Simply Hired, a technology company that operates one of the world’s largest job search engines, released it March 2013 U.S. Employment Outlook report on March 6th. The report highlights the job industry and employer trends in national and regional U.S. markets.
The March U.S. Employment Outlook indicates:
- Nationwide, job openings increased by 8.5% in February; year to date job openings have increased 19.6%.
- Job openings increased in each of the top 50 major metro areas. One quarter of the metros experienced double-digit growth.
- Competition for workers is increasing and can be illustrated in another way:
- According to the Bureau of Labor Statistics , while the overall unemployment rate that includes all types of workers was 7.9% in February, it was 3.8% for management, professional and college degreed individuals. If you remember your Economics 101, Milton Friedman made famous the theory of the “natural rate of unemployment” which states full employment presupposes an “unavoidable and acceptable” unemployment rate of somewhere between 4 – 6%. Many economists often settle on a rate of 5%, although some suggest the “new normal” is 6.7%. Therefore, if this is applied to the category of employee we seek – college degreed potential recruits – we find no unemployment.
So what does that mean? It means we will need to recruit harder and work more diligently to retain the good people we employ.
Bureau of Labor Statistics – The Job Openings and Labor Turnover Survey for December 2012