Is COVID 19 Killing the war for talent?
Don’t bet on it. The American economy is a vast organism that has bounced back quickly from devastating events in the past. Baby boomers are exiting the workforce in ever greater numbers. These vacancies will still need to be filled.
This period of economic slowdown is unknown. We all hope it will be brief but we all realize and accept that the timeframe is unpredictable. We do know that demand for talented employees will increase at some point as the economy begins to rebound from the effects of the COVID bomb.
Our national unemployment rate hovered around 3.5% prior to COVID. That number is real. Ask anyone who was trying to fill any job whatsoever. We acknowledge the unemployment rate is rising during this time, but we also believe that once the first group of employees gets called back to work the multiplier effect will kick in as everyone starts meeting their pent-up demand for goods and services.
So, what do we really know during this uncertain time and what are we doing about it? We know that many candidates we talk to every day are still interested in exploring what the future holds for their next career move. We also know that our clients still and will have important roles to fill in the future.
Watch for our next comments on what to do about it.