Current Labor Indicators
- Total Unemployment: 7.7%
- College Educated Unemployment: 3.8%
- Total Job Loss/Gain: +236,000
- Temporary Penetration Rate: 1.9%
As we watch the employment landscape continue to improve, with the lowest unemployment rate since 2008, we have had the good fortune to visit 16 of our Kforce offices and many key clients. Make no mistake about it, there is a seismic shift occurring that will clearly have an impact on business which has us drawing some important conclusions for employers:
1. Demand for candidates, particularly in technology, remains very strong
Employers need to be aware that there is an unprecedented level of demand for top talent in a number of Kforce’s specialty areas. Unfortunately, the supply and demand imbalance isn’t expected to improve anytime soon.
2. Align pricing and process
As a result of these prevailing market conditions, organizations must shift their hiring strategies to maintain their competitive advantage and acquire the talent needed to successfully meet their business initiatives. Given the extremely short shelf-life of top talent, who are likely receiving multiple offers, pricing and process must be aligned to succeed in this competitive landscape.
3. The consultant is KEY
Employers must understand that top talent with the most in-demand skills now receive multiple competing offers for job opportunities. As a result, employers should present competitive offers quickly, as well as provide a positive work environment to retain these highly sought professionals.
Update on the Flex Super Cycle
Uncertainty around the economy, healthcare reform and a continued migration towards project-based work, particularly in technology, is increasingly leading employers to seek a flexible staffing solution. During our trips to our Kforce offices we continued to see this trend accelerate, hearing from many employers who expect to adjust their hiring strategies and utilize flexible resources as a structural component of their workforce going forward.
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