High turnover rates and a national labor shortage have made finding the right talent in today's job market a challenge for employers. But knowing what a potential candidate is looking for can help a business grow its workforce.
More than 50 million workers quit their jobs in 2022 and many did so in search of a better work-life balance and flexibility, increased compensation, and a strong company culture, according to a recent U.S. Chamber of Commerce report. However, it also showed that many of these same workers were rehired elsewhere.
For employers looking to fill open positions or expand their teams, one of the first steps is to determine where to post job openings. Hiring managers can try ZipRecruiter's hiring platform at no cost to access a growing pool of job seekers.
In 2022, there were 77.2 million hires in the U.S., an increase of 1.2 million from 2021, according to monthly data from the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS report. The numbers indicate a hot job market defined by plenty of choices that have created a competitive landscape for recruiters.
Why pay has become increasingly important to job candidates
Among the most critical factors that job seekers said they wanted from their workplace were pay and well-being-related issues. Both have risen in importance over the years, clinching the first and second spots as essential attributes that employees search for in a job, according to a recent Gallup survey.
As Americans deal with record-high inflation and rising costs, it’s not surprising that pay transparency has climbed in value to candidates during their employment search. Moreover, by the end of 2023, more than 20% of Americans will live in a state that requires businesses to disclose pay ranges in their job postings, ZipRecruiter Chief Economist Julia Pollak said in a recent blog post.
These pay transparency laws, designed to reduce bias and subjectivity in salary negotiation, mean an increasing number of employers are already posting pay ranges in job advertisements.
"New pay transparency laws are prompting many companies to raise the wages of existing employees so that they match the pay ranges they're now disclosing in job postings," ZipRecruiter said in the blog post. "Companies feel pressure to post high ranges to win the war for talent but risk upsetting existing employees unless they bring their compensation in line with the new ranges."
Employees also want job security and diversity in the workplace
Showing employees that they are valued during economic hardship can give hiring managers the edge over companies that don't offer this reassurance, according to the Chamber of Commerce report. This is particularly important as economists predict a slowdown in the job market.
Employers that list a job opening on ZipRecruiter can use its features to send an important signal to potential candidates that their skills and talents are needed and valued. For instance, the company’s "Invite to Apply" tool has helped businesses receive more than two and a half times more candidates who are nearly three times more likely to get hired.
Additionally, more than half of respondents to a 2020 ZipRecruiter survey said they would be more drawn to a workplace that offered training programs that promote understanding of diversity and inclusion.
Nearly half (48%) of job seekers said they were more likely to apply for jobs when employers state a commitment to diversity and inclusion, according to the survey.