The global economy is set to have the largest post-recession recovery in 80 years. While the bounce-back will be uneven across each country, global growth is expected to reach 5.6 percent this year. While many professionals and civilians alike were worried about the post-pandemic economy, it is set to make a huge rebound.
Still, progress isn’t a straight line. Millions of people are returning to work, some of whom have been making more money on unemployment benefits than at their previous job. With so many people looking for work and jobs in many fields to be filled, there is a disconnect between them. Every company wants to hire the best employees and as more and more people go back to work, the economy will thrive once again.
Unemployment
In Virginia, the unemployment rate was 5.3 percent in January. Compared to the previous year, the number was 2.8 percent higher. While there is still room for growth, the number of unemployed workers has decreased as people go back to work. There are still positions to be filled for businesses to grow and expand the economy. Unemployment will have to go down for this to happen, but that’s why companies and workers alike need to find the right match. Hiring new employees is more complex these days, but there are a variety of methods businesses can use to find the right people.
Hiring methods
One of the most important things for companies to do–whether hiring nurses, customer service representatives, or even custodians–is to run a background check for job candidates. These checks don’t just provide the information necessary to find out about their criminal record, they offer details about their past addresses, names, and will even verify their employment and education. If the person isn’t being honest about something on their resume, you will likely be able to find out by running a background check.
Next, there are thousands of recent college graduates entering the workforce. In May of 2021, around half of the people who graduated college in 2020 were still looking for a job. Now 2021 graduates have joined them. If you are hiring for positions that require no previous experience, don’t overlook recent graduates. They will be motivated to work for less to gain that experience and are the perfect employees for training in exactly the way you want to mold them. To find the perfect recent graduate, attend career events at colleges that will match you with the right candidate.
Using social media can also facilitate the search for the right employees. First you can get out the word that you are hiring using social media. You can find candidates through platforms like LinkedIn. You can even check up on someone you are interested in hiring by going on their profiles. Whoever you are hiring, whether they are a recent graduate or an experienced worker, social media is a great tool for hiring.
Finally, you should institute a referral program. When you work with employees you trust, asking them for referrals is a great way to find other amazing employees. Good people associate with good people. If someone who is hard-working and intelligent says the same about their friend, you might find someone that is perfect for the position.
The recovering economy
As companies hire new employees and grow, the economy will expand with it. It’s a transition that won’t be instant, but it will be accomplished. Workers need jobs and companies need employees. While some of the people on unemployment were making better money than they were at their previous jobs and businesses want experienced employees, compromise will be made. It is inevitable. The rest of the unemployment benefits will run out and people will need to go back to work. When they do and the country is at full employment again, the economy will bounce back and thrive more than ever before.
It is a time unlike any other when it comes to the economy. It has recovered faster than most people anticipated, but there is still work to be done. Businesses need employees and workers need positions. When the right matches are found, everyone will benefit. Whether you’re a company hiring or someone looking for a job, there is an opportunity to grow together and thrive.
Story by Ryan Beitler. Ryan is a journalist, writer, and blogger who has written about the economy and business for dozens of publications.
Share
Contributors
