According to the latest report from the Bureau of Labor Statistics, job openings are still at near-record levels, causing many to look for work in this job market. On Tuesday, the Labor Department reported there were 11.3 million job openings in February, a slight decrease from the 11.4 million record set in December. In addition, the number of workers quitting their jobs rose to 4.4 million but held below November’s record high of 4.5 million.
Since July 2021, the U.S. job market has had at least 10 million job openings, a nine-month stretch with no signs of slowing down. With job openings staying above 10 million month-over-month, employers are pushing up wages in the current U.S. labor market, which is excellent news for workers looking for a new job or who are currently unemployed.
So, what does this mean for you? It means that now is a great time to find a new job!
Elevated levels of job-switching, or churn, in the labor market amid the pandemic resulted in 1.8 openings for each unemployed worker in February. For this reason, and many others, you should look for work.
Here are four reasons you should look for work in this job market.
More Jobs Mean More Opportunities
With the job market constantly evolving, it can be difficult to know where to look for work. Recently, many new job boards have been created to help job seekers get hired. Now, candidates can search for jobs on Google’s Job Board, Facebook, LinkedIn, Indeed, Glassdoor, Craigslist, Monster, and much more.
Even though it can be difficult and time consuming to find the perfect job board for your job search, there are several good reasons to search for a job now.
First, there are more jobs available than there were in the past. This means that there are more opportunities to find a position that is a good fit for your skills and experience. Additionally, the job market is becoming increasingly competitive, so it is important to get your application in early.
As of April 2020, there was only 4 million job openings available in the U.S. Job Market. However, as of today, there are over 11 million.
Due to the difficulties in finding candidates in this job market, many companies are now offering flexible work options, so you can often find a position that allows you to work from home or set your own hours. With so many benefits to searching for a job now, it is definitely worth taking the time to look for work in this job market.
If you are just starting your job search, begin searching for work on Indeed as it is the most used job board for candidates and employers. Right now, there are thousands of opportunities in your area that could be a good fit for you.
Additionally, as a staffing agency, we can help you find jobs that are not posted anywhere online! All you have to do is visit citypersonnel.net/jobs and start applying!
The Market is Favoring Job Seekers
The job market is always changing, and right now it’s favoring job seekers. Pre-COVID, employers had all the power in the job market. With more job seekers than open positions, employers were paying less and requiring more for their job openings. However, now that there are more job openings than active job seekers, job seekers now have the power.
Employers are struggling to find qualified candidates, so they’re offering higher salaries and more perks to attract the best talent.
In a recent blog post, we reviewed the 2022 job market and how companies are attracting candidates to work for their company.
- 48% of companies are offering sign on bonuses for new employees (Signing bonuses could be 10% or more of yearly salary)
- 46% of companies offered cash incentives to employees if they worked at the office instead of remotely
- 43% of companies offered more paid time off.
- 40% of companies offered job title upgrades.
If you’re looking for a new job, now is an ideal time to start your search. You’ll be in a strong position to negotiate for the salary and benefits you deserve. And with unemployment at a low, you’re likely to receive multiple offers, giving you even more leverage. So, if you’re thinking about making a change, now is the perfect time to do it. The job market is on your side, so take advantage of it while you can.
Employers are Competing for Top Talent
Employers are competing for top talent. In today’s economy, businesses are constantly searching for ways to improve their bottom line. One of the most effective ways to do this is by hiring high-quality employees. As a result, companies are willing to offer competitive salaries and benefits in order to attract the best candidates.
In 2020, all employers would have to do was post a job online and wait for an influx of job applicants to be submitted. Today, that is not the case.
Employers believe that job application success rate is presently abysmal—only 2% of those who apply for a position reach the interview stage. Furthermore, according to employers, 75% of applicants are not qualified for the job. Due to the decrease in qualified candidates, employers are now more willing to act quickly on top talent when they see it.
It's a Great Time to Negotiate Your Salary and Benefits
In today’s job market, it’s more important than ever to be strategic about your career. With so many companies downsizing and cutting costs, it can be difficult to find secure employment. However, this doesn’t mean that you should give up on your job search. In fact, there are many reasons why this is an ideal time to look for work. For one thing, it’s a great time to negotiate your salary and benefits. With so many people out of work, employers are often willing to offer competitive salaries in order to attract top talent as we said before. In addition, this is also an excellent time to learn new skills and gain valuable experience.
With so many people competing for jobs, employers are often willing to invest in employee development. As a result, you can often negotiate for a salary and benefits that are beyond what you would normally receive.
The job market is on your side, so take advantage of it while you can. In today’s economy, businesses are constantly searching for ways to improve their bottom line, and one of the most effective ways to do this is by hiring high-quality employees. As a result, companies are willing to offer competitive salaries and benefits in order to attract the best talent. So if you’re considering a job search, don’t be discouraged by the state of the economy—now is a great time to find your dream job.