Hiring advice, as open jobs once again double available workers

Highlights

Overall, hourly jobs are up 150% compared to pre-pandemic norms, seeing a 6% month-over-month drop and a 6% year-over-year decline. 

After a few months of the gap gradually lessening between open jobs and available workers, the economy surprised us again.

According to US Bureau of Labor Statistics, there were 11.24 million open jobs in July (well above estimates in the range of 10.3 million). That’s pretty much back to twice the number of available workers, which reached 5.67 million for the month.

This report proceeds Friday’s telltale August jobs report. also by the Labor Department. Estimates of monthly job growth are expected to be around 318,000. But if history is any indication, this could be way short of actual figures.

As if you didn’t need a reminder, these numbers reinforce the fact that it’s a challenging job market for those looking to hire. With more open jobs, businesses are motivated to raise wages. Especially as inflation eats away at paychecks and job seekers on the low end of the pay scale consider dropping out of the market completely. 

Although, in August, quits fell one-tenth of a point down to 2.7%. That adds up to 4.18 million quits for the month, which is still high historically. With quit rates cooling, workers may be reluctant to “reshuffle” to new positions. This is all the more reason to make sure your hiring playbook aligns with evolving worker expectations.

Another insight is to make your company culture as inviting as possible. With today’s change in expectations and motivations, take a good look at your company values. Younger workers are particularly interested in what you stand for, so be ready to amplify the message. Also, make sure your job posts are in line with today’s evolving needs. And don’t forget to streamline your hiring process, as outdated processes will get you ousted from consideration.

Jobs

All industry data is from 3/2/20-3/30/22

Here are the latest overall job numbers:

Overall hourly jobs are up 150% compared to pre-pandemic norms, seeing a 6% month-over-month drop, and a 6% year-over-year decline. 

Here are the latest job numbers by industry:

Food & Restaurant jobs are up 2% compared to pre-pandemic norms, seeing a 15% month-over-month drop, and a 29% year-over-year decline.

Hotel & Hospitality jobs are down 4% compared to pre-pandemic norms, seeing a 14% month-over-month drop, and a 62% year-over-year decline.

Healthcare jobs are up 187% compared to pre-pandemic norms, seeing a 3% month-over-month gain, and a 25% year-over-year decline.

Retail jobs are up 32% compared to pre-pandemic norms, seeing a 9% month-over-month drop, and a 15% year-over-year decline.

Warehouse & Logistics jobs are up 1111% compared to pre-pandemic norms, seeing a 4% month-over-month drop, and a 61% 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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Mathieu Stevenson |
Mathieu Stevenson is the CEO of Snagajob. His first hourly job was as a lifeguard.