Insights Into the Summer Job Market

Back in May, I sent out one of our most popular weekly emails entitled: “What Does Recruiting Look Like Now?” Two months later, I want to provide an update on the changes we are seeing on the job boards, potential candidates, and the competition. Keeping up to date on market trends and translating those into tangible, useable information for you to apply in your recruiting is part of the promise Next Level Recruiting makes to your business for continued success. So let’s dive in and pick up where we left off, shall we?

Back in May, the job seeker was finally emerging from COVID-19 hibernation and asking, “What is next for me in my career?” Surveys showed record levels of open-mindedness towards new roles and a willingness to relocate. The crisis of record levels of unemployment and underemployment among the rising Class of 2020 continues and we are still seeing the search term “Entry Level” prevail as candidates seek new opportunities … especially among those in the hospitality industry as restaurants and retail stores face rapid closures among rising infection rates.

So where are we now? What has changed? Just like us, many companies are starting to resume hiring again, however, job listings and hire rates are STILL 30-40% lower now than they were this same time last year. Furthermore, the candidate pool has also changed to include not only those unemployed or laid off, but also adding 25% of currently employed job-seekers who believe that their wages will decrease in the next 6 months or risk future layoffs. Lower competition and an overall decreased sense of job security help level the playing field for small businesses that are looking to aggressively hire and grow. Many candidates will be interested now who may have declined in the past for those ready to seize this opportunity. 

While the pandemic is destroying jobs for some, it is upending where and how work is done for everyone in what is being called the 4th Industrial Revolution. Three years of changes are being compressed into three months as companies respond to an impending recession with increased efficiency. Automation has been the looming boogeyman of the job market for years. The pandemic has expedited that as businesses seek to remove the human element from commerce transactions as a safety measure, while also cutting costs and increasing productivity. There is an urgent scramble for workers to uplevel skills before becoming irrelevant as automation becomes standard in every field from retail to healthcare to warehouse operations. 

The problem? Upskilling workers at a mass scale will require billions of dollars in infrastructure and take years to implement, which is great for the workforce of tomorrow, but what about today? Over the past 20 years, there has been a consistent decline in employer-provided training starting with the Dot-com Recession and continued in the Great Recession in which employers ceased to provide paid training and thus initiated a decade of skill stagnation. 

You are probably thinking to yourself right now, really? We provide training, thorough training at that, with tons of great skill sets in sales, time management, operations, and customer experience. With permanent layoffs mounting, the workers bearing the brunt of blows are younger workers with lower educational attainment  - so remember these job market trends so that you can highlight why you are a great company to work for during these uncertain times.

In your interview, I would talk about the “skills for success” that you train all your employees in. How, when so many businesses are looking towards automation, your clients value and need the human element that is essential to customer outreach and sales now more than ever. Whether someone is with us for a reason, a season, or a lifetime, the skills learned in the management training program set them up for success anywhere. In a Linkedin study, the 10 jobs over the past 10 years with the most openings, liveable wages, and growth opportunities are #1 Software Developer and #2 Sales Representative … if you’re not a tech expert, sales is one of the most stable jobs you can have. The same holds true for right now as the top most-hired jobs over the last month on Linkedin included four sales-based roles: Account Manager, Account Executive, CSR/CSM, and Salesperson.

So be proud of the roles you are offering. Be even prouder of the work you have put in to provide better training and get excited for the virtual training that we see so many offices working on right now. And finally, “Co-Invest” in your employees as you teach them the skills they need to be successful as they invest their time to learn them thoroughly. I know everyone wants to head to the nearest beach or lake during the summer months at any chance we can get, but take a little summer reading along with you and encourage your team to do the same.