Hiring continues to heat up. Last week, employers added 559,000 workers and the unemployment rate fell to 5.8%. The biggest job gains were in leisure and hospitality, as bars and restaurants reopened and people, many of whom are now vaccinated, returned to “normal” life.
After months of speculation about the shape of the recovery – the alphabet soup of V, U, W, L, and K – the news is more than welcome; frankly, it comes as a relief.
What’s more, there’s reason for continued optimism. According to the White House, 64% of adults are vaccinated.
What does widespread vaccination have to do with economic recovery? Quite a bit.
Put simply, as the risk of contracting Covid-19 diminishes, people are more comfortable resuming pre-pandemic activities, which include everything from day-to-day outings to grander plans like vacations.
Such activities impact a range of industries and have a ripple effect on those industries seemingly unaffected.
Naturally, when a business boom is widespread, almost everyone needs to add to staff. And there are only so many job seekers. This is the situation many employers find themselves facing. Right now, there is a lot of demand and not much in the way of supply.
However, vaccinated people also include would-be job seekers. If the reports are accurate, that health concerns have been keeping some people who would otherwise be working on the sidelines, then as more people become vaccinated, there should be more job seekers. At least in theory.
Yet, even if this turns out to be the case, the new supply of candidates won’t necessarily address all demand issues, for reasons like skill set and geography.
This is where a pay-for-performance (PFP) job advertising model can make a difference. It allows for more precise candidate targeting, with greater attention to spend.
How does it work? The Guide to Performance Job Advertising, Second Edition explains the payment model, in a way that’s easy to understand.
Face it, in any recruiting environment, you want two things: to connect with qualified candidates and get the most value for your job advertising dollars. But in a challenging environment, it becomes even more critical to revisit and, if necessary, hone your strategy. The Guide to Performance Job Advertising, Second Edition can help.