Is There Really A Labor Shortage?
"Labor shortage" has become a hot term in the last few months, and companies continue to struggle to fulfill positions. What exactly is meant by the term, "labor shortage," shortage though? If you are an active job-seeker, this information can come in handy in your job search. Keep reading to learn more.
Labor Shortage
It is important to remember that a labor shortage is different from a job shortage. During a job shortage, you have many people seeking jobs and few jobs are available. A labor shortage would be when there are plenty of jobs available but not enough workers to fill them.
Currently, many countries are finding it difficult to fulfill open job positions. This has been dubbed a "labor shortage." The term is a bit misleading, though, because technically the workers are available, but many are simply choosing not to participate in the workforce.
Why Are Jobs Going Unfilled?
Economist Daniel Zhao, recently shared with Business Insider that he believes workers are simply waiting for conditions to improve. They want better wages and more practical benefits. The pandemic taught many people that they could stay home and still survive without their regular job. This was a revelation to many, who then chose to continue making "unemployment" work. Families have learned to live on one income, downsized, incorporated gig work into their lives, or found creative ways to live with less money. All of these factors combined are quite literally encouraging people not to work.
Does This Benefit Job Seekers?
If you are currently looking for a job, take advantage of the labor shortage. Apply for jobs that you normally might consider a bit out of your league. If the employer is hurting to fill the spot, you might be able to convince them to give you the extra training you need to succeed.