The U.S. Bureau of Labor Statistics released unemployment figures for October and at 1.4%. This marks the lowest point for Telecom since even pre-Recession levels. Typically hovering around 4%, the unemployment rate for Telecom peaked at 11.5% in August of 2010 and has since moved downward steadily. In 2015 the number was under 2% for 4 of the 10 months, with October as the nadir at 1.4%.
The total number of Telecom workers has steadily declined as well, since 2005 when the workforce totaled around 1.1M. This past month the total number of telecom workers was tallied at 863,600, and has hovered around that number for most of the year.
Telecom companies have traditionally cut labor in the third and fourth quarters, so we could see this number move upwards. But right now the labor market is very tight for telecom. It’s unemployment rate is much lower than the overall unemployment rate of 5%, which has inched back up to pre-Recession levels.
What Does that Mean For Employees?
Congratulations you are in high demand and that means good job security
What Does This Mean for Employers?
If you’re looking for talent, the numbers are not on your side, and this means it’s time to adjust your hiring strategies.
NextGen is the brainchild of longtime telecom professionals with nearly 50 years of experience and millions of dollars in Telecom Recruiting Services. We focus on establishing long term relationships with our clients and candidates so we can recruit the best and the brightest in the telecom industry. This ‘quality over quantity’ approach is at the heart of everything we do and has resulted in successful job placements at Fortune 1000 firms worldwide.