In May, private businesses had a record-breaking 283,000 job additions – an amazing feat that’s in line with ADP’s figures. This shows that most of the job gains are happening right here on Main Street, with smaller businesses and startups leading the charge.
It’s worth noting that Wizehire had a hand in the hiring process for 1.5% of all private jobs in the US. This is a major accomplishment for our small but mighty team.
When looking at the industry-level data, it’s easy to see which sectors are driving the job growth. Hospitality, including hotels and restaurants, is up by 48,000 jobs. Home Services and Insurance have both seen increases of 10,000 and 7,000, respectively.
Month over month, we continue to see significant talent gaps in these industries. The competition for candidates on Main Street continues to rise.
To compete in today’s market, small businesses must focus on creating quality opportunities for employees. Investing in talent acquisition is essential for your long-term success.
But it’s not just about creating jobs – that’s the easy part. The hard part is creating meaningful and sustainable ones that attract more applicants. To make sure your business gets its lion’s share, consider the following action items:
- Establish competitive compensation and benefits: Investing in your team’s financial future is essential. Provide competitive compensation and benefits packages to ensure you attract the best talent.
- Offer professional growth opportunities: Give employees the chance to learn new skills and gain experience. Investing in their development will help them become more valuable to the company and make them more likely to stay.
- Encourage flexibility: As the world becomes more digital, the demand for flexible work hours and locations is increasing. Giving your employees the freedom to work from anywhere and at any time can help them manage their work-life balance.
- Create a thoughtful hiring process: Between your job post and offer letter, there are so many steps to consider and prepare. It’s better to have at least a loose framework ready before you need to hire. By approaching it with a go-slow-to-go-fast mentality, you can move on quality candidates quicker and increase your applicant volume.
By focusing on these initiatives, you can create meaningful opportunities that will have a lasting impact on your business. The job market is booming on Main Street, and it’s up to small business owners like you to make sure you have the talent you need to handle the growth.
This is the reality in today’s market. The good news is – you don’t have to do it alone. If you’re looking for a solid framework right out of the box to attract more talent, we can help
