X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Help Wanted sign Employers across the country are finding themselves in a talent predicament, with open positions available but the right talent becoming increasingly difficult and expensive to find. (Photo: Shutterstock)

As the country continues to reopen following the coronavirus pandemic, so too is the job market. According to the most recent jobs report from the U.S. Bureau of Labor Statistics, there are more than seven million open jobs right now in America. This is good news.

Yet at the same time, the COVID-19 pandemic has exacerbated certain workforce trends, leaving the job market with record low labor force participation. Analytics firm Emsi, which specializes in labor market data, calls this the Demographic Drought. The massive retiring of Baby Boomers, which was accelerated by the pandemic, has taken a huge portion of the working population out of the market. According to Pew Research Center, more than 3 million Baby Boomers decided to retire in 2020 – a historic high. And many individuals who are able to work are choosing not to due to varying effects of the pandemic.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.