February 2022

NVTI Article Series: Strategies to Succeed in an Unprecedented Market

It’s a job seeker’s market right now–a trend that’s expected to last well into 2022. With hopeful employees in the driver’s seat, the dynamics of both job-hunting and new talent recruitment have changed.

These trends impact Disabled Veterans’ Outreach Program (DVOP) specialists in their preparing veterans to be job ready and subsequently placing them into a job. These trends also have a ripple effect for Local Veterans’ Employment Representative (LVER) staff as employers need to understand how they can attract and retain veterans in a competitive market.

For the next several months, we’ll be taking a closer look at how the labor shortage and changes brought on by the COVID-19 pandemic have altered both job-hunting and recruitment. Some of the trends we’ll examine include:

  • New hires have multiple opportunities to choose from, therefore the phenomenon of employees “ghosting” before their first day on the job has become more common. How can employers prevent, or recover from, a new employee not showing up for work?
  • Employers are offering significant compensation increases to attract and retain talent in today’s market. Wages increased 4.7 percent in 2021, compared to the historical average of 2 percent[1]. However, many employers, particularly small businesses, aren’t financially able to raise their wages in the ways larger companies have. How else can employers attract the kinds of employees they want, especially veterans, with non-financial perks?
  • For jobseekers: What’s the best way to evaluate the entire benefits package of a job offer? What are the latest trends? Retirement plans? Wellness packages? And how do these benefits factor into competitive pay?
  • Recruitment has become more automated. Recruiters have shifted the work of sifting through applications to computer software that screens for keywords and qualifications. How can someone, like a veteran, who has unique skills or experience avoid missing out on finding the perfect job just because they don’t have the right language in their application? 
  • Networking has become almost entirely digital in our socially distanced times. Where can jobseekers and employers connect with the right people online and have valuable interactions that lead to actual job offers? Similarly, the pandemic has moved almost all job interviews into a virtual format. What has, and hasn’t, changed with interviewing etiquette now that it’s online?

In the coming months, NVTI will provide articles that will examine how the lowest jobless rate in a generation has impacted employees and employers alike with strategies to adjust and succeed[2]. Look out for a new article next month to learn more about helping veterans navigate the changing job market.

[1] U.S. Department of Labor, Jan. 16, 2022 https://www.bls.gov/news.release/empsit.toc.htm

[2] U.S. Department of Labor, Jan. 18, 2022 https://www.dol.gov/ui/data.pdf

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