Finding Great People is the Toughest in 40 Years
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Steve is a successful financial advisor. He has been in the profession for 20 years and has never faced hiring challenges like today. Indeed, 10 years ago, he was awash in applications. He had his pick of good candidates.
But now the unemployment rate is only 3.6%. The labor participation rate is also a low 62%. That means 38% of those who could work, won’t. Much of this is due to the ”great resignation.” During COVID, many decided they didn’t like where they worked or even where they lived. Those “great resigners” under the age of 55 will use up much of their savings and eventually rejoin the workforce. Those over 55 will also use up much of their retirement savings. At some point they will need more income. But those great resigners will lose valuable skills the longer they are unemployed.