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This is excerpted from CNBC’s Work It LinkedIn newsletter about all things working – from how to get the job to how to succeed in your career. (click here to subscribe.)
Who is hiring now?
This may seem like an odd question with all the headlines about layoffs and expectations of a slowdown. But the job market is like a two-sided coin: The number of layoffs was nearly 100,000 in January, according to a recent report. But at the same time, employers added 517,000 jobs last month, nearly three times what analysts had expected.
It’s all part of what David Kelly, chief global strategist at JP Morgan Asset Management, calls the “legacy of weirdness” that the Covid-19 pandemic has left in the economy.
“It’s turned our lives upside down. You’ve been facing this extraordinary excess demand for workers all last year and going into this year; that means it’s very difficult to judge the dynamics of the labor market from here,” Kelly said.
For example, consider that—as of December—there were two job openings per applicant.
“There are some companies and industries that are finding themselves overwhelmed with workers after the pandemic, and some companies and industries are trying very hard to bring employees back after the pandemic,” Kelly said. “You have these cross currents.”
Kelly said it’s important to distinguish between “tightening” and “strengthening” when it comes to the labor market.
Federal Reserve Chairman Jerome Powell said the job market “remains very tight” and remains “unbalanced.”
“I think the job market is tight, but growth will slow significantly over the next few months,” Kelly said.
In addition, there are many unknowns. The pandemic has introduced new factors into the equation such as working from home. If this trend continues, he said, it could have a ripple effect, affecting everything from demand for cars and office space to shifting more shopping online.
“I think you’re still seeing a big pick-up in areas like health care and obviously some leisure and hospitality, which is really crying out for finding workers,” Kelly said. “[There is] Less power in financial services and technology.”
So, who is hiring?
- Boeing plans to hire 10,000 people this year — many in manufacturing and engineering.
- Airlines are still scrambling to get pilots and many airports are hiring amid a boom in travel.
- Chipotle plans to hire 15,000 workers.
- There are plenty of other restaurants hiring as well, and preparing for what is expected to be a busy spring season.
- Electricians, plumbers, and HVAC companies struggled to retain staff.
If you’ve ever experienced blackouts, where they preemptively cut people’s electricity during peak hours (it’s like the crowd making a wave at a sporting event, only with the loss of electricity and a little less fun). You’ll understand the idea of a “rolling slump” – an increasingly popular term to convey the idea that some industries will feel sluggish more than others.
(I lived in Astoria, Queens, for 10 years, where the population was growing faster than the power grid, so I remember the blackouts well.)
For job seekers, this means that you will have difficulty finding a job in certain industries during a rolling recession, while it will be easier in other industries.
Currently, it is difficult to find a job in places such as government administration, education, and consumer services, as the number of applicants outnumbers the number of vacancies.
But areas where it might be easier to find a job include oil and gas, conditioning and healthcare.
Hospitality (places like restaurants and bars) are so understaffed that many employers offer pay increases to try to attract workers. Home Depot – in the retail sector – also announced a plan to raise wages in order to attract workers.
Again, if you just followed the headlines (Amazon, Google, Meta, Microsoft, etc.) layoffs, you’d think it’s been a terrible time to work in tech.
In fact, this is not true at all. It’s still a great time to be working in technology.
Jobs in this sector have been ranked among the best jobs for 2023, according to job site Indeed.com:
- Full stack developer
- Data engineer
- Cloud engineer
- Senior Product Manager
- backend developer
Nearly half, 44%, of the top 25 jobs on that list were technical jobs.
It should be noted that “working in tech” doesn’t just mean working for a Big Tech company like Apple or Amazon – all types of companies like retail, finance, and professional services need tech workers to build their businesses.
“Every company is a technology company,” Kelly said.
Oh, hello now. There is a bumper sticker. And a word of encouragement for job seekers!
“I think we still have enough demand for tech workers that they find jobs that use their skills,” Kelly said. “I’m sure there are a lot of job vacancies for tech workers in financial services or state and local governments. Tech workers laid off by tech companies may end up there.”
Furthermore, all of the jobs on the list pay salaries above the national average.
Speaking of salaries – let’s go there.
When you’re heading off to college, you may not be thinking about your future salary.
(If you are, good for you! Keep up the good work.)
You might think more about what your passions are – or what you’ll do with your newfound independence! You can stay up as late as you want, drink as much as you want, and eat pizza or cereal or whatever you want at 2am, because you’re your own boss! The charm of Independence cannot be overstated. But, it’s totally worth considering the salary potential before pointing your fierce, independent self in any direction. I’m not saying you have to go after the highest paying job, just be aware of the financial path you’re embarking on.
And by the financial track, I mean one roommate…or seven.
The list of the highest paying undergraduate majors can be summed up in one word: engineering.
Ugh! My dad (an electrical engineer) was right! And no, of course, I didn’t listen. (I am a journalist.)
Eight of the 10 highest paying undergraduate majors five years after graduation were based in engineering, according to a recent report from the New York Federal Reserve.
Chemical engineering ranked first with a median annual salary of $75,000 shortly after college.
Computer engineering, aeronautics and electrical engineering also made the top five.
At the bottom of the list were jobs in theology and religion, which had median wages of $36,000 a few years after graduation—less than half of what chemical engineers make.
I think the real takeaways here are: Don’t take headlines about layoffs as an implication that everything everywhere is awful. Understand that behind every headline there is a larger image. Understand that not all industries are affected equally. Finally, just be aware of your personal numbers – like potential salary. Nobody says you have to be a doctor or a lawyer. (Or as per today’s lesson, engineer.) But, just know what you’re getting into and the choices you’re making. And this doesn’t just apply to your starting salary – it applies to every step of the way in your career.
Want to know who is hiring right now? Click on the Jobs tab on LinkedIn (at the top of the page).
You can search for jobs by job title, skill or company. It will give you some suggested searches. Plus, you’ll find jobs recommended for you (one of my recommendations was to manage the editor of “The Canine Review” – a dream job writing about dogs! A hybrid job so you can write about dogs while you’re at home with your pooch. *MINDBLOWN*), plus Jobs where you are a top applicant and some jobs you might have missed. It’s an easy way to start browsing. You can also set up job alerts and get some guidance on your job search – like tips for improving your resume.
good luck! you have this.