Today’s job market causes debate these days. Nerves are still rattled after the recession, and employment rates haven’t quite hit pre-recession levels. But the latest reports from the Labor Bureau are promising, which means employer challenges in retaining top talent. Let’s chat for a minute about the changing job market and steps you can take.
According to the 2017 Associated Press job statistics report:
- Job openings rose 1.6% in January, equaling 5.6 million jobs
- 2 million people quit their jobs that same month, the most in 16 years
The increase in job growth is great news for those seeking employment. But employers might be nervous—what’s going on with that quit rate?
Turns out, the increase in jobs and the rise in quitting have economists optimistic about the health of the market. People usually quit a job when they already have another one lined up or are expecting to get hired again within the next three months.
What does this mean for you? As employees seek greener pastures for more money, businesses and recruiters may be tasked with offering bonuses, higher wages, and other perks to hold onto talented workers. Recruitment strategies will become vital to staying competitive in a market flooded with opportunities. But never fear, we’ve put together a handy, free tool designed to help you combat the quit rate statistics: 8 Tips for Retaining Top Talent.
But there’s more to the story. According to Forbes, the March 2017 job report was much lower than forecasted—adding just 98,000 jobs, about half as many as were expected. As a result, some economists are foreseeing a stalled market. But let’s take a minute to see the forest through the trees.
Between 2008 and 2010, nearly 10 million jobs were lost, about 420,000 a month. As the economy recovered, jobs were slowly added back. And since 2011, we have seen considerable growth with over 200,000 jobs added each month—that’s 7 years of steady progression. Hiring also increased in January, up 2.6%. Plus the unemployment rate fell to 4.5%, down from 4.7%. All in all, it looks like we’re on the right track.
At That’s Good HR, we know the job market is critical to employers, but sometimes it’s hard to wade through the data and stay on top of things. That’s why we’re all about helping you stay informed about current employment topics and more importantly, discussing how these current affairs affect you and your business. Let’s stay ahead of the curve together.