Light Industrial Labor’s Shrinking Candidate Pool
Monthly unemployment rates are trending downwards. In fact, the current unemployment rate in the U.S. is 4.9 percent – a record low since 2008, according to the Bureau of Labor Statistics. This is great news for job seekers but what does it mean for employers?
With an abundance of jobs available, candidates are in control of the labor market. Because of this, employers are experiencing a shrinking pool of qualified candidates to fill their ranks. As a result, employers that don’t have a competitive offering will be left behind.
This is especially true of employers seeking light industrial labor candidates. According to a recent study by Deloitte and the Manufacturing Institute, manufacturers will need to fill an estimated 3.5 million jobs through 2025. 2 million of these jobs are expected to go unfilled.
Not only do employers have to worry about what they’re offering, they must be sensitive to how long it takes for them to make an offer. According to the same study, it takes an average of 70 days to recruit skilled production workers. Dr. John Sullivan, a Silicon Valley HR thought-leader specializing in strategic management solutions for large corporations, has found that the top 10 percent of job candidates are gone from the marketplace within 10 days. Therefore, if an employer is taking 70 days to fill their positions, they are not receiving the best talent available.
Want to learn more about all of the factors that are creating a talent shortage in light industrial labor? Check out our white paper, The Shift to a Job-Seeker’s Market and its Effect on the Light Industrial Workforce >