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Historic Low Unemployment Puts More Pressure on Employers

 
It is quickly becoming a sellers’ market for labor as the national unemployment rate drops to its lowest point in over a decade. According to the Bureau of Labor Statistics, the unemployment fell to 3.9%[1] in April, 2018, the lowest rate since 2000, just before the “dot-com” bubble burst. Now that the labor market is tightening again, prospective employees are finding themselves increasingly sought after and the competition to win over the best and brightest is increasing. According to USA Today, in February there were 1.1 unemployed people for every job opening, down from a high of 6.7 people for each job in July 2009[2].  In this new hiring environment, employers are looking for ways to stand out in the marketplace, and a quality benefits package should be a key part of any manager’s pitch to potential new hires.  At CoreSource, we offer a wide range of solutions to help make employers more attractive by promoting a “whole health” approach to benefits.
 
We offer solutions that go beyond the traditional idea of health benefits. We provide members with unparalleled cost and quality transparency through Healthcare Blue Book, easier access to quality care through telemedicine with Teladoc, and direct, tailored communications through myCoreSourceWire, for example. We continue to produce member education materials, create digital engagement tools, and partner with vendors to develop new solutions to help our members.
 
 
Our financial wellbeing solutions aim to support employees as well, alleviating stress and empowering them to make informed decisions about their own monetary health. The Simplicity tool provides members with a way to more easily manage qualifying health care costs, at zero cost to members or employers. PayActiv gives employees easier access to their wages when emergencies arise, and MoneySteps helps members to better manage their own money.
 
Together, these solutions help to demonstrate the value employers place in their people, and may help to improve how potential employees see the company. Contact us today to find out more about how our solutions can help employers turn a tight labor market into an opportunity to attract top talent.
 
[1] Kitroeff, Natalie. “Unemployment Rate Hits 3.9%, a Rare Low, as Job Market Becomes More Competitive.” New York Times 4 May 2018. Web. https://www.nytimes.com/2018/05/04/business/economy/jobs-report.html
[2] Paul Davidson. “The pros and cons of U.S. unemployment rate falling below 4%.” USA Today 4 May 2018. Web. https://www.usatoday.com/story/money/economy/2018/05/04/pros-cons-unemployment-below-4-percent/580633002/