Labor & Industry Trends for November 2021
IT'S GETTING BETTER
The October BLS numbers sent a strong message: US economic recovery is back on track. The job market posted very solid gains in October of +530,000, which is very close to the average monthly gain this year. Perhaps even more important, these gains were widely spread across many industries. Also encouraging were the revisions to the August and September BLS numbers, which together added 235,000 jobs. Another positive is that the unemployment rate fell in October to 4.6%, only about 1% above where it was pre-pandemic.
What does this mean for clients seeking skilled technology professionals?
This strength in the labor market, particularly in the higher-skilled technology arena, introduces a whole new set of challenges and opportunities for our clients. First and foremost, the labor data is telling us that, given the growing strength and confidence in the economy, highly skilled professionals are actively seeking better opportunities, and voluntary job "quits" are at a twenty-year high. Correspondingly, layoffs are at a twenty-year low. For clients, this has profound implications.
Highly skilled technology resources now have many options as they plan the next phase of their career and will likely have multiple offers when actively seeking opportunities. Thus, for clients, it is a given that compensation needs to be competitive, but candidates will also be looking at opportunities holistically in the context of their career journey. Work environment, culture, mentoring and skills enhancement are all part of the attraction equation to get the best talent. Your Kforce partner is uniquely positioned to help you win what is now an all-out War for Talent.
About the Author, Michael Blackman
As Chief Corporate Development Officer at Kforce, Michael Blackman, a 29-year Kforce veteran, is the primary focal point for the firm with the Wall Street and financial communities. He is regularly sought out by leading economists for his perspectives on the economy and labor markets, and he contributes to a number of key proprietary economic publications.