2020 changed what employers are asking of their employees, which is why it is no surprise that employees have changed what they are looking for in their current and future employers as well. Understanding what applicants want is crucial because great hiring reduces turnover. Additionally, being in tune with what job seekers want gives your company an advantage in recruiting and hiring top talent.
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With unemployment numbers continuing to fall, job seekers are back in the power seat as their needs in an employer continue to evolve in response to the pandemic-related work landscape. So, what do job seekers want these days? 

July numbers reported an increase in small business loan approval rates at big banks (i.e. banks holding more than $10B in assets). Approval rates of 13.5% in June rose to 13.8% in July, marking the first increase since January of 2020 when big bank loan approval rates soared at 28.3%.

This increase was mirrored in loan approval rates at small banks as well, which rose from 18.4% in June to 18.6% in July. This was a continued bump from 16.9% in May, but still remains well below the 50.3% mark that small business loan approval rates at small banks hit back in February of this year.

It is important to note that these loans were separate from the widely distributed government PPP loans that many businesses successfully applied for and received earlier in the year.

The widespread increase in bank loan approvals throughout July was accompanied by a continued decrease in the unemployment rate, bringing it to 10.2%. Unemployment had peaked in April at 14.7% and has continued to fall month-over-month since. July alone added 1.8 million nonfarm jobs as economic activity that had been restricted due to COVID resumed, especially in the areas of leisure, hospitality, retail, professional services, and health care. 
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These indicators may be a sign of an economic rebound on the horizon. 

​Are consultants simply someone who “borrows your watch to tell you the time?”