The economy and the job market are in constant flux. One minute (or more accurately, several months) the economy will be booming, and the next, it seems to be ice-cold. Compound that with talk low unemployment, and it can be enough to confuse even the savviest of business owners as to where their company stands.
However, while we can’t predict the future, we can look at the current market, one that is seeing low rates of unemployment, and help you understand what that means to you.
Have you ever wondered how all that talk in the news lately of low unemployment would impact your business? Keep reading to find out.
Employees Have More Options for Employment
Yes, we agree it may seem obvious when talking about low unemployment rates, but what you may not realize is it can directly impact your business because the staff is less likely to remain loyal when/if a problem arises. Not only that, more options can also result in exiting employees not giving notice, especially if they feel pressure to start their new job soon.
It Becomes Harder to Fill a Job Opening
When people have jobs, it means they are not actively looking for jobs. This can make trying to fill a role through a job posting a challenge. However, it is an excellent time for you to approach a recruitment agency to fill that role. They are masters at the passive job market and can likely help fill your role with a more qualified person than by simply posting the opening.
Inability to Meet Customer Demand
When you are struggling to fill a job opening, there is work that isn’t getting done, so the business is not fulfilling its obligations. This can result in orders not being met, customers being lost, or worse, depending on how long the position remains vacant.
The goal of every business should be to grow, but if you are having a hard time filling openings, it can make it difficult to acquire more customers and more importantly, actually meet their demands. When this happens, you might find yourself having to turn customers away, something no business wants to do.
Spend More Money
Low unemployment rates can also indicate a lack of available skilled employees which, depending on your business, are often the lifeblood of your organization. This means many employers may have to educate and grow the skills of their current staff to meet demand.
Add Talented Team Members to Your Group with the Help of Ascend Staffing
Is low unemployment hurting your business? Talk to a staffing agency that can make all the difference. Contact Ascend Staffing today and discover how our process can help you in any market condition.