ManpowerGroup, the world leader in innovative workforce solutions, is working to design more comprehensive solutions in securing displaced talent for hard-to-fill positions, as the U.S. Bureau of Labor Statistics shows the overall April unemployment rate rose from March to 9% and 268,000 private sector jobs were created during the month.
“The edged up unemployment rate from 8.8% to 9.0%, while important, is not as strong of an indicator at this point in the economic cycle as new jobs created,” said Jeffrey A. Joerres, ManpowerGroup chairman and chief executive officer. “An improving labor market leads to increased individual confidence, and therefore, more new job seekers. This means it’s possible that we could see the unemployment rate continue to inch up before heading back down.”
ManpowerGroup continues to report on the talent crisis affecting organizations worldwide through its annual Talent Shortage Survey. Look for the 2011 report in the coming weeks. Although unemployment levels are improving in key world regions, companies continue to lack access to individuals with the right skills. As a growing range of issues, particularly fluctuating hiring criteria, slow the process of identifying the right talent, employers remain committed to doing more with less. Flexible workforces remain a top option for employers.
In this Human Age, the talent pools that organizations are able to access will determine their marketplace success. Their efforts to identify the right talent and to develop these workers with career-long training programs are fundamental to winning today’s talent wars.
At January’s World Economic Forum Annual Meeting in Davos, Switzerland, ManpowerGroup announced it had identified that the world has entered the Human Age, where access to talent has replaced access to capital as the key competitive differentiator. With skilled individuals in increasingly short supply, businesses, governments and all institutions need to collaboratively work toward developing an adequate talent pipeline to turn today’s complexities into their greatest opportunity.