The dynamic that exists between supply and demand is the very heart of everything you know about economics, but have you applied those principles to your own place in the workforce? Now, more employers than ever are looking for top talent to fill key roles in their organizations (especially in tech industries), but there just doesn’t seem to be enough human capital to go around. With that high demand and such a scarce supply of workers, wages are about to be on the rise. Here are some stats you should know:
- As of November 2017, American companies had some 6 million job openings to fill
- Unemployment rates dropped 4% from November 2017 to December 2017, and they’re on their way to being the lowest we’ve seen in decades.
- The top 9 industries in U.S. markets (in descending order) were: management, architecture/engineering, education/training, healthcare practitioners, legal, science, computers and math, community/social service, business/finance. All of these industries featured an unemployment rate of less than 3%.
In addition to rising wages and lower unemployment rates, the market is also responding by adjusting its requirements. That is, employers are lowering lofty standards in order to open the door for more candidates. They’re eliminating unnecessary application specs, no longer asking for the same advanced degrees, and seem to be placing a higher emphasis on other areas, like hands-on experience.
In short, job applicants today are able to be a lot more selective about the job offers they accept, and employers are challenged to ask for less and offer more. What a great time to be in the workforce!