The U.S. Department of Labor (DOL) released its Job Openings and Labor Turnover Summary (JOLTS) for January 2022.
Coming in at 11.263 million job openings, January represents the eighth month in a row where vacancies exceeded 10 million. To put this in context, job openings averaged 7 million per month throughout 2019, prior to the pandemic. The quit rate continues to hover around 4.3 million per month.
“It's certainly a job seekers' market at the moment," says Mike Smith, CEO of Randstad Sourceright. "Really in the last two decades, we haven't seen this level of supply demand constraints.”
According to the Bureau of Labor Statistics (BLS), 6 million hires were made in January. Leaving employers with millions of people short and critical roles unfilled. To help combat the problem, Smith encourages companies to “rethink and reconsider their compensation packages” to transform their approaches to work-life flexibility and wealth packages — for both new and existing workers.