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Jun 08, 2021

Job Openings, ‘Quits’ Soar in US

  • by Admin

With the economic recovery in the U.S. revving into high gear amid the lifting of COVID-19 restrictions, job openings have soared to a record level, while the number of people quitting positions has also surged, according to new federal data. The findings from the U.S. Department of Labor's Job Openings and Labor Turnover Survey (JOLTS) suggest that the hiring and retention challenges that companies in the promotional products industry and beyond are facing could persist. Those labor challenges are contributing to promo's supply chain issues , affecting things like fulfillment times, customer service and even the cost of products. According to JOLTS, job openings in April, the most recent month for which data is available, reached 9.3 million. The tally surpassed the previous record high of 8.3 million, set just the month before in March 2021. The survey has been around for 21 years. If you want answers about why there are inventory shortfalls, rising product prices, service issues etc. in the #promoproducts industry, plus info on where things are headed, give this a look. https://t.co/xkpA21H12a @asicentral @Melissa_ASI @Tim_Andrews_ASI @ASI_MBell — Chris Ruvo (@ChrisR_ASI) June 4, 2021 Meanwhile, JOLTS also revealed that the number of people quitting jobs shot up month over month by 10.8% to 3.95 million. "That took the quits rate as a share of the labor force up to a record 2.7%, from 2.5%," CNBC reported. Analysts noted that so many people quitting their jobs is a sign that workers are confident they can find better employment elsewhere. That has the potential to stoke more competition among employers for quality candidates, and to ramp up what employers must offer in terms of compensation to attract talent. Post-Pandemic Hiring, Retention a Big Challenge https://t.co/g9V6UaBa8L — Chris Ruvo (@ChrisR_ASI) June 3, 2021 While U.S. unemployment has declined to 5.8% , that's still above pre-pandemic levels that were near historic lows of around 3.5%. While so many job openings exist, some are hesitant to re-enter the workforce for reasons that include inability to find/pay for adequate child care, continuing concerns over contracting COVID-19, and beefed up unemployment benefits that make staying home as - or more - lucrative than going to work. "When an employee can earn almost as much from unemployment and doing nothing compared to working 40 hours a week, it's tough to keep people employed and motivated," Dilip Bhavnani, chief operating officer at Top 40 supplier Sunscope (asi/90075), recently told ASI Media. "We have had to offer higher compensation in order to avoid an impact on our operations."

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