The current USA unemployment rate stands at 3.7% according to a report released by the Bureau of Labor Statistics, on August 2nd this year. This is fantastic news for the economy with notable job gains occurring in professional and technical services, health care, social assistance, and financial industries.
Regrettably, for those spearheading the supply side of ''job economics" (HR, Recruiters, Hiring Managers), this scenario brought forth its own challenges regarding employee attraction and staff retention. The fact of the matter: we are currently in a CANDIDATE DRIVEN market, which means people can pick and choose you they end up working for and also opt to move along to better opportunities more swiftly than ever before.
One in four employees left their employers in 2018, pursuing the proverbial greener grass of competing companies. Ironically though, nearly 77% of these staff exits could have been prevented if the needs and expectations of employees were met sooner (and it's not all about money matters).
Can we stop the bleeding of staff attrition in an employee-driven market? More on this in our next posting.
Data summarized from this Deloitte Review.