As we move into the latter half of 2023, the job market is full of both opportunities and challenges. Whether you’re actively job hunting or contemplating a career change, staying informed about the current job trends and insights is crucial to making well-informed decisions.
In this blog post, we’ll highlight some critical factors likely to shape the job market in the months ahead. You may be experiencing some of these factors already in your job search. From the growing importance of soft skills to emerging technologies in hiring processes, we’re here to equip you with the knowledge you need to make your job search successful. Our goal is to help you secure a job and thrive in your chosen career path.
National Labor Market Overview
Despite the threat of an economic downturn, the national labor market continues to add new jobs. However, some sectors like technology and retail are planning layoffs or halting hiring, just in case. According to a Forbes article, the latest jobs data have been “full of contradictions.” The article notes that wage growth has stalled, and households have reported increased unemployment—despite the fact that the job market has added nearly 1.6 million jobs. The prevailing attitude among experts is that employment growth is “strong but fragmented.”
National Healthcare Labor Market Statistics
Back in 2021, the Bureau of Labor Statistics (BLS) predicted that 8.3 million jobs would be added to the workforce by 2031. The healthcare and social assistance sectors will create the most jobs for two reasons. First, the pandemic caused a massive gap in the need for more medical professionals, and second, our population is growing older. The industry should add about 2.6 million jobs by 2031. Healthcare support occupations, like personal care and home health aides and physical and occupational therapy assistants, will grow the fastest at 17.8%. Nurse practitioners will experience the most rapid employment growth of all healthcare occupations, at 45.7%.
It’s important to note that many healthcare facilities increasingly use team-based healthcare models. These facilities hire nurse practitioners, physician assistants, and other healthcare practitioners to provide care instead of doctors. This is an opportunity if you are looking for those kinds of jobs.
The above numbers are projections. Here is what has happened so far this year. According to the BLS, the healthcare sector added 41,000 jobs in June, bringing the total number of jobs to 16.8 million. The new jobs are in hospitals, nursing and residential care facilities, and home health care services. On average, the industry has added about 42,000 jobs per month thus far this year. In other words, there is plenty of opportunity for anyone looking for work in healthcare.
Arizona Healthcare Labor Market Statistics
A study found Arizona is the fifth best state for hiring in 2023 and beyond because our state offers employers a well-educated workforce and a pro-business regulatory environment. More people are moving to the state for its growing economy, low cost of living, and cultural diversity. The long-term economic prospects for Arizona are very positive.
In March, there were 197,000 job openings in Arizona, compared to 189,000 openings in February. 138,000 people were hired, but 135,000 left their jobs in the same month. About 87,000 of those who left quit, while about 37,000 were laid off or fired. Over the last year, hires have averaged 140,000 per month, and separations have averaged 137,000 per month. So, the demand for new hires remains strong.
In Arizona, education and health services employment will grow by 15,822 jobs over the next year. Most of this job growth will be driven by the ambulatory healthcare services industry, which is projected to add 12,126 jobs. Ambulatory health care is provided by healthcare professionals in outpatient facilities. These settings include hospital outpatient departments, private medical offices and clinics, and ambulatory surgery centers.
A Different Work Schedule
As a result of economic uncertainty and the steady rate of employee resignations, employers are starting to “hoard” workers by cutting their hours instead of laying them off. The number of people who work part-time, but want to work full-time, rose by 452,000 in June. An astounding 4.2 million people work part-time for “economic reasons beyond their control,” 12% more than the month before. If part-time work is something you are interested in, it is a great way to get your foot in the door of a new opportunity.
The Time to Hire Grows
As much as employees are desperately needed, the time it takes to fill open positions is increasing. Employers are taking an average of 44 days to make a hire. In professional and business services, the range to hire is 25 to 66 days, depending on the position and the employer’s needs. Don’t panic if companies ask for multiple interviews or don’t get back to you immediately. Use the time wisely by making sure the employer is the right fit for you through research and networking.
Recruiting Process Secrets
Here are some more interesting facts about how recruiters do their job. These insights can help you successfully manage your job search and find that perfect job quicker.
- On average, one job posting receives 250 resumes.
- 80% of available jobs are not publicly advertised.
- Studies say hiring managers spend about six to eight seconds reviewing a resume before deciding whether to schedule an interview.
- On the other hand, hiring managers say they spend up to 15 minutes reviewing a resume.
- 80% of those reviewed resumes do not pass that first screen.
- Recruiters say that only about 11% of applications they receive are suitable for the roles they are applying to.
These stats may seem daunting to you, but that is why working with a recruiter is extremely valuable. They’ve got the data and experience to share best practices with clients.
Best Practices for Successful Job Searching
As professional recruiters, we offer these essential tips (backed by data) for a successful job search.
- Include a cover letter with every job application because it increases the chances of getting hired by 40%.
- Even if a cover letter is optional, 77% of recruiters will give preference to applicants who did send a cover letter.
- Make sure each cover letter is personalized for the company and the job. Recruiters say that cover letters are important and useful for these purposes:
- A professionally written resume will boost your earning potential by 7%.
- 59% of hiring managers will reject a resume because of poor grammar or a spelling error.
- More than 50% of employers will reject a candidate if their resume is full of cliches.
- Update your social media profiles because 87% of recruiters will check job candidates’ LinkedIn pages.
- 54% of employers have rejected applicants because of their social media profiles.
- 41% of employers might not interview a candidate if they can’t find them online.
Build a polished and professional social media presence online that is easily found and highlights your experience and enthusiasm for the work you want to do. Enhance your online presence with cover letters and a resume that stands out from the crowd.
The Power of Networking
The old saying, “It’s who you know, not what you know,” applies in job searching. 70% of professionals get hired at companies where they have a connection. Also, you are nine times more likely to get a job if someone at the company refers you. Because referral hires have a higher retention rate, 46% after one year, compared to 33% for applicants without referrals, recruiters also prefer to hire people with connections.
By networking with professionals at the company you want to work for, you can gain an advantage over other job seekers. Smart job seekers are already doing so. 50.8% actively engage in personal and professional networking during a job search.
Connect with professionals on LinkedIn and at industry events and let them know you are interested in working for their company. Keep in touch regularly but don’t push them too hard. Build a bridge for your future, one person at a time.
Whether you’re a recent graduate eager to embark on your professional journey or a seasoned professional looking for your next big challenge, there are plenty of opportunities in the healthcare industry now and in the future right here in the Phoenix area.