Since its highest this year at 14.7% in April, we’ve seen the unemployment rate slowly decline as businesses have adapted to pandemic-induced effects. From a decrease in temporary layoffs to an increase in restaurant jobs, here’s what unemployment looked like in July 2020:
- Overall unemployment rate is 10.2 percent (a 0.9% decrease from June)
- 1/3 of the jobs that came back were in leisure and hospitality. And while many industries are adding jobs, they are still well-below February, pre-pandemic levels.
- But, rehiring is not happening equally. The unemployment rates by demographic continue to show that the gradual recovery is happening primarily for white workers.
- Men = 9.2 percent
- Women = 10.5 percent
- White workers = 9.2 percent
- Asian workers = 12 percent
- Hispanic workers = 12.9 percent
- Black workers = 14.6 percent
What does the recent job report mean for employers? First, focus on diversity in hiring. Second, the tips below provide insight on managing candidates if you’re hiring now, as well as how to build a pipeline if you’re not quite yet at the hiring stage.
How businesses can take action on diversity and inclusion through a rehiring lens
This current spotlight on inequality and social injustice should not become simply a moment in time. Employment is one significant way businesses can take action to drive lasting, long-term change. Hiring managers, recruiters and employers currently have an opportunity to take meaningful steps toward creating more inclusive hiring practices and more diverse work environments.
The disproportionate displacement of Black employees from their jobs translates to fewer dollars in the pockets of workers and their families, which means fewer resources and opportunities compared to white workers. The lack of access to jobs and disparities in pay contribute to the Black-white income gap in the U.S., where median Black household income was 61% of median white household income in 2018.
Take action now and make hiring diverse candidates a priority. Educate and train your staff. Utilize AI-powered cutting edge tools that support efforts to remove explicit and implicit biases in the process. It starts with how a job description is written, but continues to where it is posted, the process for how resumes are reviewed and the ways interviews are conducted.
Through wages earned, opportunities given and promotion decisions that are made, we can all do better.
What hiring managers and recruiters can do now – hiring or not
Regardless of your current hiring situation, companies should focus on building talent communities (and of course making sure those talent pools are diverse). Plus, with the growth and acceptance of work-from-home, geographical limitations for hiring have been lifted, providing new opportunities to reach top talent. By offering fully-remote roles when available, companies can capitalize on wider talent pools.
If you’re actively hiring: Leverage tools like job boards and virtual hiring events to engage with job seekers. There are many strong candidates in the marketing right now who are switching industries by utilizing their transferable skills. Hiring managers should take a skills-based approach and prioritize abilities over past experience, using smart technology to highlight candidates who have necessary skills and unique backgrounds. Skills like customer service or coding can be relevant in more than one sector; by prioritizing skills over someone’s last role, hiring managers can widen their talent pools.
If you’re not yet actively hiring: Lean on technology to augment hiring processes and build a diverse, well-qualified talent community. Fostering candidate relationships now is key for future hiring. As resumes are flooding in – even to companies who may not have roles suitable for the applicant – employers should be using applicant tracking systems to manage the influx. A technology-based solution will help employers to create a strong talent community from which they can source top talent to engage with so that, when the timing is right, they can accelerate their hiring and bring new employees on quickly.
Be seen where the candidates are
CareerBuilder boasts 680 million unique profiles, 310 million unique resumes and 1.3 billion skills – make sure you are in front of these candidates!
The fastest growing job titles include taxi drivers and chauffeurs, real estate agents, retail supervisors, nonfarm animal caretakers, and preschool teachers.
And the industries that are popular right now are public administration; professional, scientific and technical services; information; and construction.