Why the Smartest Bosses Will Be Hiring More Career Changers Than Ever

If you’re struggling to fill jobs, consider reaching out to workers in industries other than your own.

According to LinkedIn’s recent Workforce Confidence Index, 59 percent of workers are either actively looking to switch industries or are considering doing so, based on 4,873 respondents surveyed between October 9 through October 22. Why? Better pay, according to 54 percent of respondents. But many people (48 percent) express interest in finding a job that better aligns with their values, and many (44 percent) want more opportunities to progress in their roles. 

This is another facet of the Great Resignation, as more and more workers reconsider their relationships to their jobs, leading them to resign en masse. Employees hold a lot of power in the labor job market at the moment, especially as hiring has picked up. In October, the U.S. economy added 531,000 nonfarm payroll jobs, according to the Bureau of Labor Statistics report released today. Businesses continue to face high competition for workers: The U.S. unemployment rate dropped to 4.6 percent from 4.8 percent. Americans are getting back to work, but they’re being more selective about not just their employers but also their compensation. The October jobs report also showed that wages increased year-over-year by 0.35 percent, a bit less than September’s 0.6 percent.

According to the most recent ADP National Employment Report, 459,000 jobs were added to the service-providing sector in October (compared to 113,000 in the goods-producing sector). The leisure and hospitality industry alone added 185,000 jobs. If you run a restaurant, hotel, and other service-focused business, now may be the time to look outside your usual hiring pools for the people you need — and even consider increasing wages more if you can.