The US’s economy had a significant positive trend in March as jobs added to the market had the biggest gains since last August. Businesses added 916,000 jobs, which was above expectations by economists. It is also a significant increase over February, where employers added 468,000 jobs. Another remarkable thing to note is that the rebounding sectors are the ones hit hardest during the pandemic, like restaurants and bars, which accounted for more than 10% of the jobs added in March.
This news comes at a time when a lot of job seekers need hope. A new Pew Research Center survey finds that about half of U.S. adults who are currently unemployed, furloughed or temporarily laid off and are looking for a job are pessimistic about their prospects for future employment. Moreover, most say they’ve seriously considered changing fields or occupations since they’ve been unemployed. Many say they’ve experienced more emotional or mental health issues during the time they’ve been out of work.
Another segment of job seekers that experienced strong growth are professionals and executives, as the availability of new six-figure jobs has risen significantly higher than before the pandemic started. The author, Robin Ryan, says that she is seeing many executives in career counseling practice feeling like it might be time to search for a new position or move on. This aligns with the predictions made about the anticipated large increase in turnover that organizations are expected to see soon.
If you haven’t already, you should analyze your hiring processes and prepare your organization for the increase in postings and hiring that are likely to come. Pivoting to using a data-driven approach to sourcing talent will allow you to make better hires and figure out who is most likely to succeed in a position. You can take a data-driven approach by using hiring assessments with psychometric testing allows you to uncover the innate wiring of potential candidates during the hiring process, circumventing the subjective nature of interviews and resumes.