The State of the Labor Market

Now that we’re nearing Fall, it’s an excellent time to review the state of the labor market. In the summer, weekly jobless claims hit an eight-month high, but the labor market is still tight.

So what is the current market, and how should job seekers make their mark to find their next opportunity?

 

Unprecedented Labor Shortages

So many companies across North America are still seeing the effects of the pandemic and the turnover tsunami. What’s interesting to note is that unemployment rates aren’t that high while companies are still struggling to find workers. It may be that many employees have left the job market altogether without a clear plan to return.

 

The Return of Office Work and Rise of Hybrid Arrangements

We also see companies return to the office. Many organizations that have been flexible in the last two years are asking workers to return. This can cause problems with employees who left high-dollar areas to work remotely and are unable to return or simply uninterested. Some companies embrace a hybrid approach asking employees to be in the office one or two days a week while the rest can be work-from-home.

 

 

The Great Resignation Continues

In March of 2022, the quit rate was at 4.5 million, as high as it had been in the last half of 2021. There are still more jobs available than workers to fill them. Inflation and housing prices are increasing, which can mean several things for the economy. However, wages have only increased 5% while inflation is at 8.5%, meaning many workers bring home less money now even after a raise than they did before. Until things begin to balance out, the great resignation may continue.

 

 

Increased Emphasis on Inclusion

There are many bright spots in the current economic climate as well. Many organizations are increasing their emphasis on Diversity, Equity, and Inclusion, making their workplaces more welcoming to more employees. It’s important to put equal importance on all three branches of DEI to ensure that you bring in diverse employees, give them a voice, and include people of many backgrounds in decision-making positions.

 


Can you find new opportunities in this labor market? Contact the team at Nextaff to see what we’re working on today. 


 

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