The news is out – the latest jobs report showed that the pace of job creation last month reached levels not seen since November. And that’s not all. Hiring was seen across multiple sectors – allowing for people in all industries to rejoice with new job prospects.
According to the Department of Labor, the biggest increase in hiring was seen in professional services – with 73,000 jobs added in February. Construction added an additional 48,000 jobs, healthcare rose by 32,000 and retail added 24,000. Overall, the unemployment rate fell to 7.7 percent – a welcome sight for all.
The number of people added who found jobs in February easily topped estimates made by economists. The Wall Street Journal reported that economists predicted that 160,000 jobs would be created during the month, and the unemployment rate was forecast to remain the same.
So, what does this mean for us in the staffing world? It means that the percentage of people who have a job or are looking for one fell to 63.5 percent – the lowest it has been in 32 years (not an exaggeration). While fewer people are looking for work, companies are still looking to hire skilled professionals.
However, it’s not too uncommon for employers to report that they are disappointed by the lack of skilled labor they are seeing in the marketplace. Jobs are left open all the time because companies can’t seem to find the workers who know the right systems or have expertise – and the experience to back it up.
The improving economy also means that many professionals that might fit a client’s needs are not on the unemployment line. Often they are working for another company and so are part of the passive job-seeking force. Recruiting and staffing firms often have to work hard to attract these professionals to new opportunities with the offer that most resonates with the candidate. In addition, you know your clients are going to feel better being presented with candidates who can have a positive impact on their business in a short period of time.
Recruiters like you know this well. After all, it’s your job to pinpoint the needs of clients and then, using your resources, find the right candidates from your candidate pool for a position or even multiple positions. That’s where your recruiting software comes into play. When your software enables you to effectively grow, track, and manage your candidate pool, it allows you to better find and select the candidates that clients want to see.