The April 2019 U.S. Bureau of Labor Statistics (BLS) job report confirmed what human capital leaders already know: talent is in short supply in what has become a candidate-driven market. According to the BLS, the unemployment rate is the lowest it has been in 50 years.
While this news is not a surprise to companies seeking to hire, there are some notable trends when looking at these numbers. For example, more women are now being hired into traditionally male careers. In fact, traditionally male dominated sectors – such as transportation, construction, police and security – have seen women’s participation grow more than 40% since 2000.
“The tight labor market has created more opportunities for women,” says Rebecca Henderson, CEO of Randstad Sourceright. “In this job market, employers are giving female workers a chance they would not have otherwise, which could eventually facilitate more long-term gender balance, both in what are viewed as traditionally male roles, and in the overall workplace.”
Other trends resulting from historically low unemployment include the need to retool hiring processes for greater efficiency and the rise of data-driven AI solutions that enable better job matching.
Read additional analysis in Recruiting Daily Advisor. Then read our white paper, “How to manage diversity in the workplace” for three steps to building greater cultural competence and fostering a more inclusive environment for your talent.