We’re back in 2020 with the first Hospitality in the News article of the year. Each week we comb through the news and cover one topic pertaining to the hospitality industry. This week’s topic: end of the year employment gains.
Throughout the past year, hiring has been harder than ever due to the lowest unemployment rate we’ve seen in five decades. With unemployment hovering below 4% since February, building a new team or finding the right new hire is one of the biggest challenges we’ll see this year. Despite the talent shortage, businesses ranging from education and health services to wholesale trade added tens of thousands of jobs during the last quarter of the year.
CNBC reports (with stats by the Bureau of Labor Statistics) employment gains in October, November, and December led to an additional 539,000 jobs across the country, 32% higher than what was projected. In particular, hospitality and leisure saw impressive results, with 61,000, 45,000, and 40,000 jobs being added each month (respectively). With more than 25% of the added jobs being in hospitality, restaurant and hotel managers will be heavily focused on filling available positions in 2020. Because of the tight market, it’s a great time to start thinking outside of the box in terms of recruiting. Options like working with a staffing partner, recruiting on non-traditional networks, and offering flexible employment are all viable opportunities for finding the help you need.
With such a strong end to 2019, the following year promises to be full of opportunity for job seekers and challenges for hiring managers. The LGC team is ready to help with any hospitality hiring needs – contact us today.