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The Risks of Low Unemployment

By Admin  |  

1.8 min read

With the economy steadily increasing, the unemployment rate has seen consistent improvement in the recent years. The Canadian unemployment rate is at 6.5%, the lowest it’s been in approximately 8 years as can be seen in the chart below.

Source: http://www.tradingeconomics.com/canada/unemployment-rate

Although this statistic brings about a positive outlook regarding the state of the country’s economy, this decrease in the jobless rate has risks involved. In a recent article with Business In Vancouver, Doug McCann, a managing principal at Predictive Success Corp., put it best: “Companies that don’t prioritize employee satisfaction and retention may find themselves with job openings that, in a high-employment scenario, are hard to backfill. To mitigate this risk, employers must ensure that managers throughout the organization truly understand each individual on their team”.

These times of low unemployment make it more difficult for organizations to effectively recruit the right talent. This is where the Predictive Index can play an important role. McCann breaks down the “recipe for success” that will help teams move in the right direction.

  1. Lead from within – Understanding the manager’s leadership style and behavioral traits is foundational in the process of effectively forming a team that works synergistically.
  2. Understand the team’s DNA – Use behavioral analytics to learn, in detail, the profiles of current employees. This knowledge will help with decision making involving both current and potential employees.
  3. Be a better communicator – Knowing the behavioral profiles of employees can improve communication among the team, translating to an open dialog and improved employee engagement.

Understanding the behavioral traits of employees provide leaders with valuable insights. Click here to view Doug McCann’s article and learn more.

To learn more about what Predictive Success can do to help your organization, contact us.

Sources:
https://www.biv.com/article/2017/2/employee-analytics-can-help-build-better-companies/?utm_content=51776503&utm_medium=social&utm_source=twitter
https://www.nytimes.com/2017/05/05/business/economy/jobs-report-unemployment.html?emc=edit_th_20170506&nl=todaysheadlines&nlid=59689929&_r=0
http://www.tradingeconomics.com/canada/unemployment-rate
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/lfss01a-eng.htm
https://www.thestar.com/business/2017/03/10/canada-adds-15300-jobs-in-february-unemployment-rate-falls-to-66.html

 

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