Workforce is a major challenge facing businesses across the country and we are no exception.
I can think of no topic that has received more attention from our business community than workforce. In fact, I would say it is what I spend more of my working time on than anything. Because of that, this is something I’ve really wanted to focus on in this show. This is the first of a three-part series on workforce.
The U.S. unemployment rate is 4.7%. That’s really low. Other than a few years in the late 90s where it dipped slightly lower, this is the lowest rate we’ve experienced in the last 50 years. On top of this, the U.S. labor participation rate peaked around 2000 and has been falling since, largely due to baby boomers retiring en masse. Ultimately, there are just fewer people out there looking for jobs.
Locally, this challenge is even more acute. Our unemployment rate has stayed around 4% or lower recently.
Now let’s layer on top of this a few other things. 76% of full-time employees are actively looking for a job or open to new opportunities. As a matter of fact, the average tenure of an employee is now 4.6 years and dropping. Millennials actually clock in at about 2 years.
This perfect storm has resulted in one of the most challenging environments employers have ever experienced. And unfortunately, these aren’t the only workforce issues facing us today. Next time, we dig into some very real trends.