Companies offering bonuses, flexibility and other perks to fill positions in competitive labor market

NEW YORK -- Low unemployment numbers mean it's still a tight labor market for employers.

According to the Labor Department, unemployment claims fell by 2,000 to a total of 184,000 last week. That's the lowest level in more than 50 years.

Experts say that's good news for applicants, CBS2's Nick Caloway reported Friday.

There's no shortage of work for Andre Benjamin and Pasquale Alfonso, who work for Ultimate Sound & Installations.

"There is a big demand for a lot of work that needs to be done. Trust me, I know," Alfonso said.

While there's big demand, they're short-staffed, like everyone else.

"It's hard to find good help," Benjamin said.

That's not a unique problem. The labor market is tight across nearly every industry.

"And they're not all these lower-level jobs that people think. It's not just Starbucks and Trader Joe's. Those are great jobs, but there are so many jobs in finance, in legal services. Every bank is hiring. Every law firm is hiring," said Stephen Viscusi, a workplace expert.

Viscusi says this is a great time to be looking for a job and that there are plenty of opportunities that were not there before.

"If you don't have a college degree, you might go to work for a company that's willing to pay for a college degree in the future," Viscusi said.

Since there are so many open positions, experts say applicants have more power than ever.

"People who are looking for jobs are in control," said David Lewis, who runs OperationsInc, a human resources consulting practice.

Lewis said many companies are offering perks to recruit talent, like flexibility to work from home, higher salaries and sign-on bonuses.

"So candidates are benefitting greatly, not just from the opportunity to find this work-life balance and flexibility and work from home," Lewis said, " But they also, if they play their cards right, are coming away with a bonus, not at the end of their first year, but before they even start."

Many companies also report they will be raising salaries to retain talent as inflation skyrockets.

There are roughly 11 million job openings in the U.S. right now. So, experts predict this labor shortage could linger into 2023.