If the ‘status quo’ of your recruitment operation hasn’t been challenged in the last several years – by shifting job seeker behavior, low unemployment, emerging technologies, and unprecedented access to data – let this be the time. The times have changed and so should you. Here’s why:
In Feb 2008, the U.S. economy had its first negative jobs report that led to the Great Recession (more jobs lost than added), which would be the beginning of a two-year slide of negative jobs reports. In aggregate, we lost 8.6 million jobs in 23 months.
Then, from Feb 2010 through Feb 2020, we added 20 million jobs and saw the lowest unemployment since 1969.
Now, just a short six weeks later, we have lost 22 million jobs in just four weeks in the United States, erasing 10 years of growth.
When people talk about these unprecedented times, this is what they mean. How does an economy lose 21 million jobs in a matter of a month? What do these 21 million people (as we haven’t really “lost jobs” as much as people have “lost income”) do to pay for next week’s groceries, heat or electricity?
Furthermore, those people are looking to the
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