You’ve heard the news for months: “There is a war on for talent” and in fact, 40% of employers say they struggled to find talented candidates to fill jobs in 2016. But why is that? As we embark on another New Year, ETS is giving you insight into the employment climate of 2017 with our 3 part blog series The Impact: 2017 Employment Trends.
In Part 1 – Labor Statistics and Data – ETS Business Intelligence Analyst, Billy Davis, provides an overview of the Unemployment Rate, Labor Participation Rate and GDP Forecast.
Unemployment Rate Analysis: Current unemployment rates are low and trending downward. This puts a tight squeeze on the available and “interested” employee or candidate market. The passive candidate market becomes much more important in a climate of low unemployment.
Labor Force Participation Rate Analysis: The Labor Force is defined as the percentage of the US population (aged 16+) that is either working or seeking work. The Labor Force participation rate is currently at a 35+ year low due to many factors. About 2/3rds of the percentage decline since 2007 can be attributed to Baby Boomers retiring. Regardless of the reasons however, a low labor force participation rate drives the true unemployment rate even higher.
Gross Domestic Product Analysis: GDP (Gross Domestic Product) is used to gauge the health of a country’s economy. The number represents the combined goods and services of a country over a period of time. Typically GDP data is presented as a comparison between two time periods. According to GDP projections the 2017 US economy will grow by over 2%. This increased economic production will lead to a higher demand for quality talent.
Continue to Part 2 of our blog series “The Impact: 2017 Employment Trends” when we analyze these employment trends and discuss what they mean for retention, turnover, and attracting talent.
Want to know more? ETS can give you a personal in-depth analyses of current hiring trends for the Champlain Valley. To set up a meeting, give us a call at 518.562.4673.