What does higher unemployment mean?

We’ve been living through a period of plentiful jobs for workers for the most part, but what does it mean as we start inching to a higher unemployment rate? Can you take workers for granted, knowing there’s likely someone else waiting in the wings for the job?

Lately, the unemployment rate has been ranging in the 4.3% range, up from historic lows in the 3% range. However, the reality of the situation is that we still need to value our employees and appreciate the skills and talents they bring to the job.  When employment is mutually beneficial, we all win.

There are certainly industries and positions that can be easier and/or harder to replace, so those factors must be considered regardless of unemployment rates. But even if you’re in a position with several candidates, you can’t take for granted that you’ll get the best employees for your organization if you’re not proactive.

As managers, we need to be clear in our expectations, realistic in our needs

of skills and talents, consistent in our accountabilities, and encourage growth and forward momentum with our staff.  When hiring, make sure you really look at the job description to determine if changes should be made.  Focus on the skills and experiences needed for success and be clear on these with potential candidates. Ask about their growth goals to see if they align with your needs.

Once on board, seek feedback from both new and longer tenured employees.  What’s going well?  What needs to be improved?  Are all employees learning and growing?

Whether or not higher unemployment rates affect your organization, being clear in expectations, holding everyone accountable, and fostering growth will help attract and retain the best candidates.

#positivity #unemployment #managementsolutions #hrconsulting

Clarity in needed skills and fostering growth helps attract and retain staff.