John Sumser of the Electronic Recruiting News alerts us to the most-recent publication of The Labor Advocate, produced by the US Department of Labor. The Winter edition points to several strong indicators:
- 4.7% unemployment — the lowest monthly rate since July 2001 and lower than the average of the 1970s, 1980s and 1990s
- Over 2 million jobs created in 2005
- Construction spending rose in December to a record high of $1.12 trillion
- Manufacturing activity grew for the 32nd consecutive month in January 2006
- Housing starts in 2005 rose to 2.065 million units — 5.6% over 2004 and the highest level in over 30 years
- Consumer confidence is at its highest level in 3 years
Download the entire edition of the The Labor Advocate
What does this mean for employers? With respect to recruiting, my list reads like this:
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Finding your perfect candidate will be harder than ever.
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The best talent in the industry are right now looking seriously at leaving the cocoon they've been in for the last 5 years--they're looking.
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Your own employees are looking (probably right this very second) for a new gig.
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People are more willing to take serious risks, jump-ship, start a startup, etc--the market is booming. Even if you fall, there's at least 5 years left to recover before the next recession. Now is the time to make bold moves. People will be doing it in droves.
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Non-traditional work options are more attractive than ever. "Workin' nine-to-five" is no-longer the "way to make a livin'".
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Moonlight Entrepreneurs are cropping up everywhere. The name of the game right now is wealth-building. Some people got left behind in the last goldrush--they will be the first off the line this time around.
What you can do:
- Harness or help your employees unleash their creative genius. Help to incubate their new ideas, and it may payoff big for both of you.
- You must Become A Lightning Rod for Talent. There's no excuse right now.
- Seriously review: Would you want to work for you? Why? Why not?
- If people are leaving (or you're not finding people to join you) ask a recruiter to meet you on-site, visit your staff, talk to people, and then ask them for their honest opinion--be ready, you'll learn a lot here.
Your thoughts?
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