How to Maneuver the Jobs Reshuffle

The world of work continues evolving. With the ebbs and flows of the job market, we also continuously adjust to stay in tune with the currents of change. During the ongoing job market reshuffle and the possibility of a recession, adaptability is vital for professionals of all levels.

With 11.3 million job openings resulting in nearly two jobs for every job seeker, the Great Reshuffle is prominent and reached mainstream levels in the form of a Beyoncé song. Combined with news headlines flashing “recession,” many wonder what the job market conditions will be like in the second half of 2022.

Jobs Recovery and Reshuffle

The recovery is ongoing, and the job landscape is very different than it was compared to the last two years. The U.S. Chamber of Commerce found that 47 million people quit their jobs in 2021. Since the pandemic began, 96% of jobs lost were recovered. The pandemic caused ripple effects throughout the world of work and we continue to feel the impacts.

Hiring continues to outpace separations, but there are currently 2.8 million fewer American workers compared to March 2020. With a record number of job openings and separations, the phenomena known as the Great Resignation metamorphosed into the Great Reshuffle. The job landscape is at a flex point.

The Bureau of Labor Statistics (BLS) found over 20 million workers left their jobs between January and May 2022, a 19% increase from the same timeframe in 2021. Not all workers who quit are leaving the workforce; professionals want to get more out of their work. Individuals are searching for fulfillment along with other meaningful benefits that vary across a spectrum that includes compensation, flexibility and more. However, a survey highlighted 25% of job seekers regret resigning citing the possibility of worsening job market conditions among other factors.

Remote work creates a fresh perspective and is relevant to the recovery. This way of working likely led to less of a reshuffle in some industries more than others. However, economic experts signal tough times ahead.

What Could a Recession Mean for the Job Market?

Major banks predict a 30% and 50% likelihood of a recession occurring within the next 12 months or more. Regardless of when this happens or for how long, preparing for the worst-case scenario is key. Workers and job seekers alike need to be ready to ride out any downturns in the job market.

Recessions are a normal component of our economy. Signs such as rising inflation and interest rate hikes point to an economic downturn. While we can’t control its beginning, length or severity, we can use this time to prepare for the best outcome. It’s important to learn from past recessions and be ready for what may come.

Despite “recession” ominously appearing in news headlines, hiring is still happening and it’s helping the economy. There’s more demand for workers in some industries, which creates opportunities for job seekers to reenter the workforce or professionals who want to pivot into a new field. With an increase in job opportunities year-over-year, Rose International has not seen a slowdown in demand for talented individuals. Additionally, there was an industrywide 11% growth in contingent hiring.

Broad-based hiring occurred across many sectors and some who retired returned to the workforce. We can’t ignore inflation and high interest rates and their correlation to hiring rates. According to the BLS, there was a decrease in job openings in May 2022 compared to April 2022.

Trending topics include news of organizations adjusting their hiring strategies amid recession fears. The good news is that layoffs and hiring freezes aren’t widespread. However, there’s no telling if it will remain this way in the coming months.

Job seekers are encouraged to take stock of their skillsets and apply to opportunities with promise. Additionally, identifying transferable skills is helpful in exploring a new career field. For those pursuing higher education, each major has a varying career outlook; factors to consider include the projected number of jobs and field growth rate when outlining one’s career path.

I believe it is not a matter of if, but when a recession will happen. We all need to be ready. 

The workforce recovery is ongoing, as does our evolution to keep up with shifting trends. We have not yet achieved pre-pandemic levels in the jobs recovery. As business leaders and professionals of all levels, we all contribute towards rebuilding an equitable landscape where everyone has the opportunity to thrive.

❔ What’s your best advice for professionals during this jobs reshuffle? Share it in the comments below.

Read my other blogs here to learn more about workforce trends and surviving and thriving in the world of work. Visit my website to learn more about me. In my videos, I share more advice and insight; watch here.

✨ Did this blog resonate with you? Click the “Like” button below and share it with a friend or your network. Thank you to everyone who engages with my blogs.