What’s the reality of a full-employment economy? I pulled these quick facts from Annie Lowrey’s article in The Atlantic:
- Full employment — that magical economic state, in which everyone who wants work has it, and at a good wage too — finally seems to be near. In much of Iowa, it already is. Out of every 100 people who want a job, 98 or 99 have one. The rate of wage growth has doubled of late, and businesses are scrambling to find workers. “It does feel like things are a little different in the last year,” Elisabeth Buck, the president of the United Way of Central Iowa, told me. “Businesses are getting a little desperate.”
- Among those seeing more success getting hired are the formerly incarcerated. When the jobless rate is high, most businesses refuse to look at applications from individuals who have spent time in prison — even for non-violent offenses, or for incidents that might have occurred years and years earlier.
- Businesses are accepting applications from high-schoolers and retirees who want to come back to work — and are providing on-site education and accommodations like flexible schedules too.
- Refugee and immigrant workers — including those with literacy or language challenges, or a lack of credentials — were also getting drawn in and picked up.
And even though the unemployment rate is low, low wages continue to be an extraordinary problem preventing workers from connecting with a good job and keeping potential employees on the sidelines.
What impact does this have on you or your organization? Please add your comments below—thank you
Also, read the entire article on this topic.