Dive Brief:
- According The Labor Department, jobless claims are holding steady at around 246,000 for the week ending Oct.8. The four week average is at its lowest point since 1973, Employee Benefit Adviser reports.
- Claims haven't been under 300,000 since 1970 — and now, they have been for a string of 84 consecutive weeks. For the first two weeks of October, the unadjusted insured unemployment rate was 1.2% and 1.5% respectively.
- In response, many companies are coming up with unusual benefits to attract millennial workers, including free vacation rentals, catered lunches and others, according to Christian Science Monitor.
Dive Insight:
These numbers put a data point on a problem HR departments have been experiencing for some time now: It is hard to find people.
People working is good for the economy, but HR departments are now tasked with finding the best talent in a smaller pool. While some have opted for lavish benefits, more employers are turning their attention toward programs like improved family leave to retain talent that would otherwise be at risk of leaving. Some are also opting for "returnships" to access talent that may have left the workforce for an extended period of time but still have much to offer the company.
Overall, increased flexibility and openness by employers has lead to more retention of employees at all life stages, which is a more sustainable way to stay on top of talent shortages.
