unemployment numbers and the available labor pool of talent. The more people who are unemployed, the bigger the numbers of job candidates applying for open positions.
This is terrific news if you’re hiring right now – with a bigger field to choose from, it’s an opportunity to hit a home run by hiring the right person for the right role.
But this labor market is also a useful reminder to review your screening program and policy. And to know the differences between the two. Here’s a breakdown.
Unemployment By The Numbers
The June unemployment rate was 11.1%, which translates to nearly 18 million people. Another 1.427 million Americans filed for jobless claims last week, reports the Department of Labor. Most of the unemployed have been laid off to mitigate the spread of COVID-19.
This is a sharp turn from March, when the unemployment rate was between 3.5% and 4.5%. At that time, employers couldn’t find enough qualified workers to operate at full capacity.
Now, there is a swell of qualified workers to choose from. And businesses who are ready to rehire have reason to review their screening programs and policies, says Curt Schwall, Vice President of Compliance and Regulatory Affairs at EBI.
“There is a recruiting advantage happening here. There is a broader availability of skilled labor so you can be a little more choosy from a talent perspective. But it’s also a time when companies are reevaluating their needs and objectives. Reviewing your screening program and policy to make sure they align with your new needs and objectives is a smart move,” says Schwall.
If you’re not familiar with the difference between a screening program and screening policy, here’s a quick breakdown for comparison.