October’s exceptionally weak U.S. Jobs Report was among the strangest in recent memory, due in part to extreme weather. The number of people saying they had a job but could not work due to bad weather was easily a record high, more than double the previous record.
US labor productivity has soared in the last five years, far more than other countries. The U.S.’s comparative advantage in technology likely played a key role. Other factors include a more flexible labor market, stronger investment in innovation, and a robust government stimulus that helped fuel a faster post-pandemic recovery.
We can open the funnel of available candidates for these important jobs – while creating more economic opportunity for individuals who do not have the option to pursue a traditional four-year degree.
As the job market continues to evolve, skills-based hiring is gaining momentum as a more effective and inclusive method of recruitment. By shifting the focus to practical skills and abilities, companies can identify top talent that may have been overlooked through traditional methods.