CTM #003 - Jan 2023 Jobs Report, Search & Comp Tools, Top Roles for 2023

January 2023 Jobs Report (3 Min Read) 

In our typical newsletter, we go through Bureau of Labor Statistics (BLS) data, but given that we're a month into 2023, I figured it'd be more useful to discuss broader trends. 

That said, here are three trends you'll want to look out for as we work our way through 2023. (Much of this data was collected by Glassdoor/LinkedIn)

• Jobs growth to decline slightly. Job gains slowed to 223,000 in December, the fifth straight month of deceleration. Job gains neared 200,000 in January as the slowing economy continues to cool the labor market. Most sites tracking job growth agree there will be a continued decline into 2023.
• Unemployment rate flat. The unemployment rate ended 2022 at 3.5%, returning to the pre-pandemic low. The unemployment rate is likely to remain flat as the labor market remains robust, but given how low unemployment is, prepare for oscillations where the rate ticks up slightly. 
• Wage growth slows to 4.3%. Average hourly earnings growth decelerated to 4.6% year-over-year in December and wage growth is likely to continue moderating as the labor market cools gradually. This is important to be aware of when/if negotiating salary or researching comp.

So what's the big takeaway?

The labor market is expected to get off to a modest start in 2023, gearing down from the strong 2022 job market. Despite headlines about layoffs, jobs data has been surprisingly robust so far, and simultaneously, inflation has cooled. As long as the labor market remains resilient with low unemployment and positive job gains, a soft landing cannot be ruled out.

That said, there are not as many available jobs now as there were six months ago, and the economy continues to be risky. Now is definitely not a good time to quit your job without another lined up. With the shrinking number of jobs, it's a risky move at best.  

So what companies are actually hiring or growing?

Despite all of the layoff headlines, there are still firms looking to bring in talent. According to several popular jobs boards, the following firms have openings (and great cultures):

 1. Gainsight

2. Box

3. Bain & Company

4. McKinsey & Company

5. NVIDIA

6. MathWorks

7. Boston Consulting Group (BCG)

8. Google

9. ServiceNow

10. In-N-Out Burger

Notice that companies like Apple, Zoom, and Zillow have fallen off, while VC-backed players like Gainsight have moved up rapidly. There's most definitely a shift in where the growth is happening.

Helpful Search & Compensation Tools (2 Min Read)

With the market so competitive, every little advantage can help. Job searches are time-consuming, and great search and organization tools can help you be effective and efficient in your efforts. Here are some of the most popular search tools (powered by AI) you need to be aware of:

-Rezi – AI Resume Builder

 -Rytr – AI Writing Tool

 -JobSeer – AI to simplify and organize your search

 -JobScan ATS – Resume scanner

 -ChatGPT – AI to help with messages, cover letters, and everything else

-IFTTT – Easily link all your Apps and Tools

 In a similar fashion, here are a few of the most useful compensations tools to be aware of:

-Level.fyi

 -payscale.com

 -Glassdoor.com

 -Fishbowl

 -H1B

 -Buffer Salary Calculator

 High Growth Roles for 2023 (2 Min Read) 

Lastly, you may be wondering what jobs are "in demand" for the coming year. We've taken the liberty of combing through several reports to compile the following lists to help you answer that question. Take a look:

Projected Fastest Growing - Health

1. Nurse Practitioner

2. Medical/Health Service Manager

3. Physician Assistant

4. Home Health Aide

Projected Fasted Growing - Tech

1. Data Scientist

2. IT Security Analyst

3. Web Developer

Projected Fastest Growing - Trade

1. Wind Turbine Service Tech

2. Solar Photovoltaic Installer

3. Animal Care Specialist

There are still lots of jobs being posted every day. Even if you don't see your ideal position in this list, don't lose hope...just make sure you have a strong notification system in place to be aware of when those roles are posted. It's highly likely there will be a higher-than-average number of job applicants. For more reading on “in-demand” roles, check out this extensive article from Forbes.