Perspective On Falling Unemployment Rate
Employer and Employee Perspective On A Falling Unemployment Rate
The SC unemployment rate is shrinking – well ahead of the national average. Employers are opening back up, adjusting work conditions, PPE requirements and routine sanitation efforts. With those plans in place, major ramp-ups are occurring all over the state.
The most recent data from SCDEW shows the seasonally adjusted unemployment rate, which stood at 12.4% in May, dropped to 8.7% in June. The U.S. national average is 11.1%. This equates to more than 105,000 returning to work in June 2020.
Pre COVID-19, many SC municipalities’ local unemployment rates were steadily below 3% so while the candidate market is not as tight as it was in the first quarter, it is trending back in favor of eligible applicants.
What this means for employers:
With high numbers of job openings, candidates will be especially aware of the differences in pay, benefits, shift availability and culture. How you market your company (and the job opportunity) will become a key factor in attracting the right talent when they are seeking that next opportunity.
Ramp-ups in hiring create administrative pressures on HR, payroll, and benefits departments. Couple that with the necessity of new hire training and orientations on operations groups and everyone feels the pressure to meet customer demand (more so than usual). Falling behind in your ramp-up plan snowballs week, by week, by week.
Solution: Effectively marketing your opportunity will fill the top of your candidate pipeline and help prevent that snowball. Take a close look at how your job postings appear to a candidate and all the ways you can reach the most eligible candidates.
What this means for jobseekers:
If you are unemployed (or under employed) this is a great time for you! Multiple opportunities in every industry exist and this could be your chance to not just improve your financial position, but also your quality of life: a shorter commute, a different shift, a new trade, etc. Opportunities abound!
There is some cause for concern though. If you wait to upgrade your position or re-enter the job market – you could find your options limited in a short while. If the new jobs trend continues – 200,000 of your neighbors could be back to work in the next 2 months – bringing unemployment back near Pre COVID-19 numbers.
Solution: Do not put off getting that next opportunity. Visit job boards, employment and staffing offices, independent recruiters and visit specific websites of that employer that you know would be a good fit for your career. Give your resume a fresh look and start applying. Utilize your network and work those referrals.
This time in our history will be remembered for the chaos and uncertainty we all faced. Hopefully, as we all begin to recover, you will have at least one positive memory about how you overcame the pandemic and successfully maneuvered your employment challenges. Good luck and be well!