As the country recovers from the COVID-19 pandemic and grapples with economic uncertainty, the unexpected has happened: Workers are quitting their jobs in record numbers.
According to the U.S. Bureau of Labor Statistics, 4.3 million people in the U.S. quit their jobs in August 2021 alone — the highest number since 2000. This staggering number is part of a movement now known as the Great Resignation.
As more and more workers evaluate their jobs and seek better opportunities, it’s opening up a market in which companies are desperate to fill positions. For the first time in a long time, it’s a job-seekers market, and the worker is in control. Let’s explore the top 5 reasons why the Great Resignation has created a Job Seekers market, and what it means if you are currently job seeking.
Why the Great Resignation Is Creating a Job-Seekers Market
While the Great Resignation continues to sweep across the country, the labor market is in uncharted territory.
What does this mean for those looking for a job? Now that employers are on the defensive with massive vacancies to fill, this puts more power in the hands of applicants. Here are some of the ways that the Great Resignation is creating a job-seekers market.
1. It’s Increasing Demand
Employment has always been ruled by a balance of supply and demand. When the labor force is crowded with few open positions, employers have the power to pick and choose the applicant they want. But when the balance switches, it’s the other way around.
For years, employers had the advantage, but job seekers are now in high demand. With more than 10 million job openings, opportunities are abundant for those looking to take the next step in their careers.
2. It’s Putting Job Seekers in Control
After enduring a long pandemic lockdown and its lasting economic impact, workers at all stages of their careers are taking a long, hard look at their jobs. Everything has shifted — mindsets, goals, priorities — and millions of employees are finding that their jobs just aren’t working for them anymore.
Many workers are asking themselves:
- Am I being paid what I’m worth?
- Do I want more recognition for my work?
- Should I have more opportunities for advancement?
- Is this job contributing to my well-being and fulfillment?
- Am I happy with the work I’m doing?
3. It’s Giving Employees More Negotiating Power
Now that employees have the freedom to ask for more, we’re seeing an increase in negotiating power. More than ever before, workers are reviewing their compensation and benefits.
With their skills and labor in high demand, they have the freedom to push for higher salaries, greater benefits, and other perks like paid time off and parental leave. A new report found that wages increased by a record 5.9% in December compared to the year before. Companies that don’t offer attractive wages and benefits will struggle to find and retain workers.
4. Job Seekers Are Putting More Emphasis on Value
These days, job seekers aren’t just looking for a good paycheck. They also want to feel fulfilled by their work and find meaning in what they do. Current job seekers will only invest n a company that also invests in them.
Although you still have to prove you’re a good fit for any given workplace, employers are going to have to work harder to impress potential job seekers. They have to prove that they truly value their employees — through words and actions.
5. It’s Offering More Flexibility to Job Seekers
As the world reels from the effects of the pandemic, the issue of remote work is also at play. After more than a year of remote work or hybrid work models, many employees found that they didn’t want to go back to the office.
Instead, job seekers started moving toward companies that offered greater flexibility in terms of where and when they could work. Companies across all industries have started prioritizing flexible and autonomous working to cater to this growing demand.
The Great Resignation is also giving many job seekers the flexibility to explore new, related career options available to them. Some job seekers are even looking into how the skills they possess may transfer into a new career entirely.
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Making the Great Resignation a Great Opportunity for Job Seekers
For the first time in a long time, the Great Resignation is giving workers the upper hand in the job market. Whatever happens in 2022 and the coming years, a seismic shift is happening in the labor force right now.
That can mean a lot for anyone who’s looking for a new job or a change in their career path. The rise of freedom, flexibility, and negotiating power can open up endless opportunities. So if you want to leverage the Great Resignation to find your dream job or make a big career move, there’s never been a better time.
Although opportunities are easier to find, you’ll still be facing stiff competition for jobs with high earning potential. Make the most of this opportunity by investing in a powerful resume writing service. At Capstone Resume Services, our industry experts are here to help you craft a resume that’s built to impress. Take the first step today and schedule a free consultation.