ZipRecruiter's 2018 Job Market Trends

One of the defining economic themes of 2018 was the compacted job market. With total job openings outnumbering the total number of unemployed 2018 became noted record levels of unemployed across the Country – including Illinois.

While mention of economic headwinds (tariffs, and inflation) deflating this economic swell have persisted since last Fall there has been little indication that hiring has capsized. 2019 will require Schaumburg businesses to strategically outsmart the competition to hire – and retain – the best talent will require adept use of previous market trends to be successful.

Leveraging ZipRecruiter’s Job Market Trends that Defined 2018 Schaumburg businesses can gain the decisive advantage to outsmart the tight labor market and drive more revenue. The following represent a snapshot of the most relevant insights as they impact the Schaumburg economy and its ability to fill, and replace, positions.

• Chicago Metro Finishes 10 on ZipRecruiter’s Opportunity Index -Normally, a top 10 finish would be worth celebrating and recognizing. This ZipRecruiter ranking is NOT that kind of distinction. The good news for Schaumburg businesses…there are nine other US Metros that have more jobs than applicants. The bad news, Schaumburg businesses are dealing with a labor market that features nearly 2 jobs per every applicant. With Illinois already experiencing record low unemployment this ZipRecruiter supports all anecdotal evidence of a tight labor market. 

• Main Street’s Talent Exodus to Wall Street - 95% of the Schaumburg Business Association’s member businesses have employment have fewer than 100 employees and as the ZipRecruiter’s research indicates in this tight labor market the small, “mom-and-pop” (or Main Street) business are suffering the most. The data shows even under the record setting conditions job seekers are flocking to big businesses (or Wall Street to complete the analogy). This “flocking” is tracked through submitted applications favoring the large organization over the small, mom-and-pop, sized businesses across every industry.

The ZipRecruiter Job Market Trends that Defined 2018 recapitulates a year of preponderance for job seekers – especially for the Schaumburg Business Association’s members. With a nearly 2:1 ratio of jobs to applicants and a workforce that is increasingly seeking out larger organizations for employment an already tight labor market has become pressurized. Unless there are considerable economic shifts hiring in 2019 will remain a stressful experience. You can find out how to secure that one applicant per every two jobs by attending the SBA’s upcoming Leadership Luncheon focused on Outsmarting the 2019 Tight Labor Market by registering here. The Schaumburg Business Association is a full service community and economic development organization able to connect your business with the workforce resources needed to succeed.