Job openings have increased to 5.7 million, and unemployment is at a record low, according to the Labor Department. On the flip side, the hiring rate can’t keep up with the number of jobs created. One report shows that the number of small businesses having difficulties filling open positions is at a 17-year high.
One solution to this problem may be to increase wages to make jobs more enticing to workers, especially to attract passive candidates. Some economists believe this would only solve part of the problem because there may simply not be enough employees: the incoming workforce is not large enough to replace retiring workers.
Good news for recruiters and candidates: employers may be more willing (either by desire or desperation) to raise wages, making the positions you’re offering that much more attractive to candidates.