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The 2021 job market brought a lot of change. The rate of employees quitting reached an all-time high of 2.9 percent in August equalling 4.3 million resignations. Quitting was especially rampant in the food industry, totaling about 157,000 employees.
This trend isn’t just affecting the younger generations. The baby boomer generation is choosing to retire earlier. Almost 3.2 million 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, transportation and warehousing. Wages are also going up due to there being fewer people on the job. Will these trends persist through 2022? GOBankingRates spoke with financial experts and entrepreneurs about what’s on the horizon for the job market in the new year.
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Expect an Accelerated Hiring Process
Since there is a lack of workers after so many have resigned, hiring processes with five rounds of interviews just aren’t smart for businesses anymore. And, because it’s a job seekers’ market, companies want to speed up the evaluation process so they can make you an offer faster than the competition. Danny Trichter. the founder of Accessibility Checker and says fast hiring has become a competitive advantage, and will likely continue in 2022. As a job seeker, Trichter said you have the upper hand, and to not be afraid to pass back on the swift hiring process. “You can tell prospective employers that you’ve had other job offers and need some time to decide which one is the best fit for you.” Saying you have multiple offers might also push the hiring team to offer you more money or benefits to sweeten their offer.
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Companies Will Prioritize Employee Happiness & Diversity
Many people left their jobs due to a poor workplace culture, or a feeling that employees weren’t seen as people, but as cogs in a money-making machine. Now, experts say the tables will turn, and organizations will go out of their way to adjust how they treat their employees to attract more talent and keep the talent they currently have. “For the first time in history, companies are making it a point to guarantee that their employees are happy, have a feeling of belonging, and feel satisfied at work,” said Travis Lindemoen, Managing Director at Nexus IT Group.
Lindemoen went on to say that this extends to diversity efforts as well. “Today employees prefer to work for a …….