Some Disturbing Numbers in the Labor Market

Good morning! Hope you had a nice weekend.

Where are all of the workers?

We’ve talked a lot about the?“resilient” job market over the past few months. The stock market is a roller coaster ride these days. But the job market continues to power on.?A month ago, I suggested we stop being “shocked by the positive job reports."?

Last week’s Barron’s echoed a lot of the same points. There is a shortage of workers in our country.?And it is going to get worse.

Don’t have a Barron’s subscription??Or not looking to spend 15 minutes reading the article??That’s fine.?Here are three charts that tell the whole story.

1) Job Openings are near an all-time high. Unemployment is near an all-time low.?

2) Baby boomers are retiring. Is it 10,000 per day like I keep hearing? Hard to say. Either way, the number of retired people is going up.?

3) Our immigration policy is not keeping up

We aren’t making up the gap with immigrants. This hurts at all ends of the job market. From a reduction in H1b visas (for skilled engineers and tech workers) to having fewer people for manufacturing and services jobs. We are feeling the pinch everywhere.

What does this all mean??In the short term, I don’t know.?But investing in talent plus understanding when to utilize AI and automation to make up for a lack of talent seems like a good strategy.?

Do we have all of the answers at Hirewell??

Nope.?But good people are going to continue to be hard to find.?And technology to help companies do more with less will become more important than ever.?[INSERT SHAMELESS PLUG FOR Sourcewell, our AI sourcing tool].?We are offering free trials.?Hit me up if you are interested.

Let’s talk Career Pivoting?

Education is another profession that is being hit hard by the worker shortage.?

There has been an increase of teachers pivoting from the classroom to the corporate world.?Matt Tokarz?&?Nicole Magats?talk with Hirewell’s teachers turned recruiters. Two newer Hirewell recruiters,?Kierra Kohlbeck?&?Margarita Stahl, and two old pros,?Tully Dunn?&?Emily Goor, share their perspectives on pivoting, challenges that come up, and advice on how to be strategic when you’re figuring out where to begin.

Check it out!

—Matt?Founder, CEO - Hirewell

THE RECAP

Didn't catch our last newsletter? Get it?here.

The 10 Minute Talent Rant, Episode 50 "We're Evaluating Talent Wrong"

With age comes self-reflection (hopefully.) Those moments where you look back, ponder your existence, and question if you’d do anything differently.

If you’re thinking “you mean how we’ve been evaluating talent all these years?” we thought the same!

That goes for how we conduct interviews and how we manage teams. Everything from “bad” answers that really weren’t bad answers. To whether our KPIs really value results over time spent (or wasted?)?

The 10 Minute Talent Rant?turned 50 (episodes) last week so?Jeff Smith?and?James Hornick?celebrated their show’s mid-life crisis with?"We’re Evaluating Talent Wrong"?