Tight Labor Markets and Low Unemployment – What Can Businesses Do?

The United States has experienced the lowest unemployment numbers since the very beginning of the global COVID-19 pandemic. Reuters published an article recapping the labor market data findings by the DOL, which President Joe Biden recently addressed. The numbers show that for the first time since February 2020, just before the pandemic began, the unemployment rate hit 3.6%; this is an encouraging sign that Americans are returning to the workplace, feel safe, and seizing opportunities that a tight labor market presents. 

However, the United States economy is also experiencing some of the highest inflation rates in 40 years, which will hopefully be quelled by new workers easing the supply chain issues plaguing nearly every industry. The economy has pent-up demand for goods and services as people return to a more normalized state of living, but demand outweighs supply. 

Just as the global supply chain is short on goods, the labor market is still short on laborers, providing active job seekers with a unique advantage to demand more from employers. Job seekers returning to the labor market are greeted by companies forced to offer higher wages, lifestyle incentives, and career path opportunities. With a tight labor market, bustling economy, and low unemployment rates, businesses need to be selective and strategy-focused with their recruiting efforts. 

Open Job Visibility; An Opportunity to Rise Above the Rest

~73% of all job seekers start their job search on Google, the world’s most prolific search engine. However, many businesses do not know how to correctly optimize their online job posts to meet the criteria Google demands for its schema. Jobiak has worked for years to develop AI-driven tools to help businesses not only optimize their job data for Google for Jobs but also rank in the top 20 search results – garnering as much visibility as possible from desirable talent. 

There’s no way around it; businesses face many challenges from a job seeker-friendly labor market. Still, with the right strategies in place and increased job visibility, businesses can elevate themselves above the competition and seize the opportunities. 

Learn how Jobiak recruitment technologies can help your business.

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