The key takeaway from these two reports is that it is still a job-seekers market. Both job openings and quit rates remain at an all-time high, while the unemployment rate has held steady at 3.6%. To effectively land top talent, employees need to ensure that their recruitment marketing is on its A-game and showcase the benefits of joining their team versus competitors.
March's Job Openings and Labor Turnover Survey
The number of job openings at the end of March 2022 was the highest recorded, with 11.5 million jobs available. Compared to the unemployment rate of 5.9 million, there are close to two positions open for each person unemployed.
Job openings have increased in two major areas. Retail trade saw a growth of 155,000 job openings, and Durable Goods Manufacturing had a gain of 50,000 job openings. Job openings did decrease for Transportation/Warehouse/Utilities, State and Local Government, Education, and Federal Government.
Quit rates remain at an all-time high of 4.5 million in March. According to the Vox article "The Great Resignation is Becoming a 'Great Midlife Crisis'," the resignation trend has shifted from younger workers in low-paying fields to more experienced workers in high-paying industries. Between the first quarter of 2021 and the first quarter of 2022, the resignation rate for people aged 20-25 was just 9%, compared to the 37% for those aged 45-50. For those that have been at their jobs for 15- 20 years, the resignation rate is 71%.
April Job's Report
April's job report showed a better-than-expected growth in non-farm payrolls, with a 428,000 increase. While payrolls did increase, there was little to no change in the unemployment rate, at 3.6%. Compared to Feb 2020, non-farm payroll is still 0.8% down, roughly 1.2 million jobs.
The labor participation rate dropped slightly from 62.4 to 62.2 in April, and the employment to population ratio dropped narrowly from 60.1 to 60.0. For those with a bachelor's degree or higher, the unemployment rate held steady at 2.0; those with some college or an associate degree and those who did not complete high school saw a slight increase.
Leisure/ Hospitality was the sector that saw the most job growth in April, with 78,000 jobs added. Manufacturing, Transportation/ Warehousing, Professional and Business Services, Financial, Healthcare, Wholesale, and Mining, also saw significant job gains. Transportation/Warehouse, Professional and Business Services, Financial, and Retail have all surpassed their February 2020 employment rates. Leisure/ Hospitality is still the most impacted by the pandemic, down 1.4 million jobs, 8.5% under February 2020 numbers.
The number of people working from home dropped from 10% in March to 7.7% in April. In April, the average hourly pay rose again by 10 cents to $31.85.
Conclusion
With more job openings than unemployed people, the balance of power in the job marketplace will stay in the hands of the job seekers for the foreseeable future.
For companies, this means re-evaluating their recruitment marketing. There are many options; to win the top talent, you must show them why you are the best option. Companies must focus on their employer branding to be competitive.
If you need assistance with your recruitment marketing, Lionzone is here to help. Contact us today for your free consultation https://lionzone.com/recruitment-marketing or 615-235-3200.
resources:
https://www.bls.gov/news.release/jolts.nr0.htm
https://www.bls.gov/news.release/pdf/empsit.pdf
https://www.vox.com/recode/23042785/the-great-resignation-older-tenured-higher-paid
