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The 2021 job market has brought a lot of changes. The employee quit rate hit an all-time high of 2.9% in August, or 4.3 million quits. Resignations were particularly prevalent in the food industry, totaling around 157,000 employees.
This trend is not only affecting the younger generations. The baby boom generation is choosing to retire earlier. Almost 3.2 million people retired in the third quarter of 2020 alone. As a result, many industries are looking to hire in large numbers next year, including the film industry, hospitality, manufacturing. , transport and storage. Wages are also increasing because there are fewer people at work. Will these trends persist until 2022? GOBankingRates spoke to financial experts and entrepreneurs about what’s on the horizon for the job market in the New Year.
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Expect a fast-track hiring process
Since there is a shortage of workers after so many people quit, hiring processes with five rounds of interviews just aren’t smarter for companies. And since this is a market of job seekers, companies want to speed up the assessment process so that they can make you an offer faster than the competition. Danny Trichter. Founder of Accessibility Checker, says quick hiring has become a competitive advantage and will likely continue into 2022. As a job seeker, Trichter said you have the edge and you don’t mind giving up the job. fast hiring process. “You can tell potential employers that you have received other job offers and that you need time to decide which one is best for you. Saying you have multiple offers may also cause the recruiting team to offer you more money or perks to sweeten their offer.
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Companies will prioritize employee happiness and diversity
Many people left their jobs because of a bad workplace culture or the feeling that employees were not seen as people, but as cogs in a money-making machine. Now, experts say the roles will turn and organizations will do everything possible to adjust the way they treat their employees in order to attract more talent and retain the talent they currently have. “For the first time in history, companies are making a point of ensuring that their employees are happy, have a sense of belonging and feel satisfied at work,” said Travis Lindemoen, CEO of Nexus IT Group.
Lindemoen went on to say that this extends to diversity efforts as well. “Today’s employees prefer to work for a company that supports diversity and inclusion. Every aspect of a company’s culture, including its values, rules, procedures and performance expectations, should be aligned with the principles of diversity, equality and inclusion.
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Remote work will become more and more common
Obviously, during the pandemic, everyone was working remotely or not working at all. Many of those who work remotely have developed a preference for it. There was no commute, so you could save money and be more with your family. Plus, working from bed is a fairly gentle option. Companies are taking note that many people now want remote work, or at least offer remote work as a part-time option. Robert Johansson is the CEO of Imgkits and said that if companies don’t offer remote work, they risk running out of talent. “Companies that hire locally next year will almost certainly face significant competition from companies that list suitable jobs remotely. ”
Teleworking also has its advantages for the company. Alex Alexakis, founder of PixelChefs, said working remotely can save a lot of money for a business owner. “By having a remote station, there is no need for an office or a space for someone. Employees can work from home and not cost you more rental office space.
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Wages will increase
It is really a question of supply and demand. The supply of workers is low, so the demand is high. This means that those who hire are willing to pay higher wages to recruit employees as soon as they can and to keep those who work in their company happy. Sip Coffee House founder Ahmed Mir said now is the perfect time to negotiate an increase or increase your rates as a freelance writer. “Professionals have now realized how much their experiences and talents are worth and that is more than what they are usually paid for in an 8 hour day job. Understanding that they can complete certain tasks in a shorter time frame has caused them to re-evaluate their value as professionals, urging them to charge more than their usual rates.
Mir said this kind of drastic change on the part of employees will require an increase in wages. “The pay increase may not be prescribed by the government or the union, but if it is a personal choice, even employers cannot challenge it.”
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“Human” skills will become even more valuable
As algorithms and AI are responsible for greater production, it is crucial to have skills that are unique to humans and that cannot be replicated by robots. “By 2022, most professions will require radically different abilities,” said Andrew Priobrazhenskyi, CEO of Discount Reactor.
Priobrazhenskyi added that while technological skills are valuable, interpersonal skills will be what will be in demand in the future. “Skills such as creativity, inventiveness, initiative, critical thinking, persuasion, negotiation, attention to detail, resilience, flexibility and complex problem solving will retain or increase in value. Emotional intelligence, leadership, social impact and service orientation will all be in high demand in the future, ”Priobrazhenskyi said.
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