We're almost halfway through the year, and nearly three-fourths of organizations said at the beginning of the year that they were planning to hire this year. Many of those organizations may have already made their hires. Others may still be looking to fill positions, or may not have started hiring those that they planned to hire in 2014. Companies who aren't yet finished hiring for the year need to pay attention, as any recruiting challenges you may be facing might only get tougher to overcome. The following three eye-opening statistics reflect today's hiring and recruiting landscape, and suggest acquiring the best talent isn't going to get any easier.
Statistic #1: The U.S.'s Employment Participation Rate is at 63.2%
The employment participant is defined as anyone between the ages of 16 and 64 who is employed or is currently seeking a job. Typically, the employment participation rate (which is also known as the labor force participation rate) hovers between 67 and 68 percent. With the participation rate, as of March 2014, at 63.2% it means that more than 90 million Americans are no longer employed or looking for work, instead of the normal 70 million. In the last 13 years, an additional 20 million people have taken themselves out of the workforce, for whatever reason.
"It also says we have a lower population to recruit from," said Ray Rike, chief operations officer with Accolo. "So, in those functions where there's a war for talent... it's going to force us to be even more intelligent and smart about the way we're going out and recruiting great employees today."