What to Know About Getting Hired in Today’s Labor Market
Sep 19, 2024
auto_awesome
Karin Kimbrough, LinkedIn's chief economist, dives into the latest labor market trends, revealing a shift in job application intensity, especially in Europe. She highlights a surge in job searches across sectors like financial services and healthcare, along with baby boomers seeking new opportunities. Karin shares strategic advice for job seekers, emphasizing the importance of a targeted approach and flexibility, while also underlining the growing value of basic AI skills to catch employers' attention.
The current labor market shows a cooling trend with slower hiring rates, yet employers continue to seek candidates cautiously.
Baby boomers are increasingly re-entering the job market, adapting their search strategies in response to financial pressures and evolving career goals.
Deep dives
Current Trends in the Labor Market
The labor market is currently experiencing a cooling trend, with slower hiring rates observed across various sectors and regions. While the unemployment rate has risen in large economies, it is noted that employers are still hiring, albeit more cautiously. This slowdown is reflected in the increasing job search intensity, characterized by a rise in the average number of job applications submitted by candidates. In the U.S., this intensity has increased by about 4% over the past year, indicating that job seekers are broadening their search to increase their chances of landing a position.
Generational Variations in Job Search Behavior
A noticeable trend among different generations has emerged in job search intensity, particularly among baby boomers, who have displayed the largest increase in job search activity. Approximately 13% of baby boomers have returned to the job market, often driven by factors such as inflation impacting their finances or a reassessment of their career goals post-COVID. This demographic generally applies more selectively, aligning their applications with their level of experience and desired roles. Nonetheless, as they face a challenging job market, many older workers are adopting a wider search strategy, which highlights the necessity for adaptability in today's employment landscape.
On this bonus episode of Get Hired, LinkedIn Editor at Large Andrew Seaman speaks with Karin Kimbrough, LinkedIn’s chief economist. They discuss the latest edition of LinkedIn’s State of the Labor Market report, including what the data tell us about hiring on the micro and macro levels in the U.S. and abroad. Karin also offers advice to current job-seekers on what they should be doing to land their next role.
Follow Andrew on LinkedIn to join the Get Hired community by clicking here.
Follow Karin Kimbrough on LinkedIn by clicking here.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode