The Bureau of Labor Statistics recently released its April 2020 jobs report. According to the latest numbers, unemployment jumped to 14.5 percent in April, with about 20.5 million jobs lost, largely due to the coronavirus (COVID-19) pandemic and related stay-at-home mandates. As of May 14, an additional three million Americans filed for unemployment, bringing the total to 36.5 million people since mid-March.
Prior to the outbreak, the unemployment rate was at a 50-year low of 3.5 percent. While April’s numbers are staggering, many economists predict that April will be the largest single month spike in job loss as a result of this crisis, as many states and businesses are looking to gradually reopen.
Nobody can predict how long and to what extent this pandemic will impact the economy, but at a time when a lot is out of business leaders’ control, one thing that can be controlled is how organizations manage the people side of the business.
No matter the economic conditions, your employees are your biggest source of competitive advantage, and can help your business survive and thrive through this crisis. Whether or not you’re actively hiring at this time, we’ve outlined a few steps you can take to
The post April 2020 Jobs Report: Recap and Hiring Strategies appeared first on HR Tech Feed.