If there were any doubts about the candidate-driven nature of today’s job market, April’s employment report puts those to rest.
The report, which was released on May 4 by the U.S. Bureau of Labor Statistics, revealed that for the first time in nearly a half century, unemployment has dipped below 4 percent. This rate reflects a growth economy and an abundance of jobs across sectors. At the moment, there are more jobs out there than qualified prospects to fill them.
In April alone, 164,000 new job opportunities emerged. While this job growth spans industries, the momentum is particularly notable in healthcare, manufacturing, and professional services. Collectively, jobs created across these three industries account for well over half of April’s new jobs.
For recruiters, April’s jobs report should signal a need to evaluate existing recruiting strategies. In a buyer’s market, candidates’ behaviors will change, meaning that traditional recruiting strategies must change with them.