Legal Blog
Read Delete: Where Employers Struggle to Fill Open Positions
Where Employers Struggle to Fill Open Positions
The Great Resignation may have eased up a little in recent months, but with job openings near record levels, historically few layoffs and millions of Americans still quitting their jobs voluntarily each month, the balance of power in the U.S. labor market remains tilted towards the workers. In July, the number of job openings outnumbered unemployed Americans nearly 2 to 1, signaling excess demand in the labor market.
The leisure and hospitality sector, the industry most heavily affected by pandemic-induced layoffs in 2020, is now at the center of the worker crunch, as almost 1 in 10 positions in the industry remained vacant at the end of July. Despite 1.11 million hires in the leisure and hospitality sector, 1.52 million positions remained unfilled at the end of the month, as more than 800,000 leisure and hospitality workers quit their jobs in search for a better position elsewhere.
The following chart, based on data from the latest Job Openings and Labor Turnover Survey, shows which industries had the highest job openings rate at the end of July. The job openings rate is the number of job openings divided by all jobs, filled or unfilled, in a given industry. Aside from the hospitality sector, employers in professional and business services and education and health services had the most trouble finding personnel, while the fewest positions remained unfilled in construction, wholesale trade and the government.
Source: Statista
Do you want to vet a business opportunity? Is there an anticipated commercial dispute? Is a second legal opinion warranted? Grab 15 minutes with me, and I will work with you to understand your situation and provide my thoughts based upon successfully representing business owners for almost 25 years. You will receive a confirmation with a Teams Meeting invitation after you pick a time for our discussion. You can also reach out to me at mmercurio@offitkurman.com.
Have an interesting, fast fact for a business audience? Please send and share it with our 1,600+ subscribers. Click here to subscribe to Read Delete and receive fast facts delivered weekly.
ABOUT MIKE MERCURIO
Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332
Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
ABOUT OFFIT KURMAN
Offit Kurman, one of the fastest-growing, full-service law firms in the United States, serves dynamic businesses, individuals and families. With 18 offices and more than 250 lawyers who counsel clients across more than 30 areas of practice, Offit Kurman helps maximize and protect business value and personal wealth by providing innovative and entrepreneurial counsel that focuses on clients’ business objectives, interests and goals. The firm is distinguished by the quality, breadth and global reach of its legal services and a unique operational structure that encourages a culture of collaboration. For more information, visit www.offitkurman.com.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA |SOUTH CAROLINA | VIRGINIA | WASHINGTON, DC
