The media is painting a scary picture otherwise known as the labor market.  Last month�??s unemployment numbers are another brushstroke. Over the past 18 months, 3.3 million workers have become jobless.  There are currently 10.1 million unemployed workers in this country since late 07. 

The unemployment rate is at 6.5% and the under employment rate, which measures the number of people only working part-time, but looking for fulltime work, is at an all time high of over 11.1%,

The majority of downsizing in the first three quarters of 2008 occurred in the construction, real estate, and mortgage finance industries, while healthcare, IT, energy and green sectors grew.

But don�??t let the numbers deceive you�?� remember that the labor market is continuing to experience talent shortages at the top of the pyramid.  The 10-million baby-boomer�??s retiring over the next eight years is hiding behind the current unemployment rate.  Organizations are continuing to struggle and loose experienced talent at all levels.    

Despite the unemployment rates the numbers continue to reflect we are in the midst of a talent shortage.  Recruitment functions of any kind are continuously facing challenges of creatively exploring and identify the correct mix of right sizing, building, outsourcing and/or some combination to continue to be competitive and effective. 

Remember that the talent shortage is a long term challenge compared to the current economy.  Companies that do not have initiatives to identify and retain top talent are probably not focusing on the overall picture and will continue to struggle with talent shortages in both the short and long term of this economy.