Job growth continued to increase in April with nearly half-a-million jobs added to the workforce. We’ve now gained back 95% of jobs lost during the pandemic, and I predict the 5% left is representative of those who decided not to return. The New York Times interviewed Oxford Economist, Oren Klachin, who predicts the U.S. economy could create over 4 million jobs in 2022. That’s mind-blowing! To put that in perspective, I looked up 2017, 2018, and 2019 which all netted less than half-a-million new jobs. Talk about a boom!
The strong hiring market is also driving wages, which are a reported 5.5% higher than a year earlier. While this may pale in comparison to the rate of inflation, it still provides a lot of leverage when negotiating your salary for a new position or even in your current role!
My observations from the last month echo the strength of hiring, although I’m still seeing a lot of competition in the professional area of the market. I’m sure the job-growth statistics are skewed by the hourly workforce, so we still have to remain strategic and diligent when searching for mid-level, higher-paying, and leadership roles. Remote positions are the most competitive, and luckily, there are a lot of them now that companies are waking up to what the market demands. Any roles that require a boots-on-the-ground presence are still seeing a lower volume of applicants, which provides opportunities for alternative candidates.
Other trends are continuing to emerge and strengthen the hiring market: contract-based engagements, project work, and one-off commission style opportunities have increased as the “gig” economy phenomenon continues. If you’re contemplating (or already have) a side hustle, this provides a very unique opportunity for you to expand that side business!
Here’s a shameless plug! I’m currently enrolling the next cohort of my Business Growth Mastermind! Drop me a reply if you want to know more about it or see if it’s a fit for you. There’s never been a better time to transition into entrepreneurship, as evidenced by the growing number of 1099 gigs available out there!
The possibilities are endless, and I hope you will take the time and work up the courage to explore them. You know what to do if I can be of help 😉
Your Friend and Coach,