Job Search Trends in The Great Resignation Era
Whether you call it a recession or something else, most Americans are feeling the impact of higher costs and paychecks that do not stretch as far as they used to. However, as we race toward the end of 2022 the blazing job market shows no signs of slowing, with employers adding 528,000 jobs last month. What are the hiring and job search trends we are seeing as we go into the last months of the year? And what can you expect if you are one of the millions searching for a new position?
Salary increases cannot match new offers
It was true before, and it is true now, the vast majority of salary increases will not match the offer you could get from a new company. The average salary increase in 2022 reached 4.8 percent in early June—a record high. However, those who switched jobs saw an average salary increase of 9.7 percent according to a Pew Research survey. If you are committed to making more this year, your best bet is likely to move somewhere new.
Industries with the largest job growth
While there was job growth in many industries, the largest gains in July were seen in leisure and hospitality, professional and business services, and health care. As health care and leisure and hospitality are still bouncing back to their pre-COVID, February 2020 numbers, professional and business services employment is 986,000 higher than their February 2020 numbers and shows no signs of shrinking. If you are in any of these three industries, there are definitely opportunities to pursue.
The “Great Reshuffle,” the “Great Rethink”
As experts scramble to explain the mindset of the workforce during this time, one thing is clear, people are looking at their careers differently. COVID brought a lot bubbling to the surface and gave many the opportunity to step back and reconsider how they want their job to impact their life. In fact, according to a Pew Research analysis, 53 percent of the adults who quit their job in 2021 did so to change occupations. If you want to be in that number, think about what kind of position you are looking for, note any special skills you may need to develop, focus on your transferrable skills in your resume, and connect with your network.
Soft skills employers are looking for
The “Great Rethink” is impacting how employers look for employees just as it has affected those looking for new opportunities. If there is a hard skill you are missing, many employers do not have an issue knowing you would need some additional training as part of the onboarding process, but those soft skills can sometimes be more difficult to teach. Employers are looking for people who are able to adapt quickly, are good communicators, and who are able to manage their own time and structure a workload without a lot of oversight.
Hard skills that are in demand
While you are considering those soft skills, take a look at the hard skills you might have (or could learn) that employers have difficulty placing; knowledge/capabilities in data analytics, app development, cybersecurity, communication, and marketing, and blockchain programming are all in high demand.
Compensation might be most important, but it is not the only consideration
Salary is always going to be high on the list when considering a new position, but job searchers are now paying closer attention to culture and if their potential employer shows respect for personal life, family obligations, and health. If you are interviewing for a new position, it’s okay to ask questions about the company’s values and concrete ways those values are reflected in how they treat their employees.
As you look for new opportunities, keep in mind what great companies have in common, and focus on those traits. Even though the job market is booming (or maybe because it is booming), the search can feel overwhelming. Stay focused on what the best fit will be for you, trust your judgment, and you’ll find the perfect match.