By Debbie Lamb
The monthly unemployment rate has been trending down for years and is now at a 16 year low. This trend is especially good for jobseekers, even as it makes hiring for employers more competitive than ever.
The job market has clearly shifted in the applicant’s favor, and that’s particularly so for workers with specialized skills. “Candidate-driven market” is the term to describe this shift, but what, exactly does it mean?
Employment numbers shed light on the factors making this a candidate-driven job market. During the Great Recession of the last decade, nearly nine million jobs were lost and unemployment hover just below 10%. But, since then the economy has regained all the jobs lost and 6.7 million more. The unemployment rate is 4.3%. Meanwhile, the percentage of the population in the labor force is at a 40 year low.
Job seekers are finding more opportunities than ever before. The MRINetwork 2016 Recruiter & Employer Sentiment Study found 86% of recruiters and 62% of employers agreeing candidates are now in the driver’s seat.