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In the latest reports from the Bureau of Labor Statistics (BLS), the number of available jobs were reported to have increased by half a million (to 11.2 mil) while the unemployment rate also rose to 3.7%. This increase in unemployment is the equivalent of 344,000 newly unemployed persons.
With an increase in voluntary quits in transportation, warehousing, and utilities, we continue to see the trades’ industry experience higher than average turnover rates. Warehousing alone saw a drop in nonfarm payroll by 6,200 jobs by the end of August. However, the trades’ industry isn’t solely responsible for the continued employer vs. job seeker struggle.
Roles across all levels of skill and experience and all industries are currently struggling from teachers and nurses to waiters, pilots, maintenance, and more. It’s as if every day we see a new headline for another “_______ shortage”.
Today’s job market is a “jobseekers” market (as many would like to say). Job seekers do seem to have the upper hand on employers with more available jobs than there are people, consistently increasing pay rates (5.2% over the last year), and fluctuating quit rates. It doesn’t have to be difficult for employers, though, to hire and keep the best candidates.
As we have mentioned in previous reports, employers who offer competitive compensation and benefits and utilize services such as employment or business services, see the most success in today’s market. There are also many ways to reduce turnover, such as showing your appreciation, rethinking the way you conduct reviews, providing growth opportunities, nurturing company culture, and so on.
The job market we used to know may be long gone, but there is still hope for employers and employees to thrive together. By providing competitive compensation, benefits, and growth opportunities, you’re not just investing in your employees, you are investing in their growth and the quality of work they can do while on your team. After all, “you get what you pay for”. By investing in employment and/or business services, you’re trusting a team of experts whose expertise and resources allow them to find and provide you with the best of the best. As an employer, this job market does not have to be the end of your business. By investing in a quality team or quality services, you can thrive.
The job market is always changing and the best employers and industries are always adapting to these constant changes. The following are some growing industries, and some that did not quite grow by the end of August 2022.
JWilliams Staffing is here to help your company navigate the workforce. We have a strong network of job seekers who are ready to work, and expert recruiters who carefully screen, train, and identify the cross-application of skillsets in candidates necessary to excel in their career. Learn more about our temporary and direct hire staffing services today!
Sources:
Bureau of Labor Statistics. (2022a, Sep). JOB OPENINGS AND LABOR TURNOVER – JULY 2022. https://www.bls.gov/news.release/pdf/jolts.pdf
Bureau of Labor Statistics. (2022b, Sep). THE EMPLOYMENT SITUATION — AUG 2022. https://www.bls.gov/news.release/pdf/empsit.pdf
