“Labor Shortage” is the new buzzword of 2021, and it’s one that is causing significant challenges not only to employers but also to the overall resurgence of the global economy. The US economy added 850,000 jobs in June, signaling that the job market has recovered over half of the jobs lost in March and April of 2020 as a result of COVID-19. Sounds like great news, right?
If we look at the other side of the coin, we see fewer positive numbers. The labor force participation rate is holding steady at 61.6 percent, meaning many Americans are still unable or unwilling to return to the workforce. As of April, there were an estimated 8 million job openings across the US and 9.3 million unemployed workers, highlighting the disconnect between the labor force and the employment market. The employment gap isn’t specific to one industry or another; it’s a problem impacting business owners across all sectors, forcing…. read more.