Employers in the U.S. currently face a crucial challenge – how to fill nearly 10 million job openings with about a million fewer workers than there are positions available.
The Department of Labor reported Friday that there are some 8.7 million potential workers who have been looking for jobs and are presently unemployed. At the same time, job placement site Indeed estimates there were about 9.8 million job vacancies as of July 16.
Companies have been using a variety of techniques, including signing bonuses, higher salaries and flexible working arrangements, to entice workers. That will likely continue as the Covid-19 pandemic changes the jobs market, perhaps forever.
“This is one of the most complex labor markets in recent memory,” said Scott Hamilton, global managing director for the human resources and compensation consulting practice at Gallagher, a global insurance brokerage, risk management and consulting firm. “One of the biggest factors is employers are essentially having to buy back job applicants’ Covid lifestyle.”
