Source: Hotel Management
By Chris Manley
May 6, 2019
According to the U.S. Bureau of Labor Statistics, the national unemployment rate currently sits at 3.6 percent, a 49-year low. While state unemployment rates may vary slightly, this overall number is the lowest level since December 1969.
A low unemployment rate is indicative of a strong economy. It is advantageous to individual workers because they can more easily secure employment to provide for their families. And when people are employed, they have more money to spend, resulting in a strong economy.
But a downside often overlooked during strong economic cycles is the accompanying difficulty in recruiting and retaining talent. The hospitality and tourism industry is no exception. In December, there were 978,000 current openings in the hospitality industry. This is a challenge for an industry already struggling with annualized turnover north of 70 percent.