In fact, economic headwinds such as trade wars and a lagging consumer confidence have conjoined to make today’s job market a confusing one. While unemployment is still low at 4.2% in the month of April, the picture of hiring today is a very different one. Businesses are bringing on new workers at the weakest pace since 2014. Indeed, many economists today have a name for this trend — “low firing, low hiring.” In closing, Cory Stahle, an economist at the Indeed Hiring Lab, noted that it is a much more difficult environment for job seekers. They need to chart a complex landscape rife with pitfalls.
Though more jobs have been created than expected at the outset, a yawning gap has opened up between the newly employed and those yet to find work. Almost one in four (23.5%) jobless workers are considered long-term unemployed. Together, these new workers have been out of work for more than half a year. That’s an alarming increase from 19.6% just one year ago. It also shines a light on the obstacles countless others experience while searching for work.
Understanding the Hiring Climate
The new unemployment figures are saying something very different — that despite low unemployment, the job market is getting tougher and more competitive. Employers report being more cautious in their hiring, resulting in increased difficulty of applicants finding work. Stahle’s claim regarding the “low firing, low hiring” trend exposes an alarming reality that exists in our economy. Readiness to Hired When times are uncertain, businesses are scared to bring on new personnel.
Frances Weir, a principal at Korn Ferry, remarked on the current hiring climate, stating, “While hiring may appear to be slowing on the surface, it usually just means that opportunities have gone further underground.” Job seekers need to look beneath the surface to uncover hidden opportunities. They need to use a variety of tactics to find these harder to see opportunities.
The increase in unemployment creates particularly daunting hurdles for those who have been out of work the longest. Jennifer Herrity, a career trends expert at Indeed, noted that “this is especially important for those facing long-term unemployment who may find themselves in a skills gap.” People need to be intentional in filling these gaps as they look for new opportunities.
Strategies for Job Seekers
Now with this competitive job market, job seekers needs to be more strategic to really catch the eyes of hiring managers. Mandi Woodruff-Santos, a career coach and personal finance expert, recommends attending book signings, lectures, and seminars to expand networking opportunities. She emphasized that “instead of waiting for someone to pick your resume from a pile, you have to make it undeniable: Put yourself in front of them.”
Networking is still the key, as the majority of job openings come from networking or hiring someone already inside the organization. To be strategic and creative about it, Woodruff-Santos advised candidates to be strategic and creative in their networking efforts. She stated, “Creating space for human connections and creating relationships will give you a little something extra.” Job seekers can better position themselves to receive interviews by developing meaningful relationships in the fields where they seek to work.
Herrity touched on the need to change job search strategies as the market changes. She stated, “When the market changes, the way you search for a job may have to be adjusted.” Specifically, job seekers may want to prioritize short-term positions that offer ways to develop new skills and grow their professional networks. “Short-term roles can be a great opportunity to grow your network and skills, then leap when the right full-time role appears,” she added.
The Importance of Skill Development
As the job market continues to change at an unprecedented rate, it’s important for young candidates to commit themselves to continuous personal and professional development. Herrity proposed that employers appreciate candidates that take advantage of lulled times to develop. “Generic resumes won’t stand out to employers in a tight market,” she noted. Customizing resumes to showcase the most relevant skills and experience is an easy way to stand out from the competition.
Candidates don’t need to apply for multiple roles at the same company. They should stop trying to escape from positions they only recently assumed. These may be understandable actions, but they can raise red flags for potential employers and reduce their chances of being considered for future opportunities.
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