Candidate vs. Employer Market
Going into 2022 the media has portrayed the job market as candidate driven, is this still true? Where is the job market headed in 2022?
The candidate-driven market is when candidates have the advantage and can dictate their requirements for the job regarding pay, benefits, and scheduling. This is due to a rising economy where companies are competing for the high-end caliber candidates. According to the Bureau of Labor Statistics, over the past 5 years, the United States has been in a candidate’s market, wages were increasing and candidate scarcity was a daily struggle to overcome for employers and recruiters alike. The pandemic was also a key factor in the steady candidate driven market. In 2022, the media is portraying the labor market to remain candidate-driven. Along with pre-existing skill gaps, many professionals re-envisioned their careers during the pandemic. A major alteration was shifting expectations of their employers, leading many employees to seek out new opportunities with other organizations. Is the candidate driven market going to continue to dominate in 2022? Or will the market see a shift towards employer dominance?
An employer-driven market is when business owners are in total control of the hiring process. This is when employers can negotiate salaries and benefits. This happens with the slowing of economies, the rise of unemployment, and the increase in people looking for work. People’s preference for remote working isn’t going to go away, especially as COVID-19 continues to surge through the world. It is becoming less of a trend and more of a permanent change. Candidates will expect home and hybrid working options as standard when they apply for positions, while companies will have to offer flexible and home working options if they want to attract and keep the best talent.
Could employers start using this fact to their advantage in 2022? What if employers start offering even more benefits, higher pay, room for advancement, etc. If candidates are willing to meet THEIR requirements and requests, employers have the potential to start swinging things in their favor again, but continue to let candidates dictate the market.
Candidate and Employer Driven
COVID-19 has already had lasting effects on the job market. Because of this, the job market likely will never be fully candidate or fully employer driven. Since candidates/employees got a taste of control and power, some will not want to give that up, by continuing the demands such as better pay, pto, benefits, etc. However, many employers are now in a vital position to step up and regain control, which would completely alter the state of the job market. In conclusion, while sometimes the job market may sway in a specific direction (candidate vs. employer) it is likely that the market will never see total dominance from one side.
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