By Nancy Collamer, Next Avenue
The most recent labor market information confirmed that the job market stays remarkably resilient. In January, the U.S. economic system added an eye-popping 517,000 jobs and the unemployment fee fell to three.4%, the bottom in additional than a half-century.
Nonetheless, even in a powerful job market, fortunes range as evidenced by current layoffs at firms like Amazon
That can assist you higher perceive this considerably puzzling job market, I learn by a number of current labor-market stories. Listed here are my fundamental takeaways, together with just a few recommendations on the best way to profit from these tendencies.
The State of the Labor Market. There are extra openings than employees. The December Job Openings and Labor Turnover Survey (JOLTS) from the U.S. Bureau of Labor Statistics says there are 1.9 jobs obtainable for each particular person looking for one. The primary drivers behind this are the getting older of boomers, curtailed authorized immigration and declining inhabitants progress. Given the deep-seated and long-term provide dynamics, Certainly and Glassdoor economists say it is unlikely that the expertise scarcity will ease anytime quickly.
2. Distant work is right here to remain. However anticipate fewer absolutely distant alternatives. Earlier this month, The Wall Avenue Journal reported that the return-to-office fee — a measure of workplace occupancy in 10 main U.S. cities — exceeded 50% of pre-pandemic ranges for the primary time since early 2020.
This does not imply employers have deserted distant work, however extra are transferring towards hybrid fashions that require staff to be within the workplace not less than a part of the time.
Tip: As extra employers undertake hybrid employment fashions, remember to ask if a job is distant, in-person or hybrid earlier than accepting a suggestion. Not all digital jobs are absolutely distant, so learn job postings carefully and ask sensible questions within the interview. Bear in mind that FlexJobs discovered that almost all of its “distant job” postings in 2022 required staff to work in a particular area, metropolis or state.
3. Pay will increase are strong however slowing. Because the labor market emerged in spring 2021 from the preliminary financial shock of the Covid-19 pandemic, wages and salaries began to rise. They’re nonetheless rising, most not too long ago at a 4.4% annual tempo.
This squares with information from the Certainly Wage Tracker, which relies on Certainly.com job adverts. It discovered that 82% extra job sectors slowed wage progress in November than they did six months earlier. Given the present trajectory, Certainly says that posted wage progress ought to return to its 3% to 4% pre-pandemic tempo by the second half of this 12 months.
Tip: Do your analysis when negotiating a wage for a brand new job. Discuss together with your community, verify websites like Wage.com and Glassdoor.com, and scour job postings (a lot of states require employers to put up compensation ranges when promoting jobs) to set a sensible wage vary. Remember to think about the worth of advantages, resembling retirement financial savings, fitness center memberships and medical health insurance. Employers more and more spotlight advantages to compete for expertise.
Job Search Traits. Video interviews are right here to remain. In line with the 2023 Profession Business Traits Report — a abstract of findings from a career-service suppliers’ annual assembly known as Profession Jam — 82% of employers applied video interviews due to Covid-19, and a whopping 93% of them say they plan to proceed to take action.
Moreover, some job boards embrace an choice for employers to pose inquiries to candidates by way of video and LinkedIn has “Exhibit Expertise,” which permits people to jot down or document movies to exhibit choose expertise.
Tip: Incorporate video into your LinkedIn profile. Doing so will assist to construct your model and exhibit your proficiency with expertise, an particularly essential ability for older job seekers to tout.
5. Hiring managers prize expertise over levels. Firms like Walmart
Tip: Upon getting your eye on a job, determine particular expertise wanted to land it. In the event you lack them, strive short-term programs and certificates applications provided by trade associations, group schools and websites like LinkedIn Studying, Coursera.org and EdX. The Traits Report says greater than 10% of U.S. employees in low-paying jobs — many and not using a diploma — landed higher-paying work within the final two years by “upskilling” on this manner.
After buying the correct expertise, highlight them prominently in your resume, in your LinkedIn profile and through any interview.
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