A survey by ZipRecruiter revealed some compelling findings on how job-seekers see the economy as well as their perceived ability to find work within the emerging job market. The data, which was gleaned from 10,570 job seekers, allows HR professionals the ability to better understand the mindset of candidates, thereby assuring success in securing top talent.
Allan Jones, CMO of ZipRecruiter, points out that the survey “reveals true data that ties back to data that is not logic-based, but rather based on feelings the job seeker has.”
The Labor Department reported an addition of 223,000 new jobs in August 2015; however, wages showed no increase and many Americans are still out of work. In fact, the labor-participation rate – which refers to the number of American adults either working or looking for a job – dropped an additional 0.3 percentage points to 62.6 in June, the lowest it’s been since 1977.
Jones points out that even though job seekers do not think that the government or businesses looks out for their interests, candidates still feel that they have the competitive advantage. “Most people are optimistic,” says Jones. “People are comfortable, not worried or anxious. They believe in their skills.” He states that this optimism will translate to more relaxed interviews and confident applicants. At the same time, Jones adds, HR professionals should expect negotiations over title and pay once an offer is made. “When it comes to negotiating, perception is reality,” he says. “Job seekers think they deserve more, and they are confident enough to ask for it.”
The survey showed that 47 percent of those surveyed are seeking more pay. They are optimistic over their ability to find work and feel that their skills warrant a generous wage. However, according to the Labor Department, wages have not increased.
Jones explains that one reason for the job growth without a coinciding increase in wages could be related to the fact that 60 percent of jobs created in 2014 came from small to medium businesses. He says, “Part of the reason that wages have not grown as quickly is because employers in small and medium companies don’t have the capital to pay as larger organizations do.”
Regardless of the reason for the discrepancy between job growth and wage increases, companies are continuing to seekout top talent. In some cases, the open positions may have been eliminated during the recession and are being reinstated, or they may be roles left vacant by former employees. Meanwhile, applicants feel that they will have their choice of positions in a market burgeoning with new jobs.
“The market crash and recession gave the upper hand to business,” states Jones. “However, the baton has been passed, and the talent pool is confident and money hungry.”
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