Beyonce (oh, and economists too) weigh in on the worker renaissance and how reimagined hiring is a win for everyone
Overall, hourly jobs are up 171% compared to pre-pandemic norms, seeing a 2% month-over-month decline, and a 30% year-over-year growth.
In a clear sign that workers everywhere are leading the renaissance in a new era of work, singer Beyonce dropped a single Monday centered on taking back your time and your life, including quitting unrewarding jobs in favor of more life-affirming employment. If the song’s title, “Break My Soul,” doesn’t give you a good idea of Queen B’s gist, check out the lyrics as she addresses today’s Great Reshuffle and the rebirth of work as a meaningful part of life. Similarly, in the pop culture world, the “Quit-Tok” phenomenon of quitting a job publicly via TikTok continues. This expression of frustration gives everyone the chance to be part of the progress and has upside for everyone.
Elsewhere. employers are raising wages to find and retain employees—aiming to make work more equitable and rewarding. Hourly wages jumped by 6.1% in May relative to a year earlier, the biggest annual increase in at least 25 years (according to the Federal Reserve Bank of Atlanta). A recent study by 24/& Wall St. showed the job categories with the largest wage increases in recent years, and here are some highlights.
Healthcare wages are up 38.4%
Foodservice wages are up 37.7%
Warehouse and production wages are up 27.5%
Similarly, Walmart is now boosting hourly wages, particularly in the pharmacy department of California stores. They’re now raising the average wage to over $20 per hour, with expected raises of an additional $4 per hour over the next four years.
Beyond wages, businesses can attract workers in other important ways too. Snagajob CEO Mathieu Stevenson recently penned an article offering 3 Tips For Staffing Up For Summer. Read it to explore what you can do within your organization’s culture and hiring practices to stand out, especially among today’s younger workers.
New research by Legion Technologies addresses the overall state of affairs in regards to hourly workers. The study supports the findings in our own recent Summer Hourly Hiring Report, to help explain how the worker mindset has changed during the pandemic and what you can do to better align with changing attitudes. Both studies make for an insightful read. Or simply put on your headphones and listen to Beyonce's take with “Break My Soul.”
The big picture remains centered on the impact of inflation. Inflation continues to negate the effects of boosting wages, as Federal Reserve Chairman Jerome Powell is quick to point out. This helps explain why businesses are still having trouble hiring, as many workers remain on the sideline waiting for the economic picture to improve. Especially those who rely on gas for work or long commutes. But businesses aren’t giving up on hiring, as the job numbers remain strong compared to pre-COVID statistics. All categories are up since March 2020, including:
Warehouse & Production job postings are up 1361%
Healthcare job postings are up 180%
Hotel & Hospitality job postings are up 69%
All industry data is from 3/2/20-6/21/2022
Here are the latest overall job numbers:
Overall jobs are up 171% compared to pre-pandemic norms, seeing a 2% month-over-month decline, and a 30% year-over-year growth.
Here are the latest job numbers by industry:
Food & Restaurant jobs are up 28% compared to pre-pandemic norms, seeing a 10% month-over-month drop, and a 13% year-over-year decline.
Hotel & Hospitality jobs are up 69% compared to pre-pandemic norms, seeing a 9% month-over-month gain, and a 3% year-over-year decline.
Healthcare jobs are up 180% compared to pre-pandemic norms, seeing a 34% month-over-month gain, and a 52% year-over-year growth.
Retail jobs are up 43% compared to pre-pandemic norms, seeing a 5% month-over-month decline, and a 10% year-over-year growth.
Warehouse & Production jobs are up 1361% compared to pre-pandemic norms, seeing a 92% month-over-month gain, and a 210% year-over-year growth.
The bottom line
We’ll continue to be your best resource for hourly job market insights as we collectively navigate towards our new normal and beyond.
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