Over the past few months, there have been talks of the Great Resignation and chatter from companies having difficulty filling open roles. So what does all this mean? We will break down the current job market and what it means for you!
Hiring: In November 2021, 6.7 million (4.5%) Americans were hired. There were notable changes in hiring across industries around September and October but have since tapered off.
Quitting: Amid the influx in job openings since the pandemic, almost one-third of Americans will voluntarily change jobs this year. The number of Americans quitting their jobs has been on a steady incline reaching a record of 4.5 million, with the hospitality industry having the highest quit rate of 6.4%.
People are still quitting, but where are they going?
Don't be quick to glorify the 'Great Resignation' or assume it is easier to land a new job even in a candidate-driven market. Yes, 4.5 million Americans quit their jobs, but 6.7 million were hired. This is one indication that the 'Great Resignation' is a marker of people switching jobs more than them quitting the workforce altogether.
What does this mean for you?
Best Time to Search is When You Have a Job: McKinsey's research found that two-thirds of the job seekers leave without a new position. I recommend not leaving a position without a plan and another offer. If you decide to leave without a new position and are looking to stay in the workforce, keep in mind that a typical job search can last between two-six months with an average of three months from application to hire.
Remote work is here to stay and opens the door for new and diverse opportunities. With access to a larger applicant pool, job descriptions will request more specific skill sets. When did you last update your resume or invest in professional development? Now is a perfect time!
Riches are in the Niches. Can you express the niche expertise and skills that make you valuable to an employer? Being self-reflective will help you weed out the jobs that are not a good match. Try niche job boards if you are having a more challenging time finding roles that speak to your skillset. You can find niche job boards for any industry using our favorite tool, Google. For example, you can search "marketing job boards" and filter through the search results until you find a few that you connect with. Some niche job boards have memberships; I don't recommend paying for access to the job boards. There are enough free quality job boards out there!
Have more questions? Feel free to reach out or book a free consultation!