ENDING

THEYEAR

STRONG

Q4JOBSREPORT

WHEN2022BEGAN,EMPLOYERS

WEREOPTIMISTICABOUTEXPANDING

WORKFORCES.

Infact,

Monster’sFutureofWorkReport

shared

that93%ofcompaniesplannedtohirein2022,

up11%fromtheprioryear.AsCOVID-19cases

declinedandrestrictionseased,employersreopened

offices,supplychainbottlenecksdissipated,andhiring

grew.Employmentreachedpre-pandemiclevelsin

July,andtheunemploymentratedroppedtoits

February2020levelof3.5%.Whilepeoplewere

returningtowork,theirwalletsweretakingahit.

Thissummerwesawconsumerpricesrise8.5%

YoY,resultingin80%oftheUSworkforcereporting

thatinflationisimpactingtheircareerdecisions.

Now,ontheprecipiceofarecession,

Monsteristakingacloserlookat

predictionsforQ4,trendsinthelabor

market,andrecruitingtactics,tohelp

youendtheyearstrong.

pg.2

pg.3

ShouldEmployersBraceforaRecession?

AStormisBrewing

Whileit’struethatUSgrossdomesticproductdeclinedinthefirstandsecondquarters,meetingthestandarddefinitionofarecession,economistshavelongunderstoodthattherealGDPisjustoneofthemanyeconomicindicatorsusedtoassessthestateoftheUSeconomy.Recessionsalmostalwayscomewithemploymentlosses.ThisisknownasOkun’slaw.Employmentandgrossdomesticproductfalltogether,witha2%dropinGDPtypicallyaccompanyinga1%increaseinunemployment.However,we’reseeingtheoppositewiththeunemploymentratecontinuingtoedgedownoverthesummer.It’snosurprisethatlaboreconomistsarethebiggestskepticsofrecentrecessionheadlines.

Atthestartoftheyear,93%ofemployerstoldustheyplannedtohirein2022—andhiretheydid.Wesawanincreaseof32%injobspostedonMonsterduringthefirsthalfof2022,comparedtothesametimeframelastyear.JobnumbersfromtheU.S.BureauofLaborStatistics(BLS)indicatethatthesepositionsdidnotgounfilled,either.Assummercametoaclose,BLSdatashowedtwojobsavailableforeveryonejobseeker.

Withallthisgreatjobnews,itcanbehardtoimaginethatarecessionmayverywellbeonthehorizon.However,alargerpictureoftoday’seconomic landscapeshowsthatweare,indeed, inhotwater.“Weneedinflationtobearound2%,not8.5%,”MonstereconomistGiacomoSantangelosays.“Weneedwagestocatchuptothecostofliving.WhathappenswithpricesbeforetheendoftheyearwillbedependentonwhattheFederalReserveandconsumersdonext.”

Fromsmallbusinessestolargecorporations,companiesofallshapes,sizes,andindustriesarenotimmunetotheeffectsofinflation.Assuch,theywillneedtolookforwaystobecomemorefiscallyefficient.“Asthecostoflivingincreases(inflation),firmsareseeingincreasesincostsofinput,whichdrivesthecostofproductionup,cuttingintoprofits,”Santangelosays.“Whenafirm’scostofproductionincreases,itwilllookforwaystocutcosts.Trimmingtheworkforceorslowingdownhiringisanoption.”

Today’sEconomicLandscape

Consumerprices

j

Up8.5%YoY

Averagehourlyearnings

j

Up5.2%YoY

Corporateinterestrates

j

Up1%inQ4

Productivity

j

Down4.6%inQ2

Output

j

Down2.1%inQ2

(DatafromU.S.BureauofLaborStatisticsandInternalRevenueService)

Q4LaborMarketPredictions

2.Greaterfocusonupskilling/reskillingexistingworkforce.

Duetohiringfreezes,companiesshouldplanontrainingtheiremployeestomeetshiftingbusinessneeds.Thiscanhelpretainyourtoptalenttoo.Arecentsurveyuncoveredthat72%ofUSemployeessaidthattheywerelikelyorverylikelytostaywiththeircurrentemployershouldreskilling/upskillingbeoffered(Randstad2022EmployerBrandResearch).

3.Surprisingly,people

willstillquit.

Evenwithrecessionfears,40%ofUSworkersplanonleavingtheirjobinthenext3-6months(McKinsey’s2022GreatAttritionSurvey).It’sstillacandidate’smarket,withBLSshowingtwoavailablejobsforeveryonejobseeker.Theymightnotjumptoyourcompetitorthough.Thesamesurveyrevealedthat65%ofpeoplewhoquitinthelasttwoyearsdidnotreturntothesameindustry.

1.Hiringwillcontinue,

withcaution.

“Companiesaregoingtobevery,very

carefulaboutwherethey’readding

resources.Thoseconceptsaround

reductionsinworkforce,hiringfreezes,

andlowerthanexpectedhiringramp,

arethingsthatwe’llseeatleastthrough

theendof2022,”saysMonsterCEO

ScottGutz.

Companiesaregoingtobe

very,verycarefulaboutwherethey’readding

resources.Thoseconceptsaroundreductionsinworkforce,hiringfreezes,andlowerthanexpectedhiringramp,arethingsthatwe’llseeatleastthroughtheendof2022.

ScottGutz,chiefexecutiveofficer,Monster

pg.4

Q4TrendUnionsandKeepingWorkersHappy

TOP5AREASWHERECANDIDATES

WANTEXTRA

EMPLOYER

FOCUS:

1.Salaryprotection/faircompensation

2.Financialcompensationbeyondsalary

3.Healthcarebeneits

4.Flexibleworkschedules

5.Paidtimeoff

Workers’unionsarecommonplaceincertain

industrieslikeeducation,transportation,andnursing.

Notsocommoninthetech,retail,andrestaurant

industries.Thatis,untilnow.

Thisyear,we’veseenunionsformatthelikesof

Amazon,Starbucks,andAppleinaneffortforworkers

toreceivehigherpay,benefits,andbetterworking

conditions.Couldotheremployerssoonbereceiving

similarrequestsamongtheirworkforces?

HERE’SOURTAKE:FIRSTANDFOREMOST,

WORKERS’RIGHTSAREIMPORTANT.

However,unionizingmaycomeatacostthatcanhave

adverseeffectsonthelabormarket.Santangelosays,

“Thebeliefisthatunionizationisgoingtoraisethe

costofproductionbecauseanorganizedlaborforce

isgoingtoforceafirmtopaybenefitsandtoincrease

costsabovewhattheyshouldbe.Therefore,firmsare

thengoingtohavetoturnaroundandincreasethe

pricesofgoodsthatthey’reofferingtoconsumers.”

Noemployerwantstoseeaslowdowninproduction

orbeforcedtolayoffworkersasaresultofunion

activity.“It’simportanttorememberthattheonly

reasonwhyworkerswanttounionizeisthatthey’re

unhappy,”Santangelosays.“They’reunhappy

becausethey’rebeingaskedtodosomething

thattheydon’twanttodo—it’sthedefinitionof

exploitation.So,ifemployersaregivingbenefits

andallthethingsthatworkerswant,thenthe

workersdon’thavetoorganize.”

pg.5

pg.6

DebateOverReturntoOffice

Q4Trend

Accordingto

Monster’s

FutureofWorksurvey,nearly

1in4

candidates

saytheyarelookingforflexibleworkschedules.

Candidateactionstellasimilarstory:workfromhomecontinuestobethe#1keywordsearchedonMonster.Thereareplentyofbenefitsofworkingfromhome,butworkerscitesavingmoneyongasandlunch,aswellasnotcommuting,asthetopreasons(TheSurveyofWorkingArrangementsandAttitudes(SWAA)).Theresearchersalsodiscoveredthatthree-quartersormoreofworkerproductivitygainswerecomingfromareductionincommutingtime.Employersagree:anoverwhelming94%ofemployerssayproductivitylevelsarejustasgoodifnotbetterwhenworkingremotely(SHRM).

Thisbegsthequestion:whydidweseethepercentageofremoteworkersdeclinefrom15.4%to7.1%thisyear?

Employersworrythatcompanycultureisgettinglost,andinnovationislackinginfullyremoteenvironments.Simplyput,therearesomeworkplaceelementsthatcannotbereplicatedfromhome.Face-to-facecollaborationandsocializingaretiedforthetopbenefitsofworkingatyouremployer’spremises(TheSurveyofWorkingArrangementsandAttitudes(SWAA)).Whilemoreseasonedworkersmayenjoytheabilitytoworkfromhome,GenZ,theyoungestcohortintheworkforce,isn’tasbigofafan.“Thisisagroupofpeoplethatisdesiringtobeinanofficeenvironmentmorethanbeingathome,”Gutzsays.“MaybeonaMondayorFridaytheydon’tmindworkingfromhomebecauseit’seasy,butforthemostpart,theyarelookingformentorship,they’relookingforfriendship,they’relookingforcollaboration,they’relookingatbuildingoutapeernetwork,andtheyarerecognizingthatit’sverydifficult

74%insn

theircurrentjob.

todothatwithoutbeingapartof

acultureandseeingpeopleona

regularbasis.

“Mypointofviewisthatyouneedtocreateenvironmentsforpeopletogettogether,forpeopletocollaborate,forpeopletofeeltheculture—thatdoesn’tneedtohappenfivedaysaweek,”Gutzsays.“Ipersonallybelievethatcanhappenintwoorthreedaysperweek,andmypersonalplanistohaveanopportunitytobeinteractingwithmypeersandmyteamsinmyorganizationatleasttwo-to-threedaysaweek.That,tome,soundsliketherightbalancefromawork-lifeperspective,fromacostmanagementperspective,fromgettingtherightcultureandcollaborationtogether,frombuildinguporganizationsintherightway.That,tome,isthefuture—it’samorehybridapproach.”

Attheendoftheday,employersshouldweighalltheprosandconstomakeadecisionthatisbestforthemandtheirworkforce.

pg.7

FULLYREMOTE

Candidatesfindbeingfullyremoteconvenientandmorecomfortableastheydon’thavetocommuteandcanhaveamoreflexibleschedule.However,thisflexibilitymakesitchallengingforsomeonetomanagetheirschedules,andalackofin-personconnectionscanfeelisolatingandcausedisconnects.

>WHATWORKSWELL:

?CompaniesmakingWFHemployeesfeelincluded

?COVID-19safety

?Nocommutetime/cost

?Stillhigh-qualitycommunicationthroughtech/meetings

?Operatingatindividualpace+limitsofficedistractions

>WHATDOESN’TWORKWELL:

?Hardertocommunicate

?Technologytroubles

?Lossofcamaraderieandinteractionwithcolleagues

?Overalldisconnect

pg.8

HYBRID

Candidatesprimarilyvaluethework-lifebalanceandenjoytheimprovedflexibilityandcommunicationahybridworkingmodelbrings.However,disconnectandcoordinationcreatesissuesforsome.

>WHATWORKSWELL:

?Flexibilityandchoiceinworkschedule,location,etc.

?Bettercommunication

?Work-lifebalance

?FeelingsaferandmorecomfortablewithCOVID-19

?Betterforemployeemorale

>WHATDOESN’TWORKWELL:

?Disconnectbetweenupperlevelandassociates

?Compulsiontobe“available”24/7

?Communicationbetweenin-andout-of-officeemployees

pg.9

FULLYIN-PERSON

Candidatesfeelthattheyhaveamoreefficientworkflowwithbettercommunication.However,manyreportedfeelingunsafewiththeiremployer’ssafetyprecautions,andstaffingissuesareleavingmanyoverwhelmed.

>WHATWORKSWELL:

?Moreefficientworkflow

?In-personcollaborationandinteractionwithclients

?Safetyprecautions(i.e.,masks,socialdistancing,etc.)

?Asenseofnormalcy

>WHATDOESN’TWORKWELL:

?Shortstaffed

?LackofsafetyprecautionsandthespreadofCOVID-19

?Commutetime/cost

PrioritizingEmployeeMentalHealth

Q4Trend

Thoughtthepandemicwas

stressful?It’sworsenow.

‘Quietquitting’isthelatestworkforcetrend,whereemployeesarenotoutrightquittingtheirjobs,butarequittingtheideaofgoingaboveandbeyondatwork.Alsoreferredtoas“ActingYourWage,”workersstateit’saboutnotacceptingadditionalworkwithoutadditionalpay.Butisquittingthehustleculturementalityactuallyanegativetrend?Oristhisapost-pandemicopportunitytore-prioritizework-lifebalance?

WORKERSAREMORESTRESSEDTODAYTHANTHEYWEREIN2020.

(GallupStateoftheGlobalWorkplaceReport)

AccordingtoGallup’sStateofGlobalWorkplace2022Report,companiesareworkinghardtoattain“work-

lifebalance,”implementfour-dayworkweeksandexpandremoteworkopportunities.Butit’snotjustthehours,imbalanceorlocationthatleaveworkersunhappy.It’swhat’shappeningatworkthatmakesthemmiserable.

Inoneofthelargeststudiesofburnout,Gallupfoundthebiggestsourcewas“unfairtreatmentatwork.”Thatwasfollowedbyanunmanageableworkload,unclearcommunicationfrommanagers,lackofmanagersupportandunreasonabletimepressure.

Gutz’sadvice:“Companiesneedtocreateopportunitiesforpeopletofeelliketheybelongfromacultureperspective,wheretheyfeeltheycandotheirbestwork,andwheretheyfeelliketheyhaveclearopportunitiesforcareerprogression.”

Aswecloseoutthisyearandeven lookaheadto2023,employersmustprioritizeemployeementalhealthandfindwaystoalleviatethepressuresthatworkersarefeeling.Gutz’sadvice:“Fromahigh-levelperspective,it’saboutcreatingacultureofappreciationforwork-lifebalance.It’saboutcreatingsolutionsforpeoplewhoarestruggling,andit’sultimatelyformanagersandforpeerstoacceptthefactthatwe’vegottobebalanced,rational,andhumaninourapproachtootherpeople.”

pg.10

pg.11

Professional/BusinessServices

Currently986,000aboveitspre-COVIDlevels,employmentisgrowingwithintheprofessionalandbusinessservicessector—atrendthatisexpectedtocontinueintothe

fall.Giveninflation,weknowbusinesseswillbelookingforwaystokeepcostsdown.Andkeepinginmindthathiringagenciesandthird-partyfirmscanbecheaperthanhiringin-househelp,wecanexpecttoseeemployerslikerecruitingfirms,marketingagencies,andaccountingfirmsbulkupworkforcestoaccountforincreaseddemand.

Healthcare

BetweentheagingBabyBoomerpopulationandthenumberofnurseswhotransitionedtonewcareersamidCOVID-19,thehealthcareindustryisfacingaseriousnursingshortage.By2030,it’sestimatedthatthe

sectorwillneed1.2million

newregisterednurses

.Thedemandfornursesisapparentwithhealthcarejobpostingsup33%onMonster.

“Nursingissomethingthatrequiresaspecificsetofskills,”Santangelosays.“Ahealthcareprovidercannotsnapitsfingersandhave1.2millionRNsappear.Thismeansthatnursingwagesareexpectedtoincreasetoattractpeopletoenternursingprogramstogainthoseskills.Intheabsenceofthat,currentnurseswillbeencouragedtoworkadditionalshifts.”

BLSdatashowsthathealthcarehiringisstartingtopickupafterseeinglittlehiringactivityatthestartof2022.Employmentexpandedby57,000inJune,followedbyanother70,000payrollsinJuly.Employmentincreaseswerelargelyseeninambulatoryhealthcareservices,hospitals,andresidentialcarefacilities.

Topactivejobpostings:

Topcandidatekeyword

searches:

1.Businessoperationsspecialists

2.Managementanalysts

3.Marketresearchanalystsandmarketingspecialists

4.Humanresourcesspecialists

5.Accountants

1.Projectmanager

2.Scrummaster

3.Businessanalyst

4.Dataanalyst

5.Accountant

Topactivejobpostings:

Topcandidatekeyword

searches:

1.Registerednurses

2.Licensedpracticalandlicensedvocationalnurses

3.Physicaltherapists

4.Criticalcarenurses

5.Acutecarenurses

1.LPN

2.RN

3.Nursepractitioner

4.Licensedpractical/vocationalnurse

5.Pharmacist

THEDEMANDFORNURSES

ISAPPARENTWITHHEALTHCARE

JOBPOSTINGSUP33%ONMONSTER.

pg.12

COMESTOFINDINGTHE

TransportationandWarehousing

Wesawemploymentwithintransportationandwarehousingrampupthisyear,puttingthesector745,000aboveitspre-COVIDlevel.Lookingahead,demandisexpectedtocontinueinafewkeyareas:

nTrucking:Therewasa

shortageof80,000drivers

lastyear

—anall-timehighthatcoulddoubleby2030.Assuch,theAmericanTruckingAssociationplanstorecruitamillionnewdriversoverthenextdecade.

nWarehouseanddelivery:Bytheendof2022,globalecommercesalesareexpectedto

increaseto$5.4

trillionand$6trillionin2024

.Asaresult,demandforwarehouseworkersanddeliverydriversshouldincreaseaswell.

nAirtransportation:With

airlinestaffingshortages

projectedtolastuntil2023

,Monsterdatashowssky-highdemandforairline-relatedpositions.Pilot,

copilot,andflightengineerjobpostingsareup115%,whileflightattendantjoblistingsareup10%.

Construction

Constructionemploymenthasrisenoverthispastyear,currentlysitting82,000jobshigherthanitwasinFebruary

2020.Thisdemandshouldcontinuetobuildinthefourthquarterandbeyondforacoupleofreasons:

nA

shortageof5.5millionhomes

intheUSisexpectedtodrivedemandwithinhousingconstruction.

nThenewinfrastructurebillisexpectedtohelp

boostconstructionspendingby5.5%in2023

andgeneratenewdemandforconstructionservices.

Topactivejobpostings:

Topcandidatekeyword

searches:

1.Heavyandtractortrailerdrivers

2.Lighttruckordeliverydrivers

3.Motorvehicleoperators

4.Laborersandfreight,stockandmaterialmovers

5.Taxidriversandchauffeurs

1.Driver

2.Truckdriver

3.Deliverydriver

4.Warehouse

5.Forkliftoperator

Topactivejobpostings:

Topcandidatekeyword

searches:

1.Constructionlaborers

2.Electricians

3.Plumbers

4.Carpenters

5.Operatingengineersandequipmentoperators

1.Electrician

2.Warehouse

3.Construction

4.Generallaborer

82%OFEMPLOYERSINTHE

CONSTRUCTIONINDUSTRYARE

“VERYCONFIDENT”WHENIT

RIGHTFIT.

pg.13

pg.14

INDUSTRIESTO

WATCHINQ4

Giventheuncertaintyoftoday’s

economicclimate,it’shardtopredict

whatemploymentwilllooklikeincertain

industries.Wehopethedataonthe

followingpagescanserveasaguide

asyouplanforend-of-yearhiringand

prepareforwhatmaycomein2023.

Technology

Duringthepandemic,wesawgreaterrelianceontechnologyastheworldwentremote.However,themostrecentBLSmonthlyjobsreportshowsthathiringinthesectorhasstagnated,butnotnecessarilyforalackofjobopenings.“Theworldweareinnowisnottheworldwewereinbeforethepandemic,”Santangelosays.“Thequalifiedtechworkerswhoweredemandedbythetechsectornowhavejobs.”

Providingskillstrainingtonewhiresandupskilling/reskillingexistingworkforceswillbekeyasemployerscontinuetohireforskilledtechjobsonMonster.

Manufacturing

Steepgaspricesandashortageoftruckdriversarefuelingshortagesofwood,paper,food,andotherrawmaterialsthatcanslowdownproductionwithinmanufacturing.Yetdespitetheseongoingmaterialshortages,employmentiscontinuingtogrowwithinmanufacturing.InJuly,theindustrysawgainsof30,000jobs,andsincethepandemic,employmentinmanufacturinghasrisen41,000aboveitsFebruary2020level.

“Theeconomyisstillnotfullyrecoveredfromthepandemic-drivensupplychainissue,andthentherewasthegasprice-drivensupplychainissue,aswellastheproblemscausedbytheissueswithintheUStruckingindustry,”Santangelosays.Lookingahead,hesaysemploymentwillbedependentonhowtheseissuesareresolved.

Topactivejobpostings:

Topcandidatekeyword

searches:

1.Softwaredevelopers,applications

2.Computersystemsanalysts

3.Softwaredevelopers,systemssoftware

4.Computernetworkarchitects

1.Projectmanager

2.Scrummaster

3.Businessanalyst

4.Dataanalyst

5.Accountant

Topactivejobpostings:

Topcandidatekeyword

searches:

1.First-linesupervisorsofproductionandoperatingworkers

2.Inspectors,testers,sorters,samplers,andweighers

3.Productionworkers

4.Machinists

5.Teamassemblers

1.Manufacturing

2.Welder

3.Assemblyworker

4.CNCmachinist

5.Machinist

pg.15

Retail

Employmentincreasedby22,000inJuly,pertheBLS;althoughthesectorhasshownnonetchangesinceMarch.Giventheriseofecommerceandinflation(includingthepriceofgas),thisisnotentirelysurprising.

However,it’simportanttobearinmindthattheeffectsofinflationarelikelybeingfeltdisproportionately.Asshoppersseekbargainsamidhighinflation,discountstoresremainsignificantlyabovepre-pandemiclevels.Forinstance,DollarGeneralplanstoopen1,110newstoresinits2022fiscalyear,whileDollarTreeisbolsteringitssupplychaintokeepupwithdemand.

Lookingaheadtothisholidayseason—atimeofyearwhenretailhiringtendstopickup—wewillwanttokeepaneyeonwherecandidatesarefindingemploymentopportunities.

LeisureandHospitality

Thesummerisalwaysabusytimeforhiringwithintheleisureandhospitalityindustry,andthispastsummerwasnodifferentwithsolidgainsof67,000inJuneand96,000inJuly.Thisgrowthtypicallycarriesintothefallwhenhotels,motels,bars,andrestaurantsturntheirfocusonholidayhiring.

Whilejobpostingswithinleisureandhospitalityarecurrentlyup12%onMonster,Santangelosaysitmaybetooearlytotellifwewillseethegrowthwesawthissummercontinueintothefall.“Theeconomyisverysensitivetotrendsinhealthatthemoment.Onceschool-agechildrenarebackin