Will 2022 remain an applicant’s market? 2021 was the unprecedented state of the labor market resulting in “The Great Resignation”. Businesses that were eager to reopen after pandemic shutdowns couldn’t hire enough staff to meet the demand. Corporations across the country rolled out big signing bonuses and lavish benefits to average applicants.
Labor Shortages Will Continue to Steer the Job Market
There’s plenty of data to back up that assertion. Indiana University’s Kelley School of Business predicts that labor shortages will continue to be a running theme throughout 2022. Companies will have to get more creative with their hiring process.
That Could Lead to Higher Salaries in Entry Level Fields
The labor shortages that defined 2021 have been forcing salaries up in higher-paying fields all year long. In 2022, that trend will likely filter down the food chain. The high rate of turnover caused by The Great Resignation is forcing many companies either to pay a premium for more experienced employees or to hire newbies and train them on the job.
The Hiring Process Will Speed Up
2022 will likely see an expedited hiring process as employers move faster to secure talent in a tight labor market. Speed of hire is now a competitive edge. This will mean that as a job seeker, you may have multiple companies running you through their recruiting process quickly to beat the competition to offer.
Contract-to-Hire Will Grow in Popularity
Contract-to-hire or a temp-to-perm job is something we are going to see trending in all industries. Internal HR teams do not have the capacity to hire at the spend of dedicated recruiting companies and will likely outsource hiring to these types of establishments. If you are contacted by a staffing company, you are on the fastest path to getting your foot in the door.