Unemployment in the US dips to 3.6%, lowest in 50 years

It has become more challenging to find competent talent since unemployment has fallen drastically.

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According to the US Bureau of Statistics’ (BLS) monthly jobs report, the US gained 263,000 nonfarm jobs in April. This indicates a 67,000 increase in growth since March.

The unemployment rate has gone down from 3.8 per cent in March to 3.6 per cent in April, across most worker groups. However, there was little or no improvement in the rates as far as blacks and teenagers are concerned.

The industries that witnessed the largest growth were professionals and business services (+76,000), construction (+33,000) and healthcare (+27,000).

Finding competent talent is becoming difficult for HR, since the unemployment rate is falling. A survey from XpertHR revealed that a 3.6 per cent unemployment rate ensures that hiring talent will remain a key consideration for companies of all sizes.

Retailers continue to raise the minimum wage to attract and retain workers in competition for talent, including big names, such as Target and Amazon.

Manpower has become a differentiator for most organisations, as employees are at the centre of transformation. Companies are announcing pay hikes and other incentives for workers to retain them in an employee-driven market.

Moreover, retailers have added new communication platforms or scheduling tools to improve the hourly employee experience, which is key in a tough talent market.

In order to improve the talent acquisition process, companies are also paying more attention to job descriptions. An attempt is being made to clearly state the skills required for various jobs.

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