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Home/Media/Steering recruiting amid an exhausted labor market — Taking the Hire
Road
MediaNewsPodcastSponsored InsightsTaking The Hire Road


STEERING RECRUITING AMID AN EXHAUSTED LABOR MARKET — TAKING THE HIRE ROAD


ZIPRECRUITER DATA NOTES HIRING TRENDS AMID STAFFING CHALLENGES

Britni Chisenall
· Thursday, November 17, 2022
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Steering Recruiting Amid an 'Exhausted' Labor Market

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ZipRecruiter recently released an analysis about current dynamics of labor
supply and demand in the economy. The conclusion was that for the first time,
the U.S. economy had exhausted its supply of workers.

“2022 was the first year on record where the demand of labor fully caught up to
the supply,” said Julia Pollak, chief economist at ZipRecruiter.

She said that before the pandemic, on average, there were 2.4 unemployed workers
for every job opening. That has moved to about 0.5 unemployed workers for every
job opening.

ZipRecruiter is an employment marketplace founded to actively connect job
seekers with employers, and vice versa, using sophisticated and state-of-the-art
artificial intelligence. This process has improved the overall job search
experience for millions of people and has helped businesses of all sizes find
and hire the right candidates in a timely manner.

“Unlike traditional online job sites, ZipRecruiter acts as a matchmaker,
curating job opportunities for job seekers and curating candidates for
employers,” Pollak said. “Since our founding, we have connected more than 3
million businesses and more than 100 million job seekers.”

As chief economist, Pollak combines higher-level data from the Bureau of Labor
Statistics with the data from the ZipRecruiter database to measure the health of
the labor market. She then identifies and communicates hiring trends and
insights to outside sources, such as media, and to job seekers and employers,
allowing them to make accurate predictions and base future processes on these
predictions.

Through the recent analysis, Pollak has noticed several hiring trends since the
start of the COVID-19 pandemic. She noted that, on average, companies are seeing
a 20% increase in the number of employees quitting each month. In addition to
that, companies have increased hiring efforts by 15% each month. And because of
the large shift across all industries toward remote work, more applicants are
expressing this as one of their desires in a job. Only 12% of job postings
actually offer remote work, she added.

“If every job in the economy that could be remote were remote, that would still
only be 37%,” Pollak said. “In increasing numbers, workers are holding out for a
job that gives them more flexibility regarding where and when they work.”

The report also said the trucking industry in particular is imbalanced when it
comes to labor supply and demand, with a major increase in vacancies in truck
driving and warehouse jobs. Pollak mentioned three factors that she believes
influenced this the most: the pandemic-induced acceleration of e-commerce, the
pandemic-induced destruction of small retail businesses and the acceleration of
remote work. 

But despite the troubles of the labor market today, Pollak encourages employers
to keep digging into the data. 

“You really need to know what’s happening around you and what people are talking
about in order to overcome these staffing challenges,” she said.

Click for more FreightWaves content by Britni Chisenall.

More from Taking the Hire Road:

Taking DOT compliance to the next level

Quality data for qualified candidates

Serving, giving and testing with Trucking Clicks

driver recruitmentDriver retentionjeremy reymerLeah Shavertaking the hire
roadZipRecruiter


BRITNI CHISENALL

Britni Chisenall is a sponsored content writer for FreightWaves. She lives in
Ooltewah, TN with her husband, Garrett and her cat, Lily. Britni is a graduate
of Dalton State College.
FWTV Live


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