According to Bloomberg News, 11 million vacant positions need to be filled in this already tight labor market in the United States. And one profession that is gaining a lot of bump in the paycheck is hiring or recruiting.
After being adjusted for inflation, the wages that employers wages to the recruiters escalated by 14% compared to last year, as per data compiled by Revelio Labs, which revealed from an analysis in the metropolitan areas related to the job listings. Aside from this, the other professions that have seen gains on a larger scale include restaurant managers, cleaners, and web developers.
The data also revealed how wages across more than 100 kinds of jobs attract the fastest inflation witnessed in decades. The main implication is that the wagers that work on an hourly basis have seen a decline in their paycheck across the country. At the same time, the ones who have switched jobs or migrated to professions in demand have witnessed a rise in their pay.
Find the inflation-adjusted job posting wages that mainly surged in these professions in the table below during 2020-2021.
Note: For analysis, Revelio Labs has combined professions into 150 different clusters of jobs.
Bloomberg News reports that tremendous gains in wages are from sectors that have suffered setbacks in industries during the pandemic triggered by Covid-19. More and more workers have migrated to other sectors, and this move has left the employers struggling to fill up the positions that have been left vacant during recovery in the economy.
The newly recruited professionals engaged in sectors with high demand are enjoying additional benefits. The share of job offers that include retirement plans, remote work, flexible schedules has seen an increase since 2019, as per Julia Pollak, the chief economist at ZipRecruiter Inc.
Looking forward into 2022, economists expect that woes related to the job market will continue to prevail. This will, in turn, create pressure on the employers to increase the benchmark in wages so that the vacant positions that are lying empty can be filled and simultaneously continue retaining the workers.
Bloomberg News also reports that Federal Reserve Chair Jerome Powell on December 15th stated at a press briefing that his colleagues are watching the risks associated with an increase in wages that might outpace the gains in productivity, which would fan inflation. Till now, wages have not played a major factor in the present surge in consumer prices.
