Job seekers may finally be able to see the light at the end of the pandemic tunnel in 2022, set to be a job-seeker’s market. Whether you are starting your job search or looking to change your job, here are some things to make a note of in 2022.
3 Positive things Job Seekers can Look Out for in 2022
More Job Opportunities
According to BLS (Bureau of Labor) figures from September 2021, a whopping 4.4 million Americans quit their jobs. Jobs are plentiful, with employers adding 531,000 jobs in October alone. On average, monthly job growth in 2021 was 582,000. More jobs were available in wide-ranging sectors, including manufacturing, retail, healthcare, hospitality, transportation, leisure, construction, warehouses and business services, indicating a resurgence of economic activity.
Along with job growth, payrolls also increased in late 2021, a trend that is likely to continue in 2022. In November of 2021, non-farm payrolls went up by 531,000, which exceeded Dow Jones estimation of 450,000. Non-farm payroll reflects the change in jobs from the previous month and does not include non-profits, farmworkers, and private household employees. This data indicates the U.S. economy’s overall health.
There’s more. As businesses recover from the economic challenges posed by the pandemic, they are planning to give larger raises to their employees in 2022, according to a WLTW (Wills Towers Watson) survey. Companies are also continuing to give significantly larger raises to reward high performers.
The salary increases, per the survey, is three per cent on average for management, executives, support staff and professional employees in 2022. Manual labour and production employees are set to receive a salary increase of 2.8 per cent in 2022 compared to a 2.5 per cent increase in 2021. Salary increases are fueled by a shortage of skilled labour and growing demand for labour across industries.
The largest salary increases are projected to be in these sectors:
- health care
- media and
- financial services
- oil and gas industry
- leisure and hospitality
Before accepting a job with attractive perks, however, it is important to research the company’s culture. Look into whether employees in the company feel psychologically safe and whether the company respects their need for a good work-life balance.
With employers more willing than ever to be flexible about relocation and remote work, job applicants will be better able to negotiate for these benefits. A McKinsey survey shows that 90 per cent of companies are planning to continue to embrace remote work and hybrid work models in 2022 and beyond. Most executives surveyed expect that employees need to come to the office anywhere from one to four days a week.
While not all jobs can be done remotely, fields including IT, computers, sales, project management, and customer service are best suited for remote work.
While these are positive trends to look forward to, job seekers need to also be aware of the fact that the market is set to become more competitive. Employers are also looking for applicants with a diverse range of skills and fit into the company culture.