The latest Job Openings and Labor Turnover (JOLT) report, released by the Bureau of Labor Statistics (BLS), has revealed that the number of unfilled jobs in the US is eclipsing 11 million. This is an unprecedented surge compared to pre-pandemic levels, with 1.7 unfilled positions for every job available. This situation has created an immense challenge for employers looking to fill hourly positions in a contracting economic cycle characterized by high-interest rates and reduced access to capital.
Overview of JOLT Report
The JOLT report tracks the monthly hires and separations within the US labor force and provides a snapshot of trends related to hiring and firing over time. In June 2020, 11 million open jobs were recorded, representing a 25% increase year-over-year from 2019 levels and indicating that employers are having trouble finding qualified candidates for their open positions — particularly among hourly workers in certain industries such as QSRs or senior living centers.
Implications for Hourly Employers in a Contracting Economic Cycle
As businesses look to reopen amid an uncertain economic future, they face unique challenges when it comes to staffing their teams with qualified hourly workers — especially those willing to work in volatile market conditions characterized by high-interest rates and limited access to capital.
Employers must also be mindful of accounting for risks such as social distancing protocols, ensuring competitive wages remain competitive and maintaining high standards related to quality assurance and protection against employee fraud or abuse. To ensure stability during these tumultuous times, many employers are turning toward technology solutions such as automation or conversation AI tools that can reduce costs associated with recruiting, onboarding, and training new employees — thereby enabling them to remain competitive even in a contracting economy where access to labor may be scarce.
Job Openings and Unfilled Positions
The most recent JOLT (Job Openings and Labor Turnover) report from the US Bureau of Labor Statistics shows 11 million job openings in the US, with 1.7 unfilled positions for every job. This data signals a major shift in the job market, especially for hourly employers.
With more job openings than ever before, employers must find ways to fill those positions quickly and efficiently. Competition for available workers is fierce, and those who can capitalize on the new opportunities should be able to find success.
At first glance, employers may have the upper hand when filling open positions. However, this situation is complicated by an increasingly contracting economy due to current global events. Even as unemployment rises, businesses still need to compete with each other for top talent to stay competitive and successful.
To fill open positions quickly, employers must be agile and take advantage of new technology solutions like Chattr that can automate certain processes associated with hiring, such as resume screening and scheduling interviews. Automation can help save time while also allowing employers access to a larger pool of potential employees that they might not otherwise have access to, given limited resources.
Furthermore, automation also allows employers to source candidates based on specific criteria and skillsets rather than relying solely on resumes or referrals from existing employees. This means that companies can reach broader demographics when recruiting for hourly positions, potentially leading to improved workforce diversity.
In essence, the JOLT report reinforces the importance of agility among employers in a contracting economic cycle and leveraging new technologies like Chattr to maximize their chances of finding qualified candidates quickly and effectively for open hourly positions available today.
Hiring Technology and Chattr
In today’s fiercely competitive job market, employers must employ innovative strategies to secure the most suitable candidates for their available positions. Harnessing cutting-edge hiring technology, such as the AI-powered chatbots provided by Chattr, can significantly enhance the recruitment process. Chattr’s state-of-the-art digital recruiting assistant is expertly designed to rapidly sift through thousands of qualified applicants, enabling employers to pinpoint and engage those who fulfill their unique criteria effortlessly.
Crucially, Chattr’s technology is engineered to engage top candidates instantly and book interviews without delay. This feature is paramount because 93% of candidates will likely be lost if not engaged within 36 hours. By ensuring a swift response, companies can seize the opportunity to recruit the best candidates before their competitors have a chance.
In a job landscape where the ratio of available positions to applicants is 2 to 1, utilizing Chattr’s digital recruiting assistant can make a substantial difference. The platform not only aids in identifying suitable candidates but streamlines the onboarding process and automates communication with potential hires. The result is a highly efficient and seamless recruitment experience that positions your organization ahead of the competition and enables you to secure top talent easily.
Benefits of Hiring Technology
The use of hiring technology has become increasingly important in today’s job market due to its ability to quickly and effectively match job seekers with relevant opportunities. By using AI-driven platforms such as Chattr, recruiters can save time on manual tasks such as applicant screening and review—making it easier to find qualified people who meet the specific requirements for each position faster than ever before. Additionally, automated recruitment platforms like Chattr allow employers to more accurately track hiring metrics over time, ensuring that applicants receive timely feedback on their applications regardless of when they submit them.
How Chattr Can Help Bridge the Gap Between Job Openings and Unfilled Positions
The recent JOLT report showed just shy of 11 million open jobs with only 1.7 unfilled positions per job – making it harder than ever for employers to find quality talent quickly enough in a crowded marketplace where competition is high for every open position. This is where advantages like those offered by Chattr come into play; by leveraging an AI-driven platform such as this one, employers can more efficiently screen through large numbers of applicants in order to identify those who fit specific qualifications needed for each role, ultimately helping them fill vacant roles much faster than traditional methods would allow them to do so!
Implications for Hourly Employers in a Contracting Economic Cycle
As hourly employment continues to remain a popular option amongst many job seekers during these uncertain times, it is also important for hourly employers to be aware of the impact that advancements in hiring technology have on their businesses as well – especially during an economic contraction which may make it even harder for them to locate suitable employees amongst larger applicant pools and inflated competition levels from other companies seeking workers with similar skillsets or experience levels too! By leveraging automated recruitment solutions like those offered by Chattr, however, these employers can streamline their search processes while simultaneously providing better customer service experiences (since they will be able to communicate much more rapidly) – ultimately allowing them to acquire top talent at a much faster rate than would otherwise be possible during these trying times!
Final Thoughts
In conclusion, hiring technology like Chattr can be a powerful tool for employers who are looking to identify and hire the best possible applicants quickly. Its AI-driven platform saves recruiters time on manual tasks such as applicant screening and review while providing valuable insights into their recruitment process over time. With its ability to bridge the gap between job openings and unfilled positions, this type of automated technology is particularly beneficial in a contracting economic cycle where competition for qualified hourly employees is high. Therefore, leveraging an advanced recruiting system such as Chattr could prove invaluable when finding top talent faster than ever!
