New signs indicate that employers, who have struggled to fill vacancies, could regain some influence in a labor market marked by the strength of job seekers over the past two years.
Job postings fell by about half a million in October, according to the most recent data from the Labor Department. And, in the face of a cloudy economic future, the number of employed Americans leaving their jobs has fallen to the lowest level since May 2021.
This may be one of the first signs that employers, who are struggling to fill positions, could regain some weight in a labor market marked by the strength of job seekers for two years.
“Employers are more selective in their hiring. They require more applications to enter the office and limit other benefits,” said Christopher Keyes, professor of management and chair of the department of management at the George Washington University School of Business.
Job seekers with the right skills for in-demand occupations are always influential in getting the pay and benefits they want. Some more than others now.
“If you are looking for a job in technology, healthcare, catering, hospitality or a temporary job in retail, for example for the holidays, you will have no problem finding a job or changing jobs right now,” Keyes said.
The main benefit, other than compensation, is still remote work or hybrid work options. The share of Americans working remotely at least a few days a week has remained steady over the past year. But the share of job postings with remote options on LinkedIn, which hit an all-time high in February, has now dropped to 14%. Even so, these remote work offers attracted 52% of applications in October, LinkedIn reported.
The DC Metro may be one of the exceptions. Compared to other cities, the share of full-time or hybrid remote workers is among the highest.
“A lot of the type of work that is done in DC offices – think law, research, even lobbying – these are all professions that have transitioned very well to remote working, which means DC could to be there during a time when remote work remains the new normal,” Keyes said.
In the district, the share of workers with remote or hybrid schedules in October was down 7% from a year earlier, LendingTree reported, citing data from the U.S. Census Bureau’s Household Pulse Survey. .
However, 54.2% of employees working in DC businesses were still working from home at least part-time, a number likely skewed by federal government agencies, with about 40% of feds telecommuting up to three days a week, according to the Personnel Office. Management.
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