The past few years have been a roller coaster for all of us, and the job market was no exception. The world has changed from one week to the next sometimes, which adds anxiety and uncertainty for anyone on the job hunt. However, while it’s early yet to predict how 2023 will roll, the job market has some positives to consider.
1. It’s hiring season!
Many companies suspend hiring at the end of the year, but now that the holidays are over, you might see more job opportunities popping up as companies move into a new budget and add positions. Late January and February tend to see an increase in job openings in many companies.
2. The 2022 market ended strong!
December 2022 saw a decline in the unemployment rate and the long-term unemployment rate. Overall employment went up in almost all fields. A strong end to last year could indicate a good momentum for the 2023 job market.
3. Employees may have more flexibility in the work week.
The Monday-Friday, nine to five work week is pretty much gone forever in many jobs. Now that companies and employees have discovered the benefit and ability to work from home and work flexibly, a world of opportunity has opened up. This includes remote work, hybrid work, and even a four day work week. Data shows that in 2022, the average work week declined across the board.
4. Employers will be more concerned with retaining talent.
Along with the previous point, employers will be more concerned with retaining you once you are hired. Again, this puts you in a better negotiating position in the job market. Many jobs are having trouble hiring and keeping talent, so you will find yourself a valuable asset in the job market for these reasons.
5. Employees may be in a position to make more demands.
2022 saw “The Great Resignation,” with over 4 million people quitting their jobs EACH MONTH. Likewise, a trend called “quiet quitting” gained traction, where employees do the bare minimum at work. These 2 factors and others could potentially lead to better incentives in the workplace. When a job opportunity comes available, due to the much publicized demand for employee satisfaction, you could be in a position for a better salary and better benefits.
6. Wage growth is still up!
Pay went up on average in 2022 and shows no sign of stopping.
Although the job market is unpredictable to an extent, 2023 brings with it some things to love about the current state of the job market. If you are on the job hunt, knowing the facts about the current market and your value in it can help navigate through the uncertainty. One sure way to face an uncertain market is with a confident and optimistic attitude and controlling what you CAN control: an amazing resume and cover letter, bringing your A-game to the interview, and making sure your LinkedIn and other professional pages showcase the talent you bring to the table. Our Em and a Pen experts can help with any and all of these things as well as any other assistance you need in your job search.