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New Jobs Report Shows Employee Opportunities

In residential real estate, you have probably heard of the term “seller’s market” when there are very few homes available for sale in a high demand area. As a result, sellers can ask for higher prices, and aggressive buyers will be willing to pay for the house.

The latest Job Openings and Labor Turnover Survey (JOLTS) by the Bureau of Labor Statistics came out on June 6. The report is released one month after the survey is taken, so it is actually for the month of April. But, experts consider it to be more accurate than the Department of Labor’s unemployment report because it contains details on hiring and layoffs.

The highlight of the JOLTS report is this: there is a job opening in the United States for every 1.2 unemployed person. Meaning for the first time in anyone’s memory, there is a job for every unemployed person. By comparison, during the recession in 2009, there were 6.6 unemployed people for every one job opening.

You can call this an “employees market.” If you don’t have a job, or you are looking for a job, you can shop around a little to find the right situation. It also means employers are going to have to potentially pay more for the right employee in terms of salary, work-life benefits like vacations or time off, or provide specific training or guarantees for future promotions.

Employees are aware of the opportunities out there right now. The JOLTS report says in April alone, 3 million people quit their jobs, simply because they have the confidence that there are other jobs out there that could provide better opportunities. The report defines “quits” as voluntary separations initiated by employees. It is the highest number of “quits” in the history of the report. During the recession between 2008 and 2010, there were more layoffs than quits. In April of 2017, 3 million people quit their jobs, while employers reported 1.4 million layoffs, which is also the largest difference in the history of the JOLTS report.

For more information on recruitment and retention, tED magazine has been providing monthly stories on how to find the right employees along with how to train and retain them every month. Page 42 of the June issue of tED magazine explains how one NAED member is attracting and keeping new Millennial employees.

 

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