By Nancy Collamer
The suitable expertise might matter greater than a university diploma. This is what is going on on with job openings, pay raises and distant work.
This text is reprinted by permission from NextAvenue.org.
The most recent labor market knowledge confirmed that the job market stays remarkably resilient. In January, the U.S. financial system added an eye-popping 517,000 jobs and the unemployment charge fell to three.4%, the bottom in additional than a half-century.
Nonetheless, even in a robust job market, fortunes differ as evidenced by current layoffs at corporations like Amazon (AMZN), Disney (DIS) and Salesforce (CRM). So, if you wish to swap jobs this 12 months, you will must be as strategic as ever in your search.
That can assist you higher perceive this considerably puzzling job market, I learn by a number of current labor-market studies. Listed below are my most important takeaways, together with a number of recommendations on the way to profit from these traits.
The state of the labor market
1. There are extra openings than employees
The December Job Openings and Labor Turnover Survey from the U.S. Bureau of Labor Statistics says there are 1.9 jobs obtainable for each particular person looking for one. The principle drivers behind this are the getting older of boomers, curtailed authorized immigration and declining inhabitants development. Given the deep-seated and long-term provide dynamics, Certainly and Glassdoor economists say it is unlikely that the expertise scarcity will ease quickly.
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2. Distant work is right here to remain
However count on fewer absolutely distant alternatives. Earlier in February, The Wall Road Journal reported that the return-to-office charge — a measure of workplace occupancy in 10 main U.S. cities — exceeded 50% of prepandemic ranges for the primary time since early 2020.
This does not imply employers have deserted distant work, however extra are shifting towards hybrid fashions that require staff to be within the workplace not less than a part of the time.
Tip: As extra employers undertake hybrid employment fashions, be sure you ask if a job is distant, in-person or hybrid earlier than accepting a suggestion. Not all digital jobs are absolutely distant, so learn job postings intently and ask good questions within the interview. Remember that FlexJobs discovered that the majority of its “distant job” postings in 2022 required staff to work in a selected area, metropolis or state.
3. Pay will increase are strong however slowing
Because the labor market emerged in spring 2021 from the preliminary financial shock of the COVID-19 pandemic, wages and salaries began to rise. They’re nonetheless rising, most not too long ago at a 4.4% annual tempo.
This squares with knowledge from the Certainly Wage Tracker, which relies on Certainly.com job adverts. It discovered that 82% extra job sectors slowed wage development in November than they did six months earlier. Given the present trajectory, Certainly says that posted wage development ought to return to its 3% to 4% prepandemic tempo by the second half of this 12 months.
Tip: Do your analysis when negotiating a wage for a brand new job. Speak along with your community, verify websites like Wage.com and Glassdoor.com, and scour job postings (plenty of states require employers to publish compensation ranges when promoting jobs) to set a sensible wage vary. Do not forget to think about the worth of advantages, similar to retirement financial savings, fitness center memberships and medical health insurance. Employers more and more spotlight advantages to compete for expertise.
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Job search traits
4. Video interviews are right here to remain
In response to the 2023 Profession Business Developments Report–a abstract of findings from a career-service suppliers’ annual assembly referred to as Profession Jam — 82% of employers carried out video interviews due to COVID, and a whopping 93% of them say they plan to proceed to take action.
Moreover, some job boards embrace an choice for employers to pose inquiries to candidates by way of video and LinkedIn has “Reveal Abilities,” which permits people to put in writing or report movies to display choose expertise.
Tip: Incorporate video into your LinkedIn profile. Doing so will assist to construct your model and display your proficiency with know-how, an particularly necessary talent for older job seekers to tout.
Plus:How the brand new pattern of pay transparency might impression your bargaining energy or job hunt
5. Hiring managers prize expertise over levels
Firms like Walmart (WMT), Google (GOOGL), Apple (AAPL) and IBM (IBM), in addition to some state and native governments, have pledged to implement skills-based practices. Which means that for those who’ve bought the talents, your lack of a level might not be the deal breaker it as soon as was in some roles. The pattern continues to be rising, however profession companies suppliers report seeing extra job postings requesting a level “or equal expertise.”
Tip: Upon getting your eye on a job, determine particular expertise wanted to land it. When you lack them, strive short-term programs and certificates applications supplied by business associations, neighborhood schools and websites like LinkedIn Studying, Coursera.org and EdX. The Developments Report says greater than 10% of U.S. employees in low-paying jobs — many with no diploma — landed higher-paying work within the final two years by “upskilling” on this approach.
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After buying the appropriate expertise, spotlight them prominently in your resume, in your LinkedIn profile and through any interview.
Nancy Collamer, M.S., is a semiretirement coach, speaker and creator of “Second-Act Careers: 50+ Methods to Revenue From Your Passions Throughout Semi-Retirement.” Now you can obtain her free workbook, “25 Methods to Assist You Establish Your Excellent Second Act” on her web site at MyLifestyleCareer.com (and you will additionally obtain her free bimonthly publication).
This text is reprinted by permission from NextAvenue.org, (c)2023 Twin Cities Public Tv, Inc. All rights reserved.
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