It’s official: For the first time in U.S. history, there are more job openings than job seekers. The U.S. Department of Labor issued survey results this week showing a record 6.7 million available jobs in the U.S. during the month of April. Previously released data showed 6.3 million job seekers in April and 6.1 million job seekers during the month of May.
For years, we’ve known there’s been a worker shortage in certain industries: for skilled labor in manufacturing, construction, oil & gas, and technology, for instance. But this is the first time that a shortage has been measured across the board in all sectors.
This news may seem bleak for employers, but the current job market does still hold some opportunities for those willing to get creative. For one, wages have remained relatively stagnant for the past two years. Also, the number of employers offering health insurance to workers fell to less than half in 2017. Work culture and management play a role in retention, too. So if you can compete in areas like wages, perks and culture, you’ll have an upper hand. Contact us for more ideas on how you can attract top talent in the most competitive job market in history.