Hundreds of thousands of job postings are offering hiring incentives
More than 5% of all U.S. job postings on the site Indeed are trying to lure applicants with hiring perks like cash bonuses, per new data.
The big picture: That sounds like a small percentage, but it represents hundreds of thousands of jobs across several industries and states.
Why it matters: Businesses of all sizes have started posting scores of open roles as the country reopens post-pandemic. But they're still struggling to fill them as workers stay home to avoid the risk of infection or take care of children. Some also still have a financial cushion from recently expired unemployment benefits.
- And the desperation is getting worse. The share of postings offering incentives and bonuses to take a job — or even just take an interview — has more than doubled since this time last year, when it was 2.3%.
What to watch: Many businesses — such as fast-food restaurants — have cut hours or menu offerings to deal with staff shortages. Look for that to continue as they keep struggling to fill jobs.
- And worker shortages could get even worse due to vaccine mandates if some people quit when they're told they need to get the jab to keep the job.