Job vacancies reach historic highs, giving job-seekers bargaining power
High vacancy rates are often advantageous for students and recent grads, while new workers will be seen as more desirable and have increased bargaining power, a new report says.
By Willa Hart |
July 07, 2022 at 08:28 AM
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Other hard-hit sectors include the mining, logging, and manufacturing industries. Manufacturing job vacancy rates more than doubled, while mining and logging vacancy rates more than tripled, between March of 2020 and March of 2022. In both cases, the report notes, the pandemic is also likely to blame: expecting a decrease in demand, both sectors made significant layoffs early on. Then, when demand unexpectedly rose, they were left struggling to rehire workers.
The analysis also notes that inflated resignation rates may be contributing to high job vacancies. Around 3% of workers quit their jobs in March of 2022, compared to only 1.8% in March of 2020.
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