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November iCIMS Insights Report: The job market comes full circle

 
Amy Byrnes
November 30, 2022

As we head toward the end of the year, the job market looks like it’s come full circle with job openings and hiring activity close to January 2022 levels.

However, both indicators are declining month-over-month, continuing the downward trend that began after August. Meanwhile, job applications activity has held steady month-over-month, remaining at one of its highest points of the year.

“All in all, the job market is still hot,” Daniel Zhao, an economist at the career site Glassdoor, told The New York Times. “There’s still some cushion before we actually hit the ground.”

Read the full November Insights Workforce Report to get the latest labor market activity and hiring trends.  

The state of the talent market

October saw small gains in hiring and job openings. Hires were up 6% since the start of the year and job openings rose ever so slightly at 2%. As if it didn’t get the memo, job applications were up 21%. But all of those numbers reflected decreases from August, which saw a big spike in all three segments.

The comparatively slow gains in hiring and openings indicate that employers are pulling back, the effects of which remain to be seen. Talent leaders who put their strategies on hold as a preemptive strike against a potential economic downturn risk losing out on this top talent. While it’s important to protect your organization from the unknown, you also need to stack your workforce with the bright minds that will support your company through economic instability.

The iCIMS Workforce Report found one in three people will be looking for a new job in 2023. For key business and talent trends, read the third annual report.

Taking the pulse of the workforce right now

Employer-talent dynamics are similar across the healthcare, manufacturing, and finance sectors, and in technology occupations. The retail industry bucks the trend with hiring on an upward streak –perhaps due to the upcoming holiday season.

A quick snapshot from our November Insights Report shows retail hires up 34% and finance hires down 11%. In the application column, the healthcare sector saw application activity rise 15% and tech occupations go up 23%.

iCIMS Insights provides a deep understanding of the talent market through data drawn from its platform, including employer and job seeker activity from more than 4,000 customers and hundreds of millions of data points across job openings, job applications and hires.

Read the November Insights Workforce Report to learn how employers can get ahead of shortages and bridge gaps.

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