Ian Siegel, CEO of ZipRecruiter, on the radical change in the job market: “The future of work is now”

During the COVID-19 pandemic, CEO Ian Siegel of ZipRecruiter has witnessed incredible changes in the US job market for both employers and job seekers.

In a recent interview with FOX Business, Siegel, who founded the job market, talked about remote work, his top tips for job seekers, the recruiting landscape and the overall job market as the U.S. economy is seeing strong job growth in 2022.

Employers added 390,000 jobs in May, with openings of about 11.4 million jobs at the end of April.

“To put that into perspective, before the pandemic we thought we had a vibrant job market where we had 7 million jobs open,” Siegel said in reference to the April report.

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“Whether it be [the impact of] inflation or whether it’s interest rates or the war in Ukraine and how it affects gasoline prices, the jury is out.”

He added: “All I can talk about is what’s really happening – and what’s really happening so far is that we’re still seeing historic and robust demand from employers for new talent.”

Ian Siegel, co-founder and CEO of ZipRecruiter, says “remote work” is the most searched term on his company’s website in 2022. With record job gains in America, ZipRecruiter offers matching modern algorithmic for candidates and employees (ZipRecruiter)

Here are highlights from a recent FOX Business interview with Siegel, whose company is based in Santa Monica, Calif.

FOX Company: Would you say it’s a job seekers market?

Headquarters : This is definitely a job seekers market and job seekers are dropping out at an all time high.

Four million currently employed people quit their jobs each month for the past nine months. Before COVID, it was more like two and a half million. So that’s a lot of extra vacancies.

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They quit for two reasons: money and time.

So right now, not only are salaries rising, but a record number of employers are offering signing bonuses to new hires as an incentive to start. [working] in their businesses.

“It will be really interesting to watch – as employers are now forcing employees back into offices – to see if that thirst for flexibility abates.”

– Ian Siegel at FOX Business

Siegel (continued): Forty percent of people who changed jobs in the last six months went to a company that offered them more flexibility than the job they had before.

So it’s clearly become a dominant theme in the job market, and it’ll be really interesting to watch, as employers across America are now forcing employees back into offices to see if that thirst for flexibility lessens – or if the four million leave a month actually climb.

Woman works from home

“In reality, [remote work] is not only becoming the norm in terms of job seeker expectations, but what we’re seeing is employers rapidly embracing nationwide recruiting because they’re really in need of talent right now,” said Ian Siegel (Stock)

FOX Company: Does the shift to remote work surprise you?

Headquarters : Remote work is now the most searched term on ZipRecruiter. Before COVID, less than 2% of jobs had the words “remote work” in the job description.

Now, today, it’s 10%. And that doesn’t tell the whole story, because it’s a very simple way to see how many jobs offer the option of being remote.

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By the way, the reason this works as a recruiting technique is that, according to research, job seekers who can work remotely save 70 minutes a day.

Seventy minutes is the split between travel time and grooming – that’s 70 minutes a day they recover.

“The future of work is now. It will be the new normal.”

– Ian Siegel at FOX Business

Siegel (continued): And employers who allow remote work get an extra 30 minutes per working day, real work, from employees who work remotely, because those employees have all that extra time, and they’re giving some of it back to their employer.

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So theoretically everyone is a winner.

“If you were to accept a job and post it in 50 major metropolitan markets and the same job – let’s say it can be done remotely – you’d get 10,000 applicants. No one will ever go through applicants.”

– Ian Siegel at FOX Business

FOX Company: Do do you think employers should start reassessing the job flexibility they offer employees? If they don’t, do you think it could hurt them in the long run?

Headquarters : I think what we’re already seeing clearly is that employers who are prepared to recruit nationally and allow people to work remotely are at an advantage in their recruiting efforts because that’s one aspect of work so much in demand – 62% of job seekers in surveys now say they want some form of remote work.

The person uses the candidate search option for a job opening

“In a robust hiring market like this, it’s obviously a good time to be a recruiting solutions provider like ZipRecruiter, and that’s part of the reason we’ve had such such a great first quarter as we did it,” said Ian Siegel. (Stock)

Siegel (continued): After the money [remote work is] the second most important thing for these job seekers. And for jobs that can’t be done remotely, I think you’re going to see what you’re seeing right now, which is wage growth in order to incentivize people into jobs in the commerce of retail and/or what are traditionally minimum wage jobs.

You’re seeing some of the fastest pay rises you’ve ever seen, where jobs that historically paid minimum wage are now more often paying $17 an hour.

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This trend is only likely to continue as the struggle for that talent, whether working a cash register or driving a car, only intensifies.

Minimum wage increase

Starting salaries are advertised on a sign in the window of a Taco Bell in Sacramento on Monday, May 9, 2022. Governor Gavin Newsom’s administration announced May 12, 2022 that soaring inflation will trigger an automatic increase in the california minimum (AP Photo/Rich Pedroncelli)

FOX Company: ZipRecruiter’s Job Seeker Confidence Index reports that 44% of job seekers hoping to find a new position within the next six months already have at least one offer. What do you think of these statistics of your company?

Headquarters : There’s an all-time high of employers coming first, contacting potential candidates and asking them to apply for their jobs.

If you look at people hired in the last six months, 37% of them were recruited for the positions. In 2019, 19% were recruited to their position.

If your resume doesn’t look boring, you’ve selected the wrong resume template.

– Ian Siegel at FOX Business

So there has been a fundamental shift in who has leverage in today’s job market. Job seekers are called by recruiters, they see all the stories about salary growth, they feel incredibly confident that they can find work.

And more importantly, the tools are better than they’ve ever been.

FOX Company: With all of these new jobs being posted, many people may be competing for the same roles. Do you have any advice on how someone might stand out in this scenario?

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Headquarters : Seventy-five percent or more of resumes will be read by software before being read by a human. And this software will try to create a simple summary of who you are and sort the best candidates up.

So the sole purpose of your CV now is to be readable by robots. You want to use the simplest and most direct language possible in your CV — so that [the] robot knows what you can actually do and decides whether or not you fit the job description.

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Keep it simple. Boring. If your resume doesn’t look boring, you’ve selected the wrong resume template.

Remote interview with resume

Ian Siegel advises candidates to use the “plainest, simplest language” in resumes so that those resumes can be read clearly by artificial intelligence. (Stock)

FOX Company: What’s a clear, simple take-home message for someone who wants to turn to ZipRecruiter for job search help?

Headquarters : We’ll show you jobs instead of asking you to search.

This is important because algorithms are so much better at finding the right jobs for you. They don’t just match keywords in your resume to keywords in the job description.

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These are the jobs that if you apply for, you are most likely to hear from the employer.

And the number one thing job seekers hate is when they apply for jobs and hear nothing back.

Megan Henney of FOX Business contributed to this report.

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