Despite the year 2016 starting off with pronounced turbulence in the global markets, the U.S. labor market continued to show signs of strength. So reports U.S. News World Report.
According to a recent Bureau of Labor Statistics (BLS) report, the number of job openings at the end of 2015 reached the second-highest level on record, while the total of individuals quitting their jobs voluntarily exceeded 3 million for the first time since 2006. Concurrently, the number of hires (nearly 5.4 million) also represented a nine-year high.
Last year saw an overall increase in job openings in a number of industries, most notably healthcare, social assistance, finance and insurance. For hiring managers, the trend in hiring and quitting is something of a double-edge sword: people leaving jobs voluntarily is an indication of relative ease finding other work, while filling the openings and attracting/retaining talent become more challenging.
Meanwhile, a 2016 Hiring Outlook published by recruitment and staffing firm Execu|Search revealed a disparity between employers who feel that offering higher salaries is enough to attract good candidates, while prospective hires who say that opportunities for career growth and professional development mean more to them in the current job environment. One senior economist with PNC Financial Services Group expects the U.S. to achieve full employment by mid-year.