We Are Living in an Employee Driven Market
When viewing the working world, it is always important to view supply versus demand. This applies to people just as much as it applies to products. Around the world, airlines, restaurants, retailers, hotels, and so many others can’t fill open jobs, preventing efforts to capitalize on resurgent consumer demand.
During the Coronavirus pandemic, tens of millions of people were out of work and the global economy was in shock. Many people were furloughed, and others retired early as the worry of lingering health concerns made it difficult for people to want to return to work.
What the Job Market Looks Like:
The number of job openings increased to a series high of 10.9 million on the last business day of July 2021, the U.S. Bureau of Labor Statistics reported. Hires rose to 6.7 million and total separations edged up to 5.8 million. The unemployment rate declined by 0.2 percentage points to 5.2 percent in August, and the number of unemployed persons fell to 8.4 million.
Why We Have Shifted to an Employee Driven Market:
What has happened to the economy is unfamiliar to what we typically see. The demand is so much greater for front-line jobs where people are more likely to be affected by coronavirus. This demand transfers over to office jobs as well. In fact, the highest demand is for IT personnel and other STEM workers. These individuals, many of whom have always worked remotely, have been in high demand for many years and the Coronavirus increased the need for these skills. As many companies quickly switched to a work from home (WFH) alternative, allowing employees to stay safe and continue to get work done, the demand for technical personnel to support remote work rose sharply.
Throughout the pandemic, workers learned that they could accomplish business goals from the comfort of their home, and started to realize that productivity shouldn’t be measured by time in the office but rather the work that gets done. This ability to conduct business from anywhere drastically opened up new employment options.
Studies indicate that 24% of American workers (40% of millennials) are currently looking or are planning to look for a new job and, of those who have already accepted new positions, one-third did so after being with their prior employer for less than a year. Short periods of employment on résumés are no longer a detriment when seeking a new job.
Permanent and temporary employees are seeking more flexibility on work from home policies, more transparency on benefits and pay, a more inclusive community, and the ability to upskill. There are so many opportunities available that businesses must keep up with the needs of their staff to stay afloat.
Finding a Fit for You:
The key to all of this is that many businesses know that a ‘one size fits all’ solution doesn’t work. You have options. Before considering any job offer, take time to determine what is most important to you. Do you want or need to work remotely? Would a hybrid model work for you? Is relocation a consideration? What type of position will best provide opportunities for developing new skills and experiences? What are you looking for in terms of compensation? If you have considered these options, you can negotiate from a position of strength. Let nextSource help you find your next role today.