Wednesday, April 8, 2015

Economic Recovery; Fact or Fiction?

Lately we have been talking about the strengths of top talent.  However, a large influencing factor that determines if top talent goes anywhere is the dark shadow.  The crow on our shoulder. The all-encompassing; state of the economy. 

The economic state is the catalyst that drives talent acquisition.  HR managers across every discipline have a unique view on employment trends. Since they hire, fire, measure engagement and perform other tasks that measure the health of the labor force, they know when there are signs of recovery in the economy.

The first indication of economic health is lowering unemployment rates.  Unemployment is at its lowest level since 2008, around 5.7%.  More people found work in 2014 than in any of the past 15 years.

A second indication of a healthy economy is; job creation is strong. There are around 5 million job openings currently.

The third sign is; in many industries, people are quitting.  While this may seem counter-intuitive, this means that workers are confident there are better opportunities available.

However, there is an important element missing.  Higher wages.  Rising wages have not kept pace with other economic and employment gains.  

All of these add up to the determination that HR managers need to return to people management practices.  Aggressively recruiting new talent, retaining best employees, and investing in our workforce will be crucial.  This is a talent driven market.

If you need help finding that top talent, contact Connor|Caitlin.