And What it Means for Businesses and Job Seekers
By now, you’ve probably heard the terms “Turnover Tsunami” and the “Great Resignation.” The pandemic gave a lot of workers the time to rethink their values and personal goals, including whether the job they were in at the start of the pandemic was really leading to personal fulfillment. This led to a wave of resignations across all industries. And businesses of all sizes have been reporting record turnover rates.
That means there are a lot of people looking for jobs. As a job seeker, how do you stand out from the crowd in a competitive job market? And is it a good time to look for a job if it’s so competitive?
Despite the large number of people looking for jobs, there are also a lot of job openings. As businesses open back up, they are looking to hire. Some organizations are having trouble competing, though not all. Why work for $12.75 an hour as a substitute teacher when you can work for $17.00 an hour at a fast food restaurant?
All this is to say, it’s a crazy time out there in the job market. When in history have we seen something so unique or dichotomous? Our tip for this day in age–stop wasting time! Whether you are a job seeker or a business. Here’s why and what this job market means for job seekers and businesses.
Why Job Seekers Should Stop Wasting Time
It can be intimidating to look for a new job in a competitive market. But despite the crowd of people looking for new gigs, there are a lot of job openings. Which means that you have plenty of chances to get noticed by organizations! And it’s also a great time to switch up your career if the industry or position you are in isn’t making you happy. So stop wasting time! Start searching and get your resume and cover letter polished up!
What This Employee Market Means for Job Seekers
Some people are just looking to get back to a job after being laid off, some are just looking to make more money, while others are looking to find a job they will be happier in. No matter the reason, we have some tips to help you land the job you want.
The demand or competitiveness sort of depends on the industry. Many people are walking into fast food joints or retail shops with resumes in hand and being hired on the spot because the demand for employees is so high. On the other hand, it might be more competitive for desk jobs.
Our first tip is to understand the particulars of the job market for the type of job you are going for. If you know it’s going to be competitive, polish your resume and cover letter so you stand out. If you are going into a market where the job candidate gets the pick of the litter, then do your research to make sure you are applying first to the company you really want to work for.
Our second tip has to do with company culture. If you have a lot of options to choose from, why work for a company that you just don’t fit in with and doesn’t make you happy? How well your personality fits in with the culture of the workplace has a huge effect on personal fulfillment and how long you decide to stick around in the job for. It can be difficult to figure out the personality of a company based on just their website and talking to current or former employees. But that is where Workzinga comes in! Our personality test combines soft skills and personality insights–think of it as the dating app for the working world. Our proprietary algorithm will match you up with companies that are a good fit for your personality–meaning you can stop wasting time on companies that just don’t work out in the end!
Why Businesses Should Stop Wasting Time
We know many organizations are hiring now that things are beginning to open back up. And you’ll be competing with a lot of businesses, in your industry and outside of your industry for top talent! But the great news is a lot of people are looking to switch up their job so you also have plenty of candidates to choose from. But this won’t last forever so take advantage of the situation and get those job openings posted.
What This Employee Market Means for Businesses
There are two different scenarios. We’ll start with the industries that have job openings and not enough candidates to fill them all. If you can, consider offering a competitive salary or benefits. Some of these benefits can include generous time off, sick leave, or health benefits. You’ll need to be decisive about what it is that your company can offer to entice job seekers to your business.
On the other end is a competitive job market where you have plenty of top notch talent to choose from. In this case, you probably already offer a good salary and benefits. But you’ll have to sift through a lot of resumes to find your top choices. And while you want to take enough time to make the right choice, you don’t want to take too long. It’s still an employee market and these candidates have probably applied to multiple companies, which means you might need to brush up on your negotiating skills.No matter your situation on the number of candidates, you also don’t want to worry about high turnover a year or two down the road. So how do you prevent that? Our tip for businesses right now is to utilize the Workzinga personality test! Studies show that when an employee meshes better with the company’s values and workplace culture, they have higher levels of loyalty to the company, meaning you can avoid high turnover. So stop wasting time on hiring people that just don’t work out!