U.S. Economic Growth Set to Be the 'Biggest in Decades'

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United States (US) economic growth could be “the biggest in decades” as first-quarter growth looks set to reach 10%. Questionmark, the online assessment provider, is urging employers to ensure their people have the skills and capacity to ride the wave of recovery.

Recent government stimulus contributed to a personal income surge of 10% in January. This income, along with $4 trillion of collective savings, could be released into the economy as social distancing regulations ease.

A survey for Harris Insights and Analytics shows that consumers intend to spend on travel and experiences such as concerts and sporting events4. But economists also predict that malls across the country will benefit from an influx of “revenge spending.” This is when consumers enthusiastically part with their cash to compensate for the purchases and experiences they have been forced to forgo.5

Employers must ensure that workers have the skills to cope with increased demand. This will include:

• Checking that returning staff, who have been out of work, still have the skills to do their job
• Ensuring that the workforce can operate new technologies that have become popular with consumers during the pandemic, such as contactless payments
• Ensuring that any temporary staff needed to bolster capacity have the skills to hit the ground running

Lars Pedersen, CEO of Questionmark, said: “Consumers have cash in their pockets and after a year of enforced restraint, they are determined to spend it. While spending will initially be focused on certain industries, it will quickly have a knock-on effect across the economy.

“Employers must ensure they are ready. Their staff need the skills and attitude to be adaptable and to keep pace with new technologies. Measuring staff skills with online assessments can give employers the confidence they need that their team is ready to ride the wave.”

Measuring the quality of workforce skills with online assessments can give employers the information they need to make better people-related decisions. Assessments can identify strengths and weaknesses across teams and business functions. They can reveal which staff have the attitude to adjust to new situations.

Employers can use assessments to create relevant and tailored training programs. Further assessments can check that the training worked.

By testing candidates before making the decision to hire them, employers can ensure that new starters or temporary staff have the skills and attitudes that will ensure they hit the ground running. 

The Questionmark enterprise-grade platform makes assessment content easy to create and adapt. The platform automatically marks papers and instantly compiles results. It is easy to spot trends and patterns. When the stakes are high, a range of anti-cheating measures are available.