job market Archives - That's Good HR

Labor shortages, wage increases and remote work have defined the job market over the past year, and are only expected to grow as we move in 2022. This has created a market with wide-open opportunities for job seekers, but has created some challenges for employers in their hiring processes. Learn more about the 2022 job market outlook, and how we can help support you, from our staffing experts at That’s Good HR.

Remote work will continue to grow

As new variants of COVID-19 emerge, remote work is still a major consideration for employees and employers alike. Many Americans are looking to relocate out of expensive city centers in order to find cheaper housing in more residential areas. Due to utilizing so many remote workers, some employers may relocate or expand operations into cheaper markets as well.

In addition to working remotely, many employers are still implementing remote hiring processes. If you are interested in learning more about making your hiring process remote-friendly (or preparing for a virtual interview as a job seeker), That’s Good HR can help. “Employers can reach out and fill us in on their staffing needs and priorities,” explained Mary Springer, Partner at That’s Good HR. “Then we’ll deliver a customized and strategic staffing solution using the latest in hiring trends.”

Labor shortages and recruiting difficulties

As of the end of 2021, there is no sign that labor shortages will be changing any time soon. It is estimated that the unemployment rate may go below 3.5% by the end of next year — one of the lowest numbers in the history of recorded unemployment rates. COVID-19 and future variants could bring another wave of early retirements, meaning additional labor shortages.

Of course, labor shortages mean good things for job seekers, like wage growth, lowered job requirements and improved benefits. But for employers, the hiring process is becoming more challenging. “We meet with employers one-on-one to understand their business goals, culture, and staffing needs,” said Greta Cline, Partner and CFO/COO at That’s Good HR. “From there, we start the hiring process to pinpoint a candidate and make a match that’s good for everyone.”

Improved wage growth and job perks

With job seekers leading the market at this time, wage growth and job perks are the name of the game. Trends are showing that wages are expected to continue growing through 2022, “especially for new hires, and workers in blue-collar and manual services jobs.” Plus, inflation isn’t slowing down anytime soon, meaning that current employees are likely to see cost-of-living raises as well as overall pay hikes in order to match the salaries of new hires.

Benefits and perks are another tangible way to showcase company culture to job seekers, but no longer does that mean nap pods and free snacks. Most job seekers are looking for better work-life balance, meaning flexible work schedules, mental health/wellness plans and paid parental leave. At That’s Good HR, we can help employers put into place the benefits that top candidates are truly looking for, as well as advocating for the best hiring package for our job seekers.

If you would like to learn more about the 2022 job market outlook and how That’s Good HR can support you in the new year, contact us online or at 317-469-4141 today. We believe that you deserve to work with a staffing firm that has your best interests at heart!

Today’s job market causes debate these days. Nerves are still rattled after the recession, and employment rates haven’t quite hit pre-recession levels. But the latest reports from the Labor Bureau are promising, which means employer challenges in retaining top talent. Let’s chat for a minute about the changing job market and steps you can take.

According to the 2017 Associated Press job statistics report:

Job openings rose 1.6% in January, equaling 5.6 million jobs
2 million people quit their jobs that same month, the most in 16 years

The increase in job growth is great news for those seeking employment. But employers might be nervous—what’s going on with that quit rate?

Turns out, the increase in jobs and the rise in quitting have economists optimistic about the health of the market. People usually quit a job when they already have another one lined up or are expecting to get hired again within the next three months.

What does this mean for you? As employees seek greener pastures for more money, businesses and recruiters may be tasked with offering bonuses, higher wages, and other perks to hold onto talented workers. Recruitment strategies will become vital to staying competitive in a market flooded with opportunities. But never fear, we’ve put together a handy, free tool designed to help you combat the quit rate statistics: 8 Tips for Retaining Top Talent.

But there’s more to the story. According to Forbes, the March 2017 job report was much lower than forecasted—adding just 98,000 jobs, about half as many as were expected. As a result, some economists are foreseeing a stalled market. But let’s take a minute to see the forest through the trees.

Between 2008 and 2010, nearly 10 million jobs were lost, about 420,000 a month. As the economy recovered, jobs were slowly added back. And since 2011, we have seen considerable growth with over 200,000 jobs added each month—that’s 7 years of steady progression. Hiring also increased in January, up 2.6%. Plus the unemployment rate fell to 4.5%, down from 4.7%. All in all, it looks like we’re on the right track.

At That’s Good HR, we know the job market is critical to employers, but sometimes it’s hard to wade through the data and stay on top of things. That’s why we’re all about helping you stay informed about current employment topics and more importantly, discussing how these current affairs affect you and your business. Let’s stay ahead of the curve together.