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Thursday, July 22, 2021
Urgent listings are on the rise.
Hiring can be a challenging process.
Over the last several months, we've written about the abundance of open jobs in America, the impact retirements have had on the workforce, and the higher wages companies are offering to meet labor shortfalls.
And a new report from job posting website Indeed published Wednesday shows that employers are, in larger numbers, starting to signal to prospective employees that time is of the essence.
"The share of job postings that use words like 'hiring urgently' has jumped more than 50% since the start of the year," said Jed Kolko, chief economist at Indeed. "While job postings have been rebounding steadily since last summer, in recent months job postings have increasingly mentioned urgent hiring."
Of course, as this chart makes clear, we're still seeing "hiring urgently" mentioned in a significant minority of job postings. Which is as you'd expect: hiring is, after all, a negotiation. And beginning that conversation from a point of weakness is a last resort option.
But Indeed's report also shows that the number of job postings on its site continues to rise.
As of July 16, there were 36.5% more jobs listed on Indeed's site than in February 1, 2020. The rate of increase in how many jobs are posted on the site has moderated in recent months, but the demand for labor — which has served as a through-line on recent labor data even as frictions within the market abound — continues to exceed supply.
All of which suggests that as more job listings come onto the platform, the patience employers have for letting those positions linger unfilled for months is starting to wane.
Indeed's report also notes that some 4.3% of job posting are advertising a hiring incentive of some sort, more than double the 1.8% seen a year ago. And like notes that firms are "hiring urgently," these incentive mentions have picked up speed through the spring and summer of 2021, illustrating that the appetite for hiring remains high.
Another "good problem" facing the U.S. economy right now.
Yahoo Finance Highlights