We’ve all seen the headlines: Job Seekers Market, Hiring Crisis. The repercussions of the pandemic go far beyond concerns for health. Whether you are an employer trying to recruit new talent or a job seeker exploring your options, it is important to understand why the market is different than ever before, and what that means for you.
What is a Job Seekers Market and How Did We Get Here?
The simplest way to describe a job seekers market is— there are more roles to be filled than there are people interested in filling them. We can attribute this to a lot of things. The pandemic forced many out of work, and employees are reluctant to return due to health concerns, not to mention there are now an overwhelming amount of options than were previously available. The shift towards remote work has opened many doors for job seekers, and provides what some would consider a more appealing option.
The lifestyle changes caused by the pandemic have created a demand on different products than previously seen: instead of spending money on going out to eat, shoppers were investing on home self-care products. Instead of participating in indoor activities, consumers bought mountain bikes and ski equipment—all things they were able to do safely during social distancing. All of these changes impact the economy to stimulate growth in some areas, and a decline in others.
There is also the social change we have seen in the past few years. Various movements have inspired an emphasis on inclusive hiring practices and an expectation for businesses to prioritize diversity. The old cookie-cutter resumes are not as appealing to employers that may be wanting to change company culture and welcome a variety of backgrounds. With all of this social and economic change, the hiring climate is not the same as it was pre-pandemic.
What Does This Mean for Job Seekers?
This means it is your time to strike. If you have been considering a change in your career, the time to look is now. A recent study from ASE revealed that Michigan compensations rose 4% in 2022, compared to 2.1% in 2021. Employers are short on staff and will be more willing to consider backgrounds that do not fit such a restrictive mold as we have previously seen. So it is time to reach for the stars and take that leap in your career.
If remote work, a flexible schedule, or other factors in a job that previously seemed like unattainable luxuries are important to you, these dreams can quickly become a reality. More and more employers are offering never before seen benefits, like work from home options, flexible schedules, and higher wages. Entech is happy to discuss your requirements as a job seeker and help you take that next step in your career!
What Does This Mean for Employers?
The term “hiring crisis” is not used lightly, and we hear it all the time now. It is increasingly difficult to find candidates to fill roles. Which means that if you are an employer, it is time for reflection. What could your company do to set yourself apart as an appealing option to job seekers? Are your wages matching up to current industry standards? Could you run your business effectively while allowing workers to have work from home options or flexible schedules? This is a time more than ever to consider working with a recruitment agency like Entech. We are aware of industry standards and can help advise on ways to make your company a competitive contender with the rest. Our robust database of potential employees and access to various job seeker platforms makes us uniquely qualified to find exceptional employees despite these difficult times.
For job seekers and employers alike, give us a call today to discuss how Entech can find the solution to your career and hiring goals. (248) 528-1444.
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