Job Market Recap: Top 5 Takeaways from May 2022
#1 - As summer heats up, so does hiring.
Check out Snagajob’s just-released Summer 2022 Hiring Report surveying 3,000+ hourly workers and businesses.
See why a whopping 80% of workers are looking for a new job this summer, why they’re leaving old jobs, what they want in a new job, what industries they’re leaning towards, and more. Plus see why 65% of businesses are offering higher wages this summer, other steps they’re taking to attract workers, and gain hiring insights for today’s tricky great reshuffle.
#2 - The job market remains lopsided.
With nearly twice as many job openings as available workers, candidates are scarce. Consider broadening your pool. More specifically, this includes turning to teens and other first-time hires, workers without direct skills who can grow into a position, people with disabilities, and second-chance hires.
#3 - Jobs racing back to pre-pandemic levels.
With over 400,000 new jobs added each month for the past 12 months, it’s estimated we’ll recoup all jobs lost during COVID by the end of August. That’s remarkably fast, as recovery from the 2007-08 Great Recession took almost 7 years.
#4 - Today’s workers want more. Lots more.
We asked hourly workers what they consider when looking for a new job. They told us: 1. Pay (77%), 2. Location (67%), and 3. Flexibility (66%). Quick tip? When posting your job online, be sure the job description addresses these three points. That’s what will catch the eye of job seekers, and help ensure they show up for your interview and eventually the job itself.
To learn more, see our worker survey results. Get insights on hiring today’s new breed of worker who values ”where” and “how” they work as much as pay.
#5 - Remove barriers. Increase applications and hiring rate.
Hourly workers tell us today’s hiring practices flat-out stink, and that most application processes are toilsome and frankly not worth the effort. We’re listening. Which is we recommend that customers cut down the step for getting hired to only what is essential.
For example, for a warehouse job, ask three key questions: 1. Are you authorized to work? 2. Can you stand for 8 hours? and 3. Can you lift 50 pounds? Anything else is immaterial and is only going to lead job seekers to drop out of the process in favor of positions that cut to the chase. Snagajob Senior Vice President of People and Workplace, Candace Nicolls, echoed this level of brevity in a recent article on whether to require a cover letter