The current low unemployment rate, which has increased slightly to 3.9% in January 2019, is still among the lowest that U.S. employers have seen in years — the lowest being September and November 2018 when it dropped to 3.7%. As with any change in the economy and hiring conditions, there are advantages and disadvantages of low unemployment depending on your role in the hiring process. The low unemployment rate is highly advantageous for workers seeking new opportunities because it means they have many options.
The low unemployment rate presents numerous retention and hiring challenges especially for small businesses, including: Top candidates being in high demand and not remaining in the job market for long; Having more positions open than talent available to fill them; Having to compete more fiercely against competitors for top talent; Not having enough personnel to handle recruiting; Existing employees leave for better opportunities; and Candidates not showing up to interviews (“job ghosting”).
Let L. Campbell Consulting perform all of your recruitment needs and overcome your hiring challenges.