Category: Labor Market & Economic Conditions
Finding Talent in PA is Hard – Why?
The U.S is currently at a 3.6% unemployment rate, but why does the labor market still feel tight, and what can your team do to weather the storm?
Finding talent in Pennsylvania is still harder than ever. In the U.S. we currently have a national unemployment rate of 3.6%. However, when we take a look at PA we are still on the slower end of recovery. PA currently sits at a 4.8% unemployment rate, which is the same as it was in January of 2020. But why is the talent pool so different from what it was at that time?
Companies throughout Central PA are working hard to maximize the spirit of the Paycheck Protection Program to keep America working.
The COVID-19 pandemic has brought about more change in three months of 2020 than we have seen in prior decades combined.
Some of that change has been terrifying. Some has been unsettling. However, one change helping many businesses throughout Central PA is the passing of the Paycheck Protection Program under the CARES Act.
Is Job Tenure a Thing of the Past?
It’s safe to say that workforce trends have shifted over the past decade and especially after the last recession. Today there seems to be more of a self-oriented nature to the workforce and, along with it, job-hopping. Ryan Kahn, a career coach and founder of The Hired Group, says that “job hopping is replacing the concept of climbing the corporate ladder.”
Let’s look at the numbers. According to the Bureau of Labor Statistics, the average number of years that young employees (ages 20-34) have been with their current employer is 2.3 years.
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