Employers across the country are finding themselves in a talent predicament, with open positions available but the right talent becoming increasingly difficult and expensive to find. (Photo: Shutterstock)
As the country continues to reopen following the coronavirus pandemic, so too is the job market. According to the most recent jobs report from the U.S. Bureau of Labor Statistics, there are more than seven million open jobs right now in America. This is good news.
Yet at the same time, the COVID-19 pandemic has exacerbated certain workforce trends, leaving the job market with record low labor force participation. Analytics firm Emsi, which specializes in labor market data, calls this the Demographic Drought. The massive retiring of Baby Boomers, which was accelerated by the pandemic, has taken a huge portion of the working population out of the market. According to Pew Research Center, more than 3 million Baby Boomers decided to retire in 2020 – a historic high. And many individuals who are able to work are choosing not to due to varying effects of the pandemic.
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