S3 E1: All About Jobs, Careers, and Compensation - 1: The Change
Feb 8, 2024
auto_awesome
Dr. April Willis and Lola Han discuss the changing job market and how to build a fulfilling career. They explore factors contributing to job hopping and career changes, resume writing tips, trends in the job market, the importance of compensation, and gaining insights to find a better job.
The current job market is experiencing a mix of new opportunities and layo?s, but it is expected that more corporate positions will open up in the future.
Factors such as post-pandemic impacts, mental health, and generational differences are contributing to the current state of the job market.
Deep dives
The Current State of the Job Market
The job market is experiencing a mix of new opportunities and stress-inducing layoffs. While there are many new jobs and companies hiring, there is also a significant number of layoffs from major companies. Finding the right job is taking longer, with many people going through numerous interviews and feeling stuck in their job search. However, it is expected that more opportunities will arise, particularly in smaller businesses and non-profit organizations. The corporate world is not sinking, but currently experiencing a downturn due to layoffs. Give it a few more months, and corporate positions are expected to open up again.
Factors Impacting the Job Market
Various factors are contributing to the current state of the job market. Post-pandemic impacts are still being felt, with some individuals preferring to work from home and companies having to adjust their recruitment and retention strategies. Shaky economies, inflation concerns, and changes in quarterly cycles also play a role. Mental health is another significant factor, with more individuals taking time off for sabbaticals or self-care. Additionally, generational differences are at play, with more emphasis on quick career advancement, impact, and work-life balance for newer generations.
Navigating the Changing Job Market
When navigating the changing job market, it is important to consider a holistic approach. While compensation is a significant factor, it is essential to evaluate other aspects such as team dynamics, growth opportunities, and work-life balance. Avoid jumping to new opportunities solely based on pay or brand name recognition. Instead, carefully consider whether the overall fit aligns with personal goals and values. It is advisable to negotiate for better compensation and ask prospective employers about their market data sources for making offers. Additionally, being aware of AI's impact on the hiring process and leveraging it to optimize job applications can improve chances of success.
Insights on Compensation and Pay Equity
Compensation goes beyond just salary and includes components such as bonuses, stock options, work-life balance, growth opportunities, and benefits. Market data sourced from reliable employee compensation data is crucial in establishing fair pay ranges. Pay transparency laws are emerging, which require companies to post salary ranges in job postings. When it comes to global compensation, understanding local market data and complying with country-specific laws and regulations is essential. Taking a phased approach and sequencing expansion into different countries can prevent pitfalls. With regards to pay equity, employees are advised to negotiate for better compensation and ask about the market data sources used by employers. Employers should prioritize fair pay and utilize reliable market data to inform salary decisions.
The job market has been weird lately. Despite the growing economy, we still see many layoffs and burnout in the workplace. What is going on, and why is this happening? Is it the right time to find a job? If so, how can I position myself to get the best pay? Luckily, we have Dr. April Willis and Lola Han to shed more light on what we can do better to make sense of this changing job market and how we build careers we can love.
Welcome to Dear Workplace.
Click here for shownotes, videos, guest information, episode transcripts, and more.
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