bureau of Labor Statistics and taken from this site.

The private sector industries that have recorded the greatest amount of job growth include manufacturing (no doubt as a consequence of government initiatives to help American-made products), transportation, construction and engineering, and utilities, with health and education not far behind.

In addition to more jobs being added to the market, we are seeing an increase in compensation and a decrease in restrictions (such as vaccine mandates which have largely been lifted). This is due mainly to the fact that companies are scrambling to fill positions in the midst of an unprecedented labor shortage.

The Salary Transparency Law

In an effort to combat wage inequally between male and female members of the workforce, Colorado enacted the Equal Pay for Equal Work Act. This act went into effect in January 2021. The law requires all companies state-wide to disclose salary ranges in their job offers. The law also requires companies to perform regular pay audits and keep detailed accounts

The law aims to reduce – if not eliminate – wage discrimination through actionable measures in transparency and accountability.

The Bottom Line

While many states in the union are showing signs of economic downturn, the Colorado job market is particularly favorable for job seekers. There are twice as many job openings as there are people looking for work. Across both the public and the private sectors, we are seeing companies and institutions raise compensation and decrease restrictions in an effort to combat the labor shortage. Additionally, a new law went into effect in 2021 to help prevent wage discrimination through transparency and accountability.

 

Russell RidgewayRussell Ridgeway is an American writer based in Budapest, Hungary. He writes in business, tech, and fashion, as well as creative fiction. You can reach him by email ([email protected]), or on LinkedIn and other social media platforms.

DMCC Rolls Out the Red Carpet at Annual Business Awards

Last month on April 29, the Denver Metro Chamber of Commerce (DMCC) bestowed its highest business honors to six organizations — two nonprofits and four companies — at Infinity Park, in Glendale. The awards and celebration were presented by BOK Financial and emceed by Reggie Rivers, former Denver Broncos running back and president of The Gala Team.

This annual event recognizes outstanding local businesses and organizations that are making an impact in Colorado and across the globe in their respective industries — from counseling, recycling, to plumbing services. Last year, the DMCC pivoted to a virtual award show due to COVID concerns but was pleased to be back in-person this year. In attendance, were 316 business and community leaders, including ColoradoBiz.

“All of the organizations we’ve recognized today have been so different in budget, size, service, and industry,” said J. J. Ament, president and CEO of DMCC. “But all of them are similar in that they play a crucial role in strengthening Denver’s economy and community. They help make Metro Denver a great region for living, working, and doing business, and we are so happy that we could bring everyone together today.”

The awards were presented in six categories: Small Nonprofit, Large Nonprofit, Small Business, Woman- or BIPOC-owned, Start-up, and Disruptor of the Year.

[gtx_gallery]

Small Nonprofit of the Year: WeeCycle

Sponsored by: Emerge.

Dress for Success Denver, and Economic Literacy Colorado, were named runners-up.

 

Large Nonprofit of the Year: CareerWise Colorado

Sponsored by: Comcast

Mile High United Way, and A Precious Child, were named runners-up.

 

Small Business of the Year: High 5 Plumbing

Sponsored by: Delta Dental of Colorado

Rupp’s Drums, and Tributary Real Estate, were named runners-up.

Woman- or BIPOC-owned Business of the Year: Barefoot PR

Sponsored by: Xcel Energy

Diverse Talent, LLC, and Marisol Solarte-Erlacher, M.A., LPC and Associates, were named runners-up.

Start-Up Business of the Year: Collective Counseling Solutions

Sponsored by: Emergenetics International

An Artist Prints, and BreakAway Meetings, were named runners-up.

Disruptor of the Year: MIKADO International

Sponsored by: First Onsite

GoQAV – Quality Audio Video was named runner-up.

 

(VIDEOS AND PHOTOGRAPHY, COURTESY OF: DENVER METRO CHAMBER OF COMMERCE)

About the Denver Metro Chamber of Commerce
Our goal has been simple: to put more Coloradans to work. We’ve been doing it for 150 years with a reach that goes beyond the metro area representing 3,000 companies and their 300,000 employees. We have resources for businesses large and small, whether you want to grow your business by making key leads or you want to build relationships with our region’s leading executives while shaping public policy and economic development. With our affiliates, the Chamber plays a vital role in defining the economic landscape of our state.

Business leaders launch movement to build more diverse Colorado economy

Denver-area business leaders recently launched the Colorado Inclusive Economy, a new movement aimed at rebuilding the state’s economy to work more effectively for all Coloradans. Employers who join the movement commit to hiring and advancing employees of color, developing more supportive workplace cultures and investing in workforce development to create a more diverse and skilled pipeline of talent.

“This is a real moment of awakening for the business community. The pandemic and Black Lives Matter protests have revealed economic disparities and institutional racism that we can no longer ignore. Working collectively and diligently, we can make Colorado a state where every resident has access to the same opportunities and the ability to reap equal rewards,” says Jandel Allen-Davis, M.D., CEO of Craig Hospital and a founding leader of Colorado Inclusive Economy.

Colorado’s economy has been among the strongest in the nation in recent years, but not everyone has participated in that prosperity, with communities of color continuing to lag behind economically. The COVID-19 crisis disproportionately impacted both the health and finances of Black and Hispanic Americans, who tend to work in service industries and in low-wage jobs most affected by coronavirus-related shutdowns. While the unemployment rate for white workers rose to 14.2% in March, the African-American rate jumped to 16.7%, and unemployment among Latinos was 18.9%

The Inclusive Economy movement is not only focused on getting individuals from marginalized populations back to work, but into higher-paying positions that offer long- term career growth. The group’s plan is to collectively hire and develop workers from underserved communities into career-path jobs offering salaries of $40,000 and above and to foster their professional development and advancement.

The group’s founding members represent both public and private sector employers, including Denver Health, IMA Financial Group, Denver Museum of Nature and Science, Craig Hospital, Pinnacol Assurance, Bow River Capital, the Blackstone Entrepreneurs Network and Janus Henderson.

“We invite and challenge our fellow business leaders to join us to build an economy that reflects both the diversity of our state and our common values of shared prosperity. History is calling us to co-create a society where all can flourish,” says Helen Young Hayes, founder of Activate Workforce Solutions and executive sponsor of Colorado Inclusive Economy.

Building a more inclusive culture not only increases economic opportunities but also provides a number of benefits for employers. Diversity can help with overall recruiting, reports Glassdoor, with 67% of job seekers considering a diverse workforce an important factor when evaluating companies and job offers. Racially and ethnically diverse companies are 35% more likely to outperform their competitors, according to McKinsey & Company.

The steering committee guiding Inclusive Economy’s work is developing a list of best practices, a toolkit and other resources to help employers transform their recruiting, hiring, on-boarding, and advancement processes to support a diverse workforce. The committee is also building a database of subject matter experts to help employers implement and optimize workforce diversity programs.

“We’re pleased to be a founding member of Colorado Inclusive Economy and look forward to collaborating with business leaders across the state on this important initiative,” says Blair E. Richardson, CEO of Bow River Capital. “Recent events have revealed the social and economic disparities that exist for women and people of color in Colorado and nationwide. It’s imperative that business leaders join forces to address this issue in a meaningful way.”

Inclusive Economy’s 10-year goal is to demonstrate a collective improvement in the diversity of all levels of staff, from entry-level to managers to executives and board members, along with equitable compensation practices among all groups. The group plans to report its progress by sharing collective data on gains made in workforce diversity, employment and wealth creation.