What does it take to hire an employee?
Without a doubt, this is one of the most important questions circulating around hiring managers and business owners today. Let's take a look at the most recent statistics from the Bureau of Labor to see just what the job market looks like:
- Record low unemployment: 3.7%
- U.S. economy continues to add jobs: 2.4M jobs created
- Record number of job openings: 7.1M
- Hiring Rate: 3.9%
Here's some of the articles we're reading that highlight just how challenging the labor market is for hourly workers, and what some employers are doing to land top-tier, engaged employees.
📊Although unemployment remains low, there are millions of workers on the edge of the U.S. labor market. Companies are bringing in workers from the sidelines to fill talent gaps and 40% are looking at different talent pools for skills including boomerang retirees, long-term unemployed or returning parents and part-timers.
Read the research from Manpower Group's report to uncover how skills gap can solve the talent shortage crisis.
🍽Acquiring talent is being called one of the biggest challenges facing the restaurant industry. According to Panera Bread's CEO, Blaine Hurst, "I don't see this problem getting easier. I don't see somehow there's an extra 50 million food service workers that are gonna drop into the country and disperse around the country the way we need them to be dispersed."
Read more about how restaurants are adapting and confronting these challenges head-on in Business Insider
🔎Attracting, hiring, and retaining talent requires a well-thought-out and strategic process. To overcome challenges, you need to make some changes in your hiring process to improve your results and land the candidates who will excel in your organization.
Read six tactics for securing top-flight talent in Inc.
🚚In 2015, the American Trucking Association opened eyes across the industry when they predicted a shortage of more than 90,000 drivers by 2020. Now, that prediction is becoming a reality and the supply chain labor shortage is no longer limited to drivers.
Read more about how the labor talent challenge is impacting the supply chain in Modern Materials Handling
💪The "war for talent" is no easier for fast food establishments, either. In August, there were 898,000 open positions. Now, executives in the industry are very worried that the lack of employees from the grill to the frontline are going to negatively impact more than their bottom line -- it can negatively tarnish their customer service.
Read more in Business Insider
🤔There's a lot of misunderstanding on how the labor market works. If you want to acquire an employee today, you have to come prepared. If you're looking to fill a role, you better have some of the following: above-market wages, an appealing work environment, good benefits, and job security.
Read more in Slate
📱As Goes Amazon, So Goes Sam's
As Amazon continues to test the waters of cashier-less stores, others are looking to do the same. This week, Sam's Club, the member's only warehouse owned by Walmart announced it too, would be exploring stores without cashiers. The difference between Amazon is that the Sam's Club experience is less tech-forward. They'll require shoppers to scan each of their items as they go throughout store, before finally scanning the app to one in-store employee checking at the door. While Amazon is by far, less hand-holdy through their process because it's baked around such a strong pre-existing tech presence, Sam's is embracing this change as an opportunity to "reimagine the future of retail."
⚡️Check Out Faster
In addition to Sam's Club, Walmart also announced revamped mobile solutions that will help speed up holiday shopping.
The retailer announced it will be unveiling a "check out with me" option in every one of its stores before Black Friday, some rolling out as soon as this week. Shoppers can track down employees with handheld devices and allow them to scan, pay for, and check out bulk items like furniture and flat-screen televisions without going through a long holiday checkout line.
In keeping up with digital initiatives from other retailers, Walmart will also publish store maps within their mobile app to help shoppers track down items faster.
😱Fearing The Great Digital Divide
Fears are growing over a new digital divide among children. Previously concerns centered on wealthier students reaping the benefits of exclusive access to the internet’s bounty of information. Today, though, there’s increasing alarm that the children of poorer and middle-class parents are being “raised by screens,” and lack real human interaction. Already, lower-income teenagers average more than 8 hours a day staring into screens, while higher-income children spend less than 6 hours a day doing so.
The Big Idea 🤔
🚀5 Tech Trends Changing Work
Emerging technologies, such as voice, augmented reality, artificial intelligence, and chatbots, are making it possible for companies to bring to life ideas, products, and programs that may have seemed impossible just a few years ago.
From personal voice assistants in our cars, to managing promising job candidates with intelligent chatbots, here's five tech trends that are changing the way we'll work.
📱Holding Our Phones Longer
Chances are pretty good that you're reading this on your mobile device. Fun fact: Our latest stats tell us that more than 46 percent of you read these emails on a mobile device!
According to new data, we're keeping our mobile devices longer before trading them in. In Q4 2016, the average iPhone trade-in was 2.51 years old compared to all other smartphone trade-ins which were 2.02 years old. Now, the average iPhone trade-in is 2.92 years old compared to 2.66 years old for all other smartphones—a 2.83-year-old average.