Economists are saying that the employment-population ratio is currently a more accurate illustration of the labor market than the unemployment rate. The Labor Department estimates that “there are 6.6 million people who want a job but have left the labor force for one reason or another. That's the highest reading in 17 years, and an increase of 1.9 million since the start of the recession.”
This mass exodus of talent on all spectrums is occurring in the aftermath of this recession. Therefore, swarming around right now is the mass storm of resumes overflowing employers as people start looking to leave their current jobs.
Last month, only 58.1% of Americans age 16 and over were employed, a significant drop from before the recession and the lowest since 1983. With a drop like this in employment, the economy is urging employers to redirect their hiring in the post recession economy. Companies must think out of the box, creating talent pipelines that have call to actions.
Now is the time for job seekers to be proactive in searching and becoming future employees. It's time for companies to rethink workforce strategies, and open up to new hiring process to reduce employee turnover before the talent supply chain disappears.
Time is of the essences, prepare your talent strategies to retain and obtain the first round pick at top talent, and create an unstoppable workforce.
By: Emily Eastman