The Great Rebalancing: What it Means for Employers and Employee

As a seasoned traveler and observer of the world, I've seen the ebb and flow of many things, and the job market is no exception. After three years of tumultuous ups and downs, it seems that the wild ride for American workers is coming to an end. The Great Rebalancing of the employer-employee relationship is upon us, and it's a time for both sides to take stock of where we stand.

 "...it's not a time to lay back and feel too comfortable. Job seekers should redouble their efforts and not let the tight labor market fool them into complacency..."

At the onset of the pandemic, things looked dire as unemployment soared to 14.7%. But as the economy began to recover, workers suddenly found themselves in a position of perceived invincibility, resigning in record numbers and feeling untouchable on the job. But as we've seen, things can change quickly, and now we're headed back towards more typical levels of career security and leverage.

Make no mistake, workers are still in good shape overall, but certain key metrics are trending downwards towards normal ranges. Hourly earnings have slowed and job growth has slowed as well. As Yankees slugger Aaron Judge reminded us, it's unrealistic to expect new peaks all the time, especially after the year we've had.

Some workers, like California software developer Francesco Carucci, have felt the sting of layoffs and reduced pay packages. But even he recognizes that it's all part of a natural correction to the job market. And while layoffs may be on the horizon, job openings still outnumber the unemployed, and the prospects of finding new work are generally good.

But as Challenger, Gray & Christmas Senior Vice President Andy Challenger reminds us, it's not a time to lay back and feel too comfortable. Job seekers should redouble their efforts and not let the tight labor market fool them into complacency. 

The Great Rebalancing is upon us, and it's a time for workers and employers alike to adjust and adapt.

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Tweet:

End of the wild ride for American workers as the Great Rebalancing of the employer-employee relationship begins. Key metrics trend toward normal ranges, but job openings still outnumber the unemployed. Job seekers, don't get complacent. #jobmarket #labormarket

Introduction:

The job market has been on a wild ride for the past few years, but it looks like things are starting to normalize. The Great Rebalancing of the employer-employee relationship is upon us and it's time for both sides to take stock and adjust accordingly. In this article, we'll explore what the current job market trends mean for employers and employees, and what job seekers can do to stay ahead of the curve.

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