283: What is Happening in the Job Market - and What it Means for Job Seekers

According to an article from the Wall Street Journal, nearly four million workers left the labor market in the first months of the pandemic – the lowest level of employment since 1983.

Some of these workers left because their employers could not operate as they had pre-pandemic – or could not operate at all.

Others left to care for children or other family members affected by Covid.

Still others took advantage of attractive state and federal programs during the pandemic to walk away from work they didn’t love to rethink their career goals.

Post-pandemic, the resurgence of midcareer workers – defined as those between the ages of 25 and 54 – has been led by women. As of June 2023, the labor force participate rate for prime-age women was the highest on record, at 77.8%.

As of June, male participation rates were at 83.5%.

It is a tight labor market in many sectors. The unemployment rate has been at or near a 50-year low for more than a year.

What does this mean for the job seeker? Employers can’t afford to be as choosy or selective. The better employers are willing to work with candidates around child- or elder-care issues, WFH, and flexibility with hours. They are also more willing to hire previously retired employees or other older workers.

Employers have raised wages and improved benefits in recent years in an effort to attract top talent – or, in some cases, any talent.

What if the economy cools? There are some concerns that the Fed’s campaign to bring down inflation through higher interest rates will cause unemployment to rise too much and push some of the most vulnerable workers back to the sidelines.

Currently at 3.6% as of June 2023, the unemployment rate is expected to rise to 4.1% by the end of 2023 and 4.5% next year – suggesting the economy will lose tens of thousands of jobs.

Those are the statistics and forecasts. Now let’s talk about the disparity I and my colleagues are seeing between the need for employees on the one hand and the frustration of qualified candidates vying for those positions on the other hand.

Technology has created a barrier between employers and candidates that often doesn’t speed up or otherwise streamline the process – creating frustration among candidates.

Employers, conversely, are losing the best candidates in these lengthy and cumbersome processes. I no longer have the source in front of me, but I read recently that top candidates will only stay in a candidate pool for something like 10-14 days before moving on to more promising opportunities.

I could give a 10-hour lecture on what employers need to do to create a more candidate-friendly and candidate-attracting environment in their hiring processes…but I won’t.

I DO want to talk about what you, as a candidate, can do to make the hiring process more palatable and successful for you.

Follow Up

After submitting your application materials, follow up with an email or phone call to ensure your materials were received and to express your interest in the position.

Be Responsive

Respond promptly to any requests for additional information or to schedule an interview.

Communicate Availability

During the interview process, let the company know about your availability for subsequent interviews or assessments. Be as flexible as you can be.

Provide References Early

Submit your references along with your application or initial resume submission. These should be on a separate document from your resume.

Prepare Documents in Advance

Anticipate the documents the company might want, such as certificates, diplomas, or work samples, and have them ready to submit.

Ask About the Timeline

Before you leave the first interview, make sure you understand the company’s hiring timeline and expected next steps.

Network Internally

If you have contacts within the company or industry, consider reaching out to inquire about hiring status or any updates on your application. Could these people put in a good word for you?

Demonstrate Your Interest

Express enthusiasm for the role and the company – they are more likely to prioritize candidates who are genuinely interested in joining their team.

Provide Complete Information

Ensure that your application and resume are complete, with all the relevant information about your skills, experiences, and achievements.

Prepare for Assessments

If the hiring process includes tests or assessments, be well prepared to take them promptly when offered.

Stay in Communication

Depending on the timeline the company has provided you, weekly or bi-weekly check-ins let the employer know you are still interested. Look for opportunities to add value in these communications.

Keep Them Apprised of Other Offers

Once you have received a job offer from another employer, let the other employer know – but don’t give too much information. This is only necessary if you are still interested in this employer’s opportunity.

Finally…Know When to Cut Your Losses

I will never recommend that someone put all their eggs in one basket, so until you have signed an employment agreement, KEEP LOOKING.

If you think you are being ghosted by an employer, you probably are. Don’t burn bridges in this instance – but I DO recommend that you notify the employer that you are pursuing other opportunities.

DIY vs. DFY

DIY: If you are managing your job search on your own, the biggest piece of advice I can give you is to keep detailed records. When you submit an application, all communications you send or receive, notes on what was said – these will all help you organize your job search.

You can do this via a simple Excel spreadsheet or via an app. I don’t have one I recommend – I find Excel works very well, but you can Google and check them out.

DFY: Although no one is going to do your job search for you, what you may need help with is planning your job search strategy and keeping your thoughts positive throughout the process.

Having an expert in your pocket, not only to plan your strategy but also to help you navigate the inevitable roadblocks and pitfalls along the way, is incredibly helpful in achieving your goals.

If this is something you are interested in learning more about, you can schedule a complimentary consult using this link: 

https://calendly.com/lesaedwards/zoom-meetings2