I’m going to geek out on you today and talk about economics, because something really interesting is happening and you should know about it.
The latest numbers from the Labor Department show job openings in the US hit a record high in July – over 10.9 million! (Reuters, 9/8/21). And, there continues to be an increase in workers leaving their jobs voluntarily, showing that there is a lot of confidence that the job market will continue to strengthen.
At the same, however, hiring is down. What?!? How does that make any sense? As I read it, this paradox is a sign that two things are happening simultaneously:
- Workers are becoming far more selective about what they are willing to do and about what matters to them in a job.
- Employers are looking to fill roles but they are lagging behind in adapting to attract new hires. Starting wages/salaries, benefits, and expectations are not keeping up with workers’ needs.
I’m also hearing directly from recruiters that they are struggling to fill highly skilled positions that demand specific technical background and experience. They are overwhelmed with unqualified applicants and not finding a fit.
What does this mean for you if you are currently engaged in a job search?
- Be very clear on what you need and want in your next job, and ask for it. My clients are successfully negotiating everything from bumps in starting offers to PTO, remote/hybrid work situations and more.
- Highlight your skills on your resume exactly the way they are described in the job posting.
- Don’t hesitate to upgrade your skills in areas that are in high demand. Get the certificate. Take the course. Make the investment in yourself – it will pay off.
- If you are in a field that isn’t adapting, now is the time to pivot. Identify your transferable skills and make the move.