We, of course, didn’t just start a New Year in January. We also started a new decade. And considering how much the employment marketplace has changed during the past 10 years, now is the perfect time to address hiring challenges.
That’s because, while the country was not technically in a recession in 2010, it was still feeling the effects of the Great Recession, which occurred a few years before. The economic recovery really didn’t gain momentum until a few years later, and the momentum lasted all the way through the end of the decade. And as you probably already know, we’re still experiencing that momentum.
So what’s going to happen with hiring this year? And more importantly, what’s going to happen with it in the new decade? In a nutshell, all of the challenges that exist in the employment marketplace will continue to exist. Not only that, but those challenges might also be bigger and new challenges could emerge, as well!
So what are two of the biggest hiring challenges in the current marketplace?
#1—Low unemployment rate
At the end of 2019, the National Unemployment Rate in the country was 3.5%, which is a historically low level. In fact, the unemployment rate has been historically low for quite a while now and it appears as though it will continue to be low for the foreseeable future.
#2—Increasingly more job openings
According to a recent Money.com article, America is entering the 2020s with more than 7.3 million job openings. To put that into perspective, that’s about three times as many as it began the last decade.
So what does that mean in terms of the number of unemployed job seekers? Well, according to the Bureau of Labor Statistics, there were 1.4 million more job openings than unemployed job seekers at the beginning of the year.
When there is a low unemployment rate and more job openings, it becomes more difficult to find and then hire the job candidates you need. That’s why it’s important to consider aligning yourself with an experienced recruiting firm that has a track record of finding the candidates that your company or organization wants to hire.
The costs associated with leaving an important position open for too long can be astronomical. That’s not something that your organization can afford to do. After all, we’re in a candidate-driven market, and there’s a good chance that we’ll be in one for the remainder of 2020 and perhaps into 2021, as well.
If you’re looking to hire exceptional candidates, then we invite you to connect with our team today and see what The Doepker Group can do for your organization.
We also invite you to click HERE to find out even more about the many services that we offer to employers.