As we approach the end of 2022, it’s important to examine the current job market within the context of the broader economic environment. Sure, we’ve all seen the headlines that some large tech companies have implemented workforce reductions or hiring freezes in recent weeks. As the economic outlook dims, these firms are making sound business decisions to evaluate their workforce strategies.
The fact remains, however, that the job market still remains attractive to candidates. Opportunities abound in fields including technology, finance, and health services. Workplaces also continue to see structural changes in our post-pandemic work, and employers have not stopped seeking skilled talent to capitalize on market opportunities.
At the same time, candidates are in the driver’s seat more than ever before. They have access to more “insider” information and networking opportunities, giving them an edge in negotiations. So while it may seem like things have chilled recently, now is still a great time to find your next white-hot opportunity.
The Job Market Is Still Favorable
While the headlines might be scary, the reality is that tech layoffs aren’t as massive as the news has portrayed. According to a count by TechCrunch, 44,000 tech jobs were lost in October 2022. That’s not a lot in the grand scheme of things.
The overall job market still remains very attractive to job seekers. The U.S. economy added more than 260,000 jobs in October 2022 for a historically low unemployment rate of 3.7%. That means there are still many more jobs available for every candidate looking. Wages also increased 7.7% in October 2022 compared to a year ago, which is great news for job seekers looking to offset inflationary price hikes.
Not only is the labor market still growing, but an increasing number of individuals are looking for new opportunities as well. It’s estimated that 40% of workers are considering leaving their current role in the next six months. This is good news. It means they are confident enough that they will find something else, and it means that existing roles will continue to open up for prospective candidates.
Pay Is Becoming Even More Transparent
More than ever before, candidates are applying to roles with an exact understanding of how much they can expect to earn. Job search and review sites such as Glassdoor and Indeed display self-reported salaries for anyone to see. And now, local governments are getting involved too in an effort to promote pay transparency.
Several states and jurisdictions already have laws in place that require employers to publicly share information related to base pay, bonuses, benefits, and other compensation. New York City joined this list on November 2. California and Washington state are set to follow in January 2023. That means that a sizable number of jobs available from Fortune 500 firms, including tech businesses, will display a pay range alongside the job description. This grants prospective workers important insight into what jobs are worth applying for and what they can expect to receive at the end of the negotiating process. Employers can no longer benefit from the ignorance of candidates.
Recruiting Practices Are Shifting
As the bargaining power shifted to candidates in recent years, recruiters were forced to change their approach in order to attract top talent. More recruiters now focus on building relationships and nurturing candidates, which benefits those looking for new positions. With fewer people applying to jobs, candidates now have more direct access to HR teams who are more willing to understand their experience and match them with the best available open roles.
And as workplace flexibility continues to evolve, candidates now have more options to meet with recruiters and hiring managers and perform interviews. Most interviews, at least in the initial stages, now take place remotely on platforms such as Zoom and Teams. What used to be a stressful in-person interview process is now taking place from the comfort of the interviewee’s home. This also enables candidates to conduct more interviews without taking too much time away from their current work.
Find Your Next Opportunity With ScaleFront
If you’re a job seeker, it’s understandable that you may be wary of the current market. However, indicators suggest that now is still a great time to seek employment. Whether you’re plateauing in your current role, need a shift in your career, or are new to the job market enitrely, ScaleFront is a great place to start your search.
ScaleFront is a top recruiting platform and talent marketplace. Our proprietary referral network enables qualified professionals from around the world to connect with job seekers just like you. Our platform is open and transparent, ensuring that recruiters and candidates have access to comprehensive profiles and insights for better opportunity matching. With customized filtering and an intelligent search platform, you’ll quickly find the exact open roles that match your talent and interest.
Start your next job hunt with ScaleFront today!
