It’s becoming even more of a candidate-driven market, finds new data from the latest Bureau of Labor Statistics (BLS) Employment Situation Summary.
The April report reveals that 263,000 jobs were added last month, and the unemployment rate dropped again to 3.6%. According to the BLS, this is the lowest rate since December 1969. The BLS data revealed jobs gains occurred in professional and business services, construction, health care, and social assistance.
Most Notable Findings
Hearing that the unemployment rate has dropped sounds like old news in this tough hiring landscape, but one of the most notable findings from the report is the number of women who are working in traditionally male-dominated industries.
Comparing trends, the report finds that female employment in the manufacturing industry rose 1.8%, year over year, from 27.9% in April 2018 to 28.4% in 2019. And, in the durable goods industry, female employment also increased from 23.5% in April 2018 to 24% in April 2019. While these numbers aren’t drastic by any means, they may be indicators for what’s to come in terms of workplace diversity.
“The tight labor market has created more opportunities for women, even in sectors traditionally dominated by men, such as transportation, construction, police and security, which, along with other protective service jobs, has seen women’s participation grow more than 40 percent since 2000,” says Rebecca Henderson, CEO of Randstad Sourceright—in an e-mail to Recruiting Daily Advisor. “As labor participation among men ages 25 to 54 has lagged, cohorts of women have been participating at higher rates than their predecessors, especially those in their prime-age years.”
“In this job market, employers are giving female workers a chance they would not have otherwise, which could eventually facilitate more long-term gender balance, both in what are viewed as traditionally male roles, and in the overall workplace,” adds Henderson.
Get Strategic, Expert Says
“While the labor market is great for employees, it means businesses need to revamp their approach to hiring in order to compete for top talent,” says Irina Novoselsky, CEO of CareerBuilder, in an e-mail to Recruiting Daily Advisor. “In our recent survey, CareerBuilder found 50% of HR managers have open positions they cannot fill due to a lack of qualified applicants, and 51% of job seekers have looked for other jobs after an offer has been extended and the background check is underway.”
Novoselsky adds, “[j]ob seekers are in control, but employers can get their edge back by being strategic about their approach to hiring and never assuming they will be able to fill a role easily. The positive news for employers is that there are new data-driven AI solutions that can help them reduce time-to-hire, decrease drop-off, keep candidates engaged, and provide a next-gen recruiting and new hire experience.”
Data-Driven AI Solutions Improves the Recruiting Process
“New data-driven AI solutions can help employers find strong talent in unexpected places,” explains Novoselsky. “The world of work is changing dramatically, and someone’s resume headline or most recent role may not necessarily translate into what else they can do. If an employer is looking to recruit a prison guard, would she think a veterinary tech would have the right skills for that role? Probably not. However, it turns out that a vet tech is a close fit candidate with the right transferable skills to support this very different role.”
“For today’s employers it’s also critical to understand how and where job seekers are spending their time. We live in a mobile-first world; more than 70 percent of CareerBuilder’s consumer audience is on mobile devices and the industry is mirroring these trends,” concludes Novoselsky. “CareerBuilder’s mobile app for consumers and companion app for hiring managers expedite results for both parties and provide them with jobs and candidates right at their fingertips.”
If you’re looking to get ahead in this tight labor market, keep the following tips above in mind. To view the full BLS April report, click here.