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.
- 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.
- 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.
- 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
Related Blogs
The Top 3 Costs Facing Companies and How The Predictive Index Helps You Reduce Them
The Top 3 Costs Facing Companies – and How The Predictive Index Helps You Reduce Them Running a business is all about managing costs while driving performance. For most organizations, three major expenses consistently rise
Quiet Cracking at Work: How The Predictive Index® Stops Employee Engagement from Collapsing
The Quiet Cracking Crisis: Why Employee Engagement Is Falling Fast—and What to Do About It The New Danger: Quiet Cracking A recent Business Insider article introduces a worrying phenomenon in the workplace: “quiet cracking.” It
Executives Are Drowning – Here’s How Predictive Success Can Throw Them a Lifeline
Executives Are Drowning — Here’s How Predictive Success Can Throw Them a Lifeline The middle management layer is vanishing and it’s leaving chaos in its wake. If you’ve been anywhere near a leadership role in