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Well, that was unexpected.
The latest jobs data from the Bureau of Labor Statistics (BLS) exceeded economists’ forecasts, highlighting the continuing resilience and strength of the US economy and the labor market.
What to know. Total nonfarm payroll employment rose by 303,000 in March, the BLS reported on April 5, beating the 200,000 additional jobs Brookings Institution economists had anticipated. The unemployment rate dipped to 3.8%, from 3.9% in February.
“What [the BLS report is] telling us is that even though everyone thought we were going toward recession, we’re really not,” Tracey Power, CPO at recruiting firm Vaco, told HR Brew. “The jobs numbers keep going up and employers continue to look to add skill sets and add the roles that they need to grow.”
Zoom out. The report underscores the fierce competition for talent, Power said. Employees have options. To get them in the door, she suggested HR streamline the hiring process, communicate more frequently, and leverage AI tools to identify candidates with the skills their organization needs to be successful.
“We just don’t do HR for HR’s sake; we do it to support the business,” she said.
HR pros who want to attract and retain workers also need to offer a strong value proposition, Power noted, including competitive benefits and opportunities for growth.
“We’ve always got to be talking to potential hires for [current] roles as well as thinking about the next role they could potentially do for you as an employer,” she said. “[Job seekers are] looking for a role, but they’re also looking for opportunity. ‘How do I grow? How do I increase my skill set? How do I become more marketable and move up in an organization?’”