Shortage of Qualified Workers Intensifies as U.S. Unemployment Rate Hits New Two-year Low
Shortage of Qualified Workers Intensifies as U.S. Unemployment Rate Hits New Two-year Low ManpowerGroup Identifies Innovative Workforce Solutions as Key to Unlocking Companies' Potential and Driving Competitiveness
ManpowerGroup, (NYSE: MAN), the world leader in innovative workforce solutions, says companies should take a holistic approach to their workforces as the mismatch between the talent available and the talent companies need intensifies, with the US Bureau of Labor Statistics showing the overall March unemployment rate fell from February by 0.1 of a point to 8.8% and a higher-than-anticipated 216,000 jobs were created during the month.
Despite the improvements in hiring, ManpowerGroup is still seeing an air of caution among employers, who are being highly specific about the talent they seek. Although unemployment remains elevated, companies continue to be frustrated in their efforts to find the individuals with the right skills and the right places. With uncertainty continuing, employers remain committed to doing more with less and the convergence of these factors means they are still relying heavily on contingent and flexible workforces.
"With unemployment continuing to fall, there are more reasons for companies to plan out workforce solutions that affect every aspect of their business," said Jeffrey A. Joerres, ManpowerGroup Chairman and CEO. "Employers must continually reassess ways to maximize output from their existing workers, but in such a way that engages their people rather than burning them out. Demand is beginning to rise, resulting in stronger hiring trends but the caution and complexity of the current environment is maintaining a glacial pace. Companies therefore need a dynamic mix of the right solutions and work models to navigate the complexity wrought by the Human Age."
Earlier this week, ManpowerGroup announced its new company rebranding to help clients win in this new age of chaos and complexity. With the notion of doing more with less here to stay, ManpowerGroup has evolved to anticipate clients' needs and position itself for an era where access to talents, as opposed to access to capital, has become the key competitive differentiator and main driver of economic growth. This recognizes that in order to unleash the passion and potential of their workforce, employers need innovative solutions that are tailored to their needs.