U.S. Unemployment Rate Lowest Since 1969
The Bureau of Labor Statistics released information showing that the United States unemployment fell to 3.7 percent in October 2018 (the lowest it has been since 1969). This unemployment rate, which is down from 3.9 percent in August, further solidifies that we are experiencing a strong economy.
Moreover, October saw more people finding employment, with employers adding roughly 250,000 new jobs – particularly in the areas of manufacturing, construction, transportation and warehousing. These figures mean that the longest continuous jobs expansion on record is at 96 months and there appears to be no signs of slowing down. Furthermore, through the first nine months of 2018, employers added 211,000 employees to their payrolls each month, outperforming 2017’s monthly growth average of 182,000 employees.
These labor statistics tell many stories. But, if you’re an employer, the one you should be paying attention to is the one that asks you to consider what it is you are doing to differentiate your company from the competition when it comes to attracting and retaining top talent.
Keep reading for a few tips that could help set you apart.
Enhance Your Offerings
It’s true, strong jobs numbers mean the economy is booming, but this brings challenges for employers who are trying to find qualified employees for their open positions while retaining their existing top talent.
In order to successfully fill your open positions with quality workers, consider the following:
Competitive Wage Packages
In the last year, hourly earnings have increased by 2.9 percent. This is because in a tighter labor market, employers must pay more to hire and retain quality talent.
Flexible Hours
Today, job seekers are looking for a more flexible work schedule. By offering something other than a fixed schedule, you’ll attract more applicants to an open position.
Retirement Plans
Believe it or not, most individuals are thinking about their retirement. With that said, it’s not surprising that offering a retirement plan to your employees will enhance your brand and increase applicants to your job openings.
Strategic Hiring
In order to make sure you’re hiring the perfect candidate for the job, you need to use the available resources. It’s also important to be specific in the job description and conduct pre-screenings before getting too far along in the hiring process.
Know What People Want
Hiring top talent is only part of the process. Retaining employees becomes an important part of operating a successful business.
Take a look at these reasons for why employees stay with a company:
- Respect is given to all employees regardless of status within the company
- Competitive compensation
- Job security
- Opportunities to use their skills and abilities at work
- Trusting relationship between employees and management
Employee retention is incredibly important. Not only is the cost related to replacing an employee considerable, the hit an employee’s departure takes on employee morale, efficiency and effectiveness can be substantial as well.
Hiring and retaining top talent is crucial for any business and for those with a hiring strategy in place, finding the right people for the right jobs will be much easier. Email Rea & Associates to learn more tips to help you attract and retain high-quality employees.
By: Renee West, SHRM, SCP (Renee West HR Solutions)