How Hard Is It To Find A Job Right Now
According to three recently published reports, the demand for technology will continue to be high in 2022. However, finding and retaining skilled IT workers will prove to be a challenge.
High unemployment rate
Why is unemployment so high today?
The sustained depression in job-finding was a primary factor that prolonged high U.S. unemployment, but today the relatively high job-finding rate helps keep unemployment low. Despite this, the job-finding rate is still slightly lower than in 2006 despite an unemployment rate that is nearly a percentage point lower today.
How can the labor market be tight with unemployment at 6.3%?
Despite the unemployment rate being at 6.3% of the labor force, the labor market can still be tight. According to Federal Reserve chairman Jerome Powell, the real unemployment rate is closer to 10%. Additionally, many of the unemployed are not available for jobs that need to be filled, leaving business leaders struggling to find workers.
What is the unemployment rate?
The unemployment rate in the United States is currently at 6 percent, which translates to approximately 9.7 million people actively seeking employment. If interested in further exploring labor issues, one could search for news articles discussing the topic of a potential labor shortage.
Does unemployment include people who aren't looking for a job?
No, the official unemployment rate does not include people who are not looking for work, regardless of whether or not they desire a job. This means that the labor participation rate directly impacts the accuracy of the unemployment rate as it fails to consider individuals who are not seeking employment. Despite low unemployment, the labor force participation rate remains low.
Lack of available jobs
Why is it so hard to find a job?
Finding a job is challenging due to several reasons. Recruiters are overwhelmed with limited time and often lack the necessary training. Additionally, many recruiters start their careers immediately after college without expertise in any particular field. This shortage of expertise can make the job search process much more difficult.
Why are businesses struggling to find workers?
Employers in sectors like manufacturing, restaurants, and construction are facing difficulty in finding workers despite rising vaccination rates, easing lockdowns, and enormous amounts of federal stimulus aid.
Does a decline in workers' desire to pursue jobs matter more?
A similar decline in workers' desire to pursue jobs matters more when there are plenty of jobs to go around, which is increasingly the case as the economy reopens.
Increased competition for positions
How to stand out in a competitive job market?
To stand out in a competitive job market, it is crucial to possess the right combination of education, experience, and skills. Additionally, developing a personal brand can greatly benefit your job search. Learning different strategies to differentiate yourself from other candidates is essential in finding the perfect job.
What is a competitive job market?
A competitive job market refers to the situation where there are many job seekers competing for limited job openings due to a high demand for labor and a limited number of employees in the economy. It is important to stand out in order to secure a position in such a market.
Is the competition for talent putting job seekers in a better position?
According to SHRM, the growing competition for talent is giving job seekers an advantage, as employers are actively recruiting candidates and willing to pay more across job levels.
Unclear hiring timelines
Why do businesses struggle to fill open jobs?
Businesses struggle to fill open jobs because wages are too low according to a survey of more than 3,000 hourly workers conducted by employer payment platform Branch. The fear of Covid-19 at work was the second-largest reason for the struggle.
Do employers want to hire?
Employers do want to hire, but they might not be willing to offer high enough wages to attract candidates despite crying about labor shortages. The article suggests that companies should improve the job first to attract workers.
Heightened need for digital skills
Are there enough people with the right digital skills?
According to Salil Gunashekar of RAND Europe, there is a shortage of people with the necessary digital skills to drive the transformation that companies are aiming for. This shortage is posing a challenge, and the world is expected to face an important milestone in the coming years.
What are the most desirable skills for digitalization?
The Industry Skills report from Coursera has found that cloud computing and data analysis are the most desirable skills for digitalization in companies. The report also emphasizes that no job is exempt from digitalization, highlighting the importance of these skills in today's job market.
What skills do you need to be a digital marketer?
To be a digital marketer, you must possess a variety of digital skills. These can include original content creation, e-commerce, network and information security, UX/UI design, social media marketing, and data analytics, among others. The acquisition of these skills is essential to succeed in the field of digital marketing.
How can we bridge the digital skills gap?
To bridge the digital skills gap, a comprehensive approach across the technology value chain is required. However, making information more accessible is a simple and efficient solution. The lack of digital skills is causing disconnection, making it crucial to implement practical solutions.
Remote work options limited
Is a remote job right for You?
Remote jobs offer a desirable work arrangement for many US workers by providing the best of both worlds - full-time employee benefits, like insurance and vacation time, without being confined to a traditional office environment. Fortunately, the number of workplaces offering remote and flexible work schedules is increasing, making it easier to find a remote job. Whether this type of job is right for you, however, would depend on your individual circumstances and preferences.
What do remote workers want after offices reopen?
According to a Gallup study, 91% of remote workers in the US wish to retain some form of remote work after offices fully reopen. Along with this, professionals also desire greater flexibility in terms of their career trajectory. Additionally, research demonstrates that the number of knowledge workers transitioning towards freelancing has been continuously increasing since 2019.
Is remote work on the rise?
Remote work is on the rise, as technology has advanced to enable more jobs to be performed remotely. Prior to the pandemic, only 17% of workers were remote, but as of April 2021, 44% of workers were working fully remote five days a week, according to data from Statista.
Do remote workers want more flexibility?
According to a study, remote workers in the US are seeking for more flexibility even after offices fully reopen. 91% of them want to retain some form of remote work. Additionally, professionals are also wishing for greater flexibility regarding their career trajectory.
Recruiting freezes in some industries
Should recruiters be left in the dust during a hiring freeze?
Recruiters should not be left in the dust during a hiring freeze. Despite a decrease in hiring responsibilities, recruiters still possess valuable skills and insights that can be utilized in other ways to make a bigger impact. Built In provides tips for recruiters to share projects with leaders during this time, emphasizing the importance of utilizing their skill set.
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What is a hiring freeze?
According to the SHRM article, a hiring freeze is when all open requisitions for hire are put on hold as a quick and easy way to reduce costs. However, the article also notes that implementing a hiring freeze can be damaging to a company in the long term due to its adverse impact on the organization.
Are hiring freezes and layoffs spreading across the tech sector?
Yes, according to the information provided in the article, hiring freezes and layoffs are indeed spreading across the tech sector. Meta, for example, recently announced a cut of over 11,000 staff and an extension of a hiring freeze until the first quarter of next year, with only a few exceptions.
What are the most common recruiting challenges?
Recruiters commonly face challenges such as attracting the right candidates, engaging qualified candidates, hiring quickly, using data-driven recruitment, building a strong employer brand, ensuring a good candidate experience, recruiting fairly, and creating an efficient recruiting process.
High demand for skilled professionals
Is it hard to find skilled IT workers in 2022?
According to three recently published reports, the demand for technology will continue to be high in 2022. However, finding and retaining skilled IT workers will prove to be a challenge.
Should you consider a career in the skilled trades?
The article suggests that for those struggling in their job hunt, considering a career in the skilled trades may be a viable option due to the current shortage in skilled trades labor in the U.S.
Is America facing a skilled labor shortage?
The Department of Labor reports that the US economy currently has 7.6 million unfilled jobs, but there are only 6.5 million people looking for employment, indicating a skilled labor shortage in America. This shortage is causing significant issues for the country, as highlighted by Forbes.
Are skilled trade jobs outpacing the supply of qualified workers?
The number of skilled trade jobs in the U.S. is growing while the supply of qualified workers to fill them is lacking, resulting in a labor shortage.
