As you are most likely aware, the world has changed rapidly in the last 2 years. And with it, the job market.
Operations are struggling to find qualified candidates or candidates at all for open positions. A new report shows 11.5 million job openings in March 2022—the highest ever recorded. This is coupled with the April unemployment number at around 3.6%, a historic low since the pandemic hit.
Additionally, there are less people in the workforce overall than before the pandemic. The Labor Force Participation rate tracks the number of people working or looking for work compared to the overall total population. Before the pandemic, it was holding steady at around 65%. Now, it’s around 62%.
And while that may seem like a small percentage, it translates to millions of people who left the working population from everything to early retirement and women leaving the workplace to care for children. This number has been steadily increasing in recent months, but not enough to offset the millions of open jobs.
Our own research mimics these national trends with 66% employers reporting not having enough workers on the busiest days during peak season. And many struggled with recruitment this year.
All of these factors combined means a new reality for operations today. While national trends are helpful to get the big picture, we wanted to go straight to the source and dive deeper into the mind of the associate.
What are employees looking for now? What can companies do to adapt to this changed market? We’ll discuss all of this and more in the following guide.
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