According to a new report by the ASA, the staffing and recruiting industry has grown more than two times faster than the economy overall during the economic recovery of the last seven years. It’s also expanded over six times more rapidly than overall employment. However, growth slowed in 2016, as candidate turnover rose and the average length of tenure fell.
In the spring of 2016, the U.S. unemployment rate fell to 4.7%. The number of new unemployment claims fell to a 40-year low. As unemployment plummets, there are approximately 6 million unfilled jobs due to a lack of skilled workers.
Staffing and recruiting may anticipate continued growth, but not without constant vigilance of market fluctuations and innovative strategies for finding and retaining the best talent.
Caitlin Delohery is the Editor-in-Chief of StaffingHub.