How Candidates - And Employers - Can Take Advantage Of Today's Job Market

While there are many components to the U.S. economic recovery, much of the concern and analysis has been on the job market — the number of jobs both filled and available, and the impact on wages, education, and community development.

The changing labor landscape has created new opportunities for candidates and even employers. But taking advantage of today's job market means making changes. Candidates must change the way they look for jobs, and employers will need to adjust their tactics on finding the right people for the jobs they have available.

Looking for a job?

The number of job openings in the U.S. has reached more than 9.3 million as of June 2021. That's a lot of job notices for candidates to wade through when they begin searching for employment. How do you make your resume and application stand out among the thousands of others? That's why workforce development experts say the best way to tackle the job search in this environment is to think outside the box and arm yourself with critical information.

Access your skills

A thorough analysis of the job description and the skills required is a good starting point. In a recent interview, job training experts at Mahoning & Columbiana Training Association in Ohio said job seekers should examine the details of any position they are applying for and match them with their skills. Knowing what skills you have will be especially important in prepping for the interview and making your case to a potential employer.

Up your skills

If job seekers determine their skills are lacking or want to find a different career, there are training programs available, especially in today's job market where employers are doing whatever they can to find workers. Experts at MCT suggest checking with local workforce organizations, many of which are tied to local and state assistance programs. The U.S. Department of Labor has a complete listing of training opportunities that can help improve employment prospects.

Renovate your resume

It's not just enough to update your resume when beginning the job hunt these days. Your resume needs to lead the pack when recruiters or human resource directors begin surfing through the applications. Grace Lee, executive director of the non-profit employment coaching agency Maryland New Directions, told the Baltimore Sun that reorganizing a resume from a traditional chronological listing to a functional resume can put the applicant's skills and talents front and center.

Need to hire new employees?

As we said, there are more than nine million job openings in the U.S. today, and a recent paper from the Roosevelt Institute predicts that number is only going to grow over the next 10 years. Their research shows the employment to population ratio could be 68 percent by 2031, the highest ratio reported since 1948. Employers are not only battling each other over hiring new employees, they are looking for unique ways to keep the employees they have and avoid the "great resignation" from impacting their workforce.

Creative benefits rule the day

Walmart recently made national headlines with the announcement they would start covering college tuition and book costs for employees who want to pursue a degree in business or logistics or take classes to improve their skills. It's a move that will cost almost $1 billion over 5 years. 

This spring, Amazon announced signing bonuses of up to $1,000 for the 75,000 people they would be hiring at locations across the country. McDonald's franchise holders recently began a pilot program that would provide emergency childcare to its benefits package.

The goal of these new benefit initiatives is to attract new workers and expand the potential employment pool. Staffing experts told CNN Business recently that the "urgent hiring" dilemma has corporations and small businesses looking for creative ways to boost their benefits packages beyond increasing wages. 

"Employers are in a crunch right now," Indeed.com's Ann Elizabeth Konkel told CNN. "People are really trying to get workers, and they are trying to get creative. Hiring incentives are one-time costs to employers that can be dropped when they get enough workers."

Flexibility is fundamental

Even before the demand for workers reached epic levels, employees were playing the flexibility card as they make plans to return to work or look for new positions. Providing employees the option to work from home or utilize a hybrid model, or even offering a four-day workweek can woo new employees and give current employees a reason to stay. Forbes recently profiled the country's best employers for women and found that female employees were appreciative of a company's efforts to remain flexible, such as not scheduling meetings at the start of the school day, and considered those efforts when making career decisions.

Corporate culture is not just a buzzword

A recent Forbes article said employee surveys show that corporate culture is a key factor in decisions not only about staying at a job but accepting a job at a new company. More than 90 percent of employees said they would be more likely to stay with their job if their managers showed more empathy. While it takes time and resources, focusing attention on your company's culture will pay off, whether it's a robust human resources department actively engaging employees or utilizing training programs to expand opportunities within the company.

Now is the time to take full advantage of today's job market. Both candidates and employers have the opportunity to make the most of the dramatic changes in the U.S. economy and its impact on employment. The jobs - and the candidates - are there for the taking with the right game plan. 

If you’re in the market for a new job, check out all of our available openings, from human resources to information technology.