With the labor force participation rate at 62.7% and slightly above pre-pandemic levels, WalletHub released its report on 2024’s States Where Employers Are Struggling the Most in Hiring, as well as expert commentary.
In order to see where employers are having the most trouble hiring new workers, WalletHub compared the 50 states and the District of Columbia based on the rate of job openings for both the latest month and the last 12 months.
New York Hiring Struggle Stats
- Job openings rate during the latest month: 4.30%
- Job openings rate in the past 12 months: 4.58%
- Overall rank: 4th smallest hiring struggle in the country
To view the full report and your state’s rank, please click here.
Expert Commentary
- Why do employers have difficulties in filling employment positions?
“One reason for the challenge in filling open positions is that some employers have failed to understand and adequately respond to the post-pandemic needs of employees. Job candidates want flexibility, a high-trust workplace, and transparent, caring leadership, and they are typically very good at spotting red flags that indicate otherwise during the application and interview process.” – Linda Thornton, Ph.D. – Adjunct Professor, University of Richmond.
“There has been a new shift in the labor market, where the number of individuals who want to work is in deficit compared to the positions available. This shift has created the ability for individuals to determine their career fate. Employees can negotiate and maneuver through positions creatively. They can apply for positions with the hope of obtaining higher salaries or better benefits. The connection to their current employer is not strong enough to keep them in their positions, leading them to utilize opportunities to control what matters most to them. This, in turn, is affecting employers, as they are becoming stepping stones in employees’ careers. Employers are struggling to keep up with the trend and the shift and to make the cultural changes that employees are seeking.” – Dylan Polkinghorne – Assistant Teaching Professor, University of Wisconsin – Green Bay.
- What are the best ways for employers to attract and retain employees?
“This is a complex question that varies widely depending on both employers and employees, as there are numerous strategies to attract and retain talent. Competitive compensation and benefits, flexible work arrangements, and a positive organizational culture are some examples. However, there is no one-size-fits-all solution. For instance, recent studies indicate that younger workers are increasingly prioritizing organizational mission or purpose over higher compensation to the extent that they would be willing to accept a lower salary to work for a company that aligns with their values. Although there has been a lot of buzz over workers wanting remote work benefits, these preferences also differ among candidates. While some will demand 100% remote work and will not consider roles that do not offer this flexibility, others will actively seek opportunities that provide an in-person office environment with more networking or learning opportunities. Given this diversity in preferences, employers should not chase the next best thing that workers are looking for. Instead, employers should craft a human capital strategy that aligns with business objectives. For example, offering remote work options might be essential if access to diverse and competitive talent is a priority. Conversely, emphasizing in-person engagement may be more appropriate if the goal is to cultivate a vibrant in-office culture. Whatever direction employers choose, a clear communication with both candidates and current employees is crucial. Consistency in recruitment messaging and subsequent execution is critical in attracting and retaining top talent. Employers, please match your workplace policies to your organizational values and recruitment messaging!” – Susan Zhu, Ph.D. – Assistant Professor, University of Kentucky.
“In cases where remote or hybrid work makes sense, offering such options can help attract and retain talent. Even when remote work is not possible, studies have shown that flexible work arrangements can improve job satisfaction and commitment, aiding in employee retention. Employers might consider offering flextime, additional time off, or shift trading as part of their strategy to attract and retain employees. Involving employees in developing flexible work arrangements tailored to their specific positions or units can foster greater engagement. Given the focus on work-life integration and mental health over the past few years, organizations should consider offering additional benefits, such as paid time off, no-meeting days, employee assistance programs, supervisor training, and comprehensive mental health coverage to meet the needs of today’s workforce.” – Julie Hancock, Ph.D. – Associate Professor; Director, The People Center, University of North Texas.
- What will be the economic impact, if any, of this trend?
“Businesses will need to think long-term and create a pipeline of talent, which may mean hiring top talent when they find it, whether there is a current job opening. This will add expense in the short term but reduce the cost, time, and challenge of filling open positions in the long run. Power is increasingly in the hands of job candidates (not employers). This means that employers will need to do more than just keep wages and benefits competitive. They will need to invest in the development of their leaders so that leaders company-wide are ready to meet this challenge.” – Linda Thornton, Ph.D. – Adjunct Professor, University of Richmond.
