How You Benefit From a Tight Job Market

When it comes to a tight labor market, the United States hasn’t seen one like this since after World War I.

Stressed out economy? Check.

Pandemic raging right as the United States pulls out of a war? Check!

However, if you’re looking for a job, here are some of the things that are good about being in a tight job market.

Earn More Income

In a tight job market during a pandemic, job seekers often have the benefit of being able to ask for higher wages for their skills. The same happened to a much greater degree, for example, after the Black Plague in England in the 1300’s, which led to the demise of serfdom and the rise of guilds.

According to HCareers, even lower income workers are discovering there are not enough people going back to work at all jobs. Some used pandemic to climb to a higher job tier, while others no longer are capable of working.

Larger demand for workers, and a smaller supply, always leads to larger wages. Scarcity runs the free markets, after all!

Negotiate Better Benefits

Some employers might not have as much to give as bonuses, but many are once again including benefits. Unlike contracting in a gig economy, this new economy seems to include things like medical, vision, dental, and a 401k!

To those accustomed to not being able to get their eyes checked, or their teeth cleaned, this can be a big deal. There are added perks to having a 401K before you reach retirement age.

According to Franchise Gator, a 401(k) can later be used to finance a business idea.

Perking Up

Alongside the benefits, employers are adding to corporate perks. Some, like the ability to work adjusted hours, halftime shared positions, or to work remotely, can be especially beneficial to women reentering the workforce, as many temporarily have needed to leave it due to pandemic.

Independent Women’s Forum says there are even companies with large signing bonuses, which can create the ability to pay off student loans or put a down payment on a home.

As a worker, expect benefits to continue to rise briefly during this next wave. These good benefits shouldn’t diminish, however, as the economy rights. With less job seekers in the pool, companies are in great need of newer trained workers.

With a bit of perseverance and training, you can be one of those workers!

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