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October 31, 2022 
4 min read
Much like an overtired toddler who doesn’t know what she wants, the talent market continues to swing one way and then in the opposite direction the following month.
After a rebound of job openings, applications and hiring in August, activity in September started trending downward. This shift could signal an early seasonal downturn for 2022, which is historically a typical end-of-year-trend or perhaps is a reaction to mounting macroeconomic pressures.
“I’d say the job market still leans toward workers,” Daniel Zhao, lead economist at Glassdoor, told CNBC. “But because things are cooling off, we can’t guarantee that will continue moving forward.”
Job openings, applications, and hires remain above January 2022 activity levels but are trending downward month-over-month.
Although job application activity has been up 20% since the start of the year, talent shortages remain a challenge for employers. Talent is rethinking work – from the company they choose to align themselves with to how engaged they are on the job.
Only 30% of people say that they love their job. In fact, one in four people stays at their current employer in hopes of a bonus. Some are biding their time until they have enough experience or a better opportunity. Others report that they are burnt out and feel less productive at work, that they are no longer going above and beyond and that they are saying “no” more when asked to take on additional responsibilities.
Nearly 30% of people report that their stress level at work has increased in the last year. According to a Harvard Business Review (HBR) article, stress makes people nearly three times as likely to leave their jobs, temporarily impairs strategic thinking and dulls creative abilities.
Understanding that job seekers are experiencing additional stress because of things like heavy workloads or lack of advancement opportunities can help inform employers of areas they may need to focus on as they think about the employee and talent experience.
“Last year, the job market was strong enough that it was easier for folks to quit without having something else lined up,” Zhao said. “I think the situation now is much softer. Anyone looking for a new job has to evaluate things on a company-by-company basis.”
Amid – or perhaps a result of – changing workforce expectations and reports of tech hiring slowdowns and layoffs, tech talent is looking for work. Tech roles now receive 27 applicants per opening, a 10% increase since the start of the year.
Job openings and hiring activity for tech roles were similar to the overall job market from August to September. However, job applications to tech roles continued to rise month-over-month while overall job application activity declined. Job applications to tech roles have been steadily rising since May 2022 and have been up 23% since the start of the year.
Given the acceleration in digital transformation (pandemic-related and in general), many businesses have had to rethink their priorities and business models to thrive in the new digital-first economy.
Forty-three percent of U.S. workers say they use more technology today than two years ago. And according to International Data Corporation, the majority of enterprise organizations (at 53%) have an enterprise-wide digital transformation strategy, a 42% increase from just two years ago.
Job seekers believe the rising demand for tech talent could cost them their jobs – perhaps due to lagging tech skill sets. Thirty-five percent of workers surveyed have concerns that a robot may replace all or part of their job within the next five years. And 33% are less likely to apply for a job if it requires technical (or hard) skills such as coding or programming, social media skills or software proficiency.
