--- title: "The Latest on the Labor Market: November 2021" description: You know the economy has shifted. Workers have all the leverage to be selective. Here's a look at the latest and why there's more to it than just wage increases. image: https://www.source2.com/hubfs/iStock-1252305374.jpg --- # The Latest on the Labor Market: November 2021 ![Source2](https://www.source2.com/hs-fs/hubfs/S2_RR_FE_2019%20Updates/S2_WhatWeAre_Art.jpg?width=120&height=120&name=S2_WhatWeAre_Art.jpg) by [Source2](https://www.source2.com/blog/author/source2) Nov 16, 2021 9:21:51 AM ![iStock-1252305374](https://www.source2.com/hs-fs/hubfs/iStock-1252305374.jpg?width=800&name=iStock-1252305374.jpg) At this point, you’re all too familiar with the fact that shifts in the economy, combined with the lasting effects of COVID-19, have created challenges for businesses to attract, hire, and retain top workers. We are witnessing an unprecedented imbalance in labor availability compared to demand, giving workers more leverage to be selective in the roles they take. Earnings growth is at its highest levels in decades, and wages are rising, particularly for hourly workers, which is a trend we expect to continue in 2022. “Higher wages for new hires are a must in the current job market, but many more existing workers will need to see pay raises as the starting point for sticking around, and many are expecting a pay bump in 2022.” ([CNBC)](https://www.cnbc.com/2021/11/05/the-vicious-job-market-feedback-loop-making-great-resignation-worse.html)   By the numbers, here’s the situation: - **Demand:** On November 5, 2021, job postings on Indeed were 51.4% above where they were on February 1, 2020, which is considered the pre-pandemic baseline. ([Indeed Hiring Lab](https://www.hiringlab.org/2021/11/10/job-postings-tracker-through-november-5/)) - **Supply: **More than a year and a half into the pandemic, the U.S. is missing around 4.3 million workers, and many economists expect these to be permanent departures from the workforce. ([WSJ](https://www.wsj.com/articles/labor-shortage-missing-workers-jobs-pay-raises-economy-11634224519)) According to a recent study by Goldman Sachs, 1.5 million people left the workforce for early retirement while another 1 million left for “normal” retirement based on age. (Goldman Sachs) - **Turnover: **Quit rates are at an all-time high of 2.9 percent as of August 2021. ([Bureau of Labor Statistics](https://www.bls.gov/opub/ted/2021/quits-rate-of-2-9-percent-in-august-2021-an-all-time-high.htm#:~:text=In%20August%202021%2C%20the%20total,by%20242%2C000%20to%204.3%20million.)) - **Wages:** After wage growth lagging behind worker productivity for decades, the average hourly earnings are up 5.1% on the year. However, when accounting for inflation over the same period (see below), those gains are negated, meaning more increases will likely be necessary. ([Washington Post](https://www.washingtonpost.com/business/2021/11/10/inflation-wages-workers-october/)) - **Inflation:** As of October, consumer prices have surged 6.2% from a year ago, the most since December 1990. ([CNBC](https://www.cnbc.com/2021/11/10/consumer-price-index-october.html))  ## Example Data by Region & Sector We work with our clients to provide a range of information and data-backed recommendations related to compensation, brand positioning, recruitment process, and retention. Below we’ve provided example data for Boston and the Eastern Massachusetts region for construction positions. If you’re interested in this analysis for your business locations, we invite you to contact us at [solutions@source2.com](mailto:solutions@source2.com) for a conversation and further details. Job Postings: **     ![Total Job Postings on Indeed by US Metro - Boston-Providence](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-15%20at%2011.15.13%20PM.png?width=350&name=Screen%20Shot%202021-11-15%20at%2011.15.13%20PM.png)     ![Screen Shot 2021-11-15 at 11.15.26 PM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-15%20at%2011.15.26%20PM.png?width=350&name=Screen%20Shot%202021-11-15%20at%2011.15.26%20PM.png)**Eastern Mass: 41.8%, Rhode Island: 57.5%; Construction: 58.4%, Loading & Stocking: 106.5% ([Indeed Hiring Lab](https://www.hiringlab.org/2021/11/10/job-postings-tracker-through-november-5/)) The share of job postings advertising hiring incentives (sign-on bonuses, retention bonuses, and cash incentives) has doubled since last July. Job searches for hiring incentives has increased 134% since the beginning of 2021. ([Indeed Hiring Lab)](https://www.hiringlab.org/2021/06/24/employer-use-of-hiring-incentives-grows/) ![Screen Shot 2021-11-16 at 1.48.54 PM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-16%20at%201.48.54%20PM.png?width=700&name=Screen%20Shot%202021-11-16%20at%201.48.54%20PM.png) With more than 40% of employees currently searching for new roles, employers are offering higher salaries and raises, more flexible work schedules, and in-demand benefits like student loan assistance and early wage access. Without these benefits, employees now feel under-appreciated and under-compensated. [(Benefit News)](https://www.benefitnews.com/list/how-employers-are-attracting-and-retaining-employees) Competitive Pay Analysis by Position: ![Screen Shot 2021-11-16 at 9.04.54 AM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-16%20at%209.04.54%20AM.png?width=700&name=Screen%20Shot%202021-11-16%20at%209.04.54%20AM.png) The annual [Occupational Employment & Wages Report](https://lmi.dua.eol.mass.gov/LMI/OccupationalEmploymentandWageAllIndustries) from the Massachusetts Department of Unemployment Assistance and the Bureau of Labor Statistics (released in April 2021) for the previous year outlines the current compensation market by industry. The mean hourly wage for Construction Laborer occupations in the Boston MSA was reported at $28.35 per hour compared to the national average of $25.93 per hour. Eastern Massachusetts Hourly Data: ![Screen Shot 2021-11-16 at 8.59.34 AM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-16%20at%208.59.34%20AM.png?width=700&name=Screen%20Shot%202021-11-16%20at%208.59.34%20AM.png) ![Screen Shot 2021-11-16 at 8.59.42 AM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-16%20at%208.59.42%20AM.png?width=700&name=Screen%20Shot%202021-11-16%20at%208.59.42%20AM.png) Rhode Island Hourly Data: ![Screen Shot 2021-11-16 at 8.59.53 AM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-16%20at%208.59.53%20AM.png?width=700&name=Screen%20Shot%202021-11-16%20at%208.59.53%20AM.png) ![Screen Shot 2021-11-16 at 10.25.40 AM](https://www.source2.com/hs-fs/hubfs/Screen%20Shot%202021-11-16%20at%2010.25.40%20AM.png?width=700&name=Screen%20Shot%202021-11-16%20at%2010.25.40%20AM.png) For more information on how we partner with our clients, check out our [website](https://www.source2.com/). If you would like to discuss your company’s specific situation and scaling solutions, connect with our executive team by emailing us at [solutions@source2.com](mailto:solutions@source2.com) or by completing our [contact form](https://www.source2.com/contact). **Tags: ** [Trends & Thought Leadership](https://www.source2.com/blog/topic/trends-thought-leadership) ![Source2](https://www.source2.com/hs-fs/hubfs/S2_RR_FE_2019%20Updates/S2_WhatWeAre_Art.jpg?width=120&height=120&name=S2_WhatWeAre_Art.jpg) Post by [Source2](https://www.source2.com/blog/author/source2) Nov 16, 2021 9:21:51 AM The pressure and time to fill high-volume frontline positions often prevents HR and Talent teams from pursuing highly strategic goals. Consequently, key business objectives - retention, training, development, etc. - are compromised.​ Source2 relieves internal teams by handling the entire recruitment lifecycle for high-volume workers. We fill immediate needs quickly while still taking the time to understand your goals and processes. This deep alignment allows us to work collaboratively, adapt fluidly, and identify best-fit prospects who perform higher and churn less.​ With Source2, internal teams can focus on higher-level hires and strategies that make HR even more valuable to the organization.​ [Follow me on my website](https://www.source2.com/blog/source2.com) [Follow me on Facebook ](https://www.facebook.com/Source2RPO/) [Follow me on LinkedIn ](https://www.linkedin.com/company/source2) [Follow me on Twitter ](https://twitter.com/Source2RPO) ### Related Articles ##### [![From Reach to Relevance: The New Rules of Talent Attraction](https://www.source2.com/hs-fs/hubfs/S2_Hub_0430-RecruitmentMktg.jpg?width=520&height=294&name=S2_Hub_0430-RecruitmentMktg.jpg) Trends & Thought Leadership • May 4, 2026 3:34:24 PM From Reach to Relevance: The New Rules of Talent Attraction 2 min read](https://www.source2.com/blog/from-reach-to-relevance) ##### [![Responsible AI in Hiring Assessments: Building Confidence Through Structure and Transparency](https://www.source2.com/hs-fs/hubfs/S2_Hub_0217-ResponsibleAI.jpg?width=520&height=294&name=S2_Hub_0217-ResponsibleAI.jpg) Trends & Thought Leadership • Feb 17, 2026 1:58:17 PM Responsible AI in Hiring Assessments: Building Confidence Through Structure and Transparency 2 min read](https://www.source2.com/blog/responsible-ai-in-hiring-assessments) ##### [![Stop Guessing, Start Predicting: The Business Case for Assessment-Led Hiring](https://www.source2.com/hs-fs/hubfs/S2_Hub_0109-Assessments.jpg?width=520&height=294&name=S2_Hub_0109-Assessments.jpg) Trends & Thought Leadership • Jan 9, 2026 11:45:41 AM Stop Guessing, Start Predicting: The Business Case for Assessment-Led Hiring 2 min read](https://www.source2.com/blog/assessment-led-hiring) ![Source2-David-PP-VideoImage-2024](https://www.source2.com/hs-fs/hubfs/Source2-David-PP-VideoImage-2024.jpg?width=500&height=250&name=Source2-David-PP-VideoImage-2024.jpg) ### Low-Risk Pilot Program **The fast, flexible, low-risk way to test drive our capabilities** At Source2, we understand that every business has unique hiring needs. 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Designed to quickly solve an immediate recruiting challenge with a variable pricing model, a 30-day ramp-up process requires minimal time from your team, you only pay when a candidate starts working – a true pay-for-performance approach that sets us apart from traditional recruiting firms.  **[Book an appointment with us today! ](https://www.source2.com/cta-landing-page)** ###### Categories - [Trends & Thought Leadership](https://www.source2.com/blog/topic/trends-thought-leadership) - [Talent Acquisition](https://www.source2.com/blog/topic/talent-acquisition) - [Recruiting Delivery](https://www.source2.com/blog/topic/recruiting-delivery) - [Company News](https://www.source2.com/blog/topic/company-news) ###### Recent Posts - [From Reach to Relevance: The New Rules of Talent Attraction](https://www.source2.com/blog/from-reach-to-relevance) - [Responsible AI in Hiring Assessments: Building Confidence Through Structure and Transparency](https://www.source2.com/blog/responsible-ai-in-hiring-assessments) - [Stop Guessing, Start Predicting: The Business Case for Assessment-Led Hiring](https://www.source2.com/blog/assessment-led-hiring) - [Smarter Recruitment Marketing: Maximize ROI and Lower Cost per Apply](https://www.source2.com/blog/smarter-recruitment-marketing) - [Source2 Named Orlando Sentinel Top Workplace for Eighth Consecutive Year](https://www.source2.com/blog/source2-named-orlando-sentinel-top-workplace-for-eighth-consecutive-year) ![](https://dc.ads.linkedin.com/collect/?pid=415273&fmt=gif) [![Recruiting Brief](https://widget.aggregage.com/images/recruitingbrief/badge-clear.gif "Recruiting Brief")](https://www.recruitingbrief.com) [![Recruiting Brief](https://widget.aggregage.com/images/recruitingbrief/badge-clear.gif "Recruiting Brief")](https://www.recruitingbrief.com) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Source2", "url" : "https://www.source2.com/blog/author/source2" }, "dateModified" : "2023-12-12T15:41:37.531Z", "datePublished" : "2021-11-16T14:21:51.000Z", "headline" : "The Latest on the Labor Market: November 2021", "image" : [ "https://www.source2.com/hubfs/iStock-1252305374.jpg" ], "mainEntityOfPage" : { "@id" : "https://www.source2.com/blog/labor-market-update-november-2021", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.source2.com/hubfs/Source2%20ARS%20Logos/Source2_ARS_Logo_TM_Side_2C.png" }, "name" : "Source2" } } ```