Key Steps to Satisfying Workforce Needs
June 1, 2023
According to the Bureau of Labor Statistics most recent report released on March 10, 2023, the unemployment rate for March was 3.5 percent. The unemployment rate has hovered at this level over the last 12 months, ranging between 3.5 percent and 3.7 percent, except for in January 2023 where it dipped to 3.4 percent, which was the lowest rate since 1969. During times of low unemployment, employers may struggle to meet their hiring and retention needs for a skilled workforce. Without a skilled workforce, industries find themselves struggling to maintain production levels to meet customers’ needs and sales or growth goals.
As an economic development consultant, there are so many interesting things we get to experience and learn about when working a project. I always enjoy conducting labor analysis studies, interviewing existing industries, and chatting with company representatives to better understand what they are struggling with and ways they have overcome obstacles to be successful.