According to the latest Bureau of Labor Statistics data, the coronavirus (COVID-19) pandemic has had a significant impact on U.S. employment numbers. For the first time since 2010, the March jobs report showed a decline in total payrolls and the unemployment rate jumped from 3.5 percent to 4.4 percent.
Since the March numbers were released, unemployment claims have continued to spike, due to social distancing measures in most states causing many non-essential businesses to temporarily close. According to data released on Friday, April 9, more than 16 million Americans have filed for unemployment in recent weeks, accounting for 10 percent of overall payroll in the U.S.
While nobody can predict how long or to what extent COVID-19 will have an impact on the global economy, organizations across industries need to be prepared to hire qualified talent once social distancing measures are lifted and businesses deemed non-essential can open back up to the public.
Whether your business is actively hiring or challenged by the uncertainty of this economy, the way to survive and thrive is by creating a human capital advantage through your people. This shift in the job market creates an opportunity to revisit your people operations strategy and identify
The post Key Takeaways from the Latest BLS Data: April 2020 appeared first on HR Tech Feed.