I have been tracking unemployment for people with 4 year degrees or higher over the last several years through the BLS (Bureau of Labor Statistics). At the height of the recent recession, unemployment was 6.6%. Today it is 2.3%, and it has been in the range (2.5% to 2.2%) for the last 18 months. The last time we saw this type of unemployment was in 2007, when it reached an all-time low of 2.2%. Today, companies are looking for passive candidates, meaning they are employed and are not looking for a job.
Someone has to call them and probe to find a reason as to why they would consider a change. With baby boomers (those born between 1946 and 1964) retiring at 10,000 per day, this compounds the problem and will for the foreseeable future. 76 million people were born during this time frame, which means they will begin retiring over a 19-year time frame starting around 2008, assuming a retirement age of 62. Baby boomer retirement is one of the main reasons we are facing low unemployment, along with the recovering economy.
To address the lack of qualified candidates, companies are reaching out to 3rd party recruiting firms, since we can reach the passive candidates. If your organization needs assistance in finding qualified candidates, please contact CEO Inc today. We would be happy to partner with you on a recruitment strategy for success.
Don Cartwright, Director of Executive Recruiting, Partner