The 2022 Job Market Shows Candidates Are Back
This year is off to a quick start. As nationwide labor shortages continue, many are left wondering about what the workplace will look like in 2022. Our team of recruiting experts are constantly talking to job seekers and hiring managers about their search. Here is what we are seeing in early 2022 job market.
Labor Shortages Left Companies Struggling to Hire 2021
In early 2021, we saw the demand for workers trend back to normal. At the same time, the amount of people willing to work stayed roughly low. These findings were demonstrated by this Washington Post Article. The high demand for workers and low supply of those willing to work has increased labor shortages in several industries. Companies were left with a staggering amount of job vacancies.
According to the Federal Reserve Bank of St. Louis, there were over 10.5 million total unfilled job vacancies in the U.S during Q3 of 2021.
This created an opportunity for job seekers and professionals to pose a potential career change, but it left employers scratching their heads on what’s to come in 2022.
Hiring Trends Are Looking up For Employers in 2022
Our website applies over the first two weeks of 2022 increased by 115% compared to the previous month. Overall traffic to the site is up 39% for the same period. As we enter into the 2022 job market, we expect these numbers to continue to increase throughout the busy hiring season of January and February.
“Early indicators are showing a bounce off the bottom. Candidates are slowly coming back into the job market,” Gabrielle Christman, CEO and President of Hunter International explains. “Our Recruiters are seeing this reflect in candidate applicant traffic and overall interest in our roles.”
One of the largest factors for job seekers getting back into the market is the inflated price of daily necessities. The annual inflation rate in the US accelerated to 7% in the last month of 2021, a fresh high since June of 1982
Before the pandemic, the U.S. personal savings rate reported by the Bureau of Economic Analysis (BEA) was 8.3%. In November of 2021, the BEA reported that the savings rate was at a year low of 6.9%. Disposable personal income is shrinking, putting Americans in a pinch to get back to work to earn a paycheck.
The 2022 Job Market Remains in The Candidate’s Favor
Following what many are calling “The Great Resignation,” job seekers utilized the tightening job market to demand more from employers. They are asking for greater flexibility and better benefits. In an October 2021 survey conducted by Future Forum of over 10,000 workers and managers, 76% of respondents want more location flexibility and 93% want flexibility with working hours. Employers are able to stand out to job seekers when they adjust to their needs.
It is safe to say the market remains strong for employees. Employers will continue to face real-time fluidity in the market that will reward the most agile and able to adapt. Our recruitment team will continue to keep a pulse on the trends that we are seeing in the market.
Learn more about our comprehensive workforce solutions and what it is like to #HireWithHunter!