Job hunters feel they have to try harder to find a new job in this economy. Nearly 70% of people … [+]
If you are struggling to find a new job, you are not alone. More than 70% of job seekers believe that the current labor market is not conducive to landing a new employment opportunity, with job hunters feeling they have to try harder to find a new job in this economy, according to talent solutions provider Aerotek. Nearly 70% of people said their current job search was more challenging than their last one.
Research by human capital advisory firm Josh Bersin Company and workforce solutions business AMS found that the duration for global hiring is at an “all-time high.” The recruitment process now averages about 43 days, which the report calls “unsustainable if companies are to remain competitive and keep pace with the fast-changing needs of their industry.”
Why Has The Hiring Process Become So Unbearable?
When the economy and overall mood are positive, businesses generally expedite the hiring process, so as not to lose out in the war for talent. Conversely, geopolitical concerns, supply chain disruptions and high inflation and interest rates create a perfect storm of economic turbulence, leading employers to cut back on spending and take a wait-and-see approach when it comes to hiring.
The tech industry, in particular, has seen a reversal of trends that were favorable for employment, such as increased hiring to meet consumer demand and the ability to raise capital and invest in growth due to slashed interest rates. The layoffs that have taken place in this sector since mid-2022 were part of a market correction, as companies adjust their staffing levels to align with their current revenue and growth projections.
A competitive white-collar job market, caused partly by many displaced workers due to job cuts, gives companies the green light to take their time selecting candidates. In this hiring environment, employers have the upperhand, while job seekers typically hold less bargaining power.
Additionally, as businesses compete in the artificial intelligence arms race, they are actively redirecting resources and budgets from other divisions to fund and prioritize AI-based projects and hiring the talent to work on these specific teams.
Moreover, the layoffs that followed the Great Resignation hiring boom disproportionately impacted human resources professionals, which means that organizations are also working with less HR firepower, and may explain why the hiring process has felt disjointed.
Candidates for white-collar positions must endure a seemingly unending number of interviews. The pandemic ushered in video interviews, displacing in-person meetings. This online trend has made it easier for recruiters to request and conduct more and more rounds of interviews compared to the prior process of setting up an appointment and going into an office.
Employment Data
The United States economy added 272,000 jobs in May, according to the U.S. Bureau of Labor Statistics. Although more jobs were added last month than predicted, in contrast to April’s disappointing numbers, the growth was mainly driven by three predominant sectors: healthcare (+68,000), government (+43,000) and leisure and hospitality (+42,000). Jobs created in these three sectors alone accounted for more than half of the employment gains in the U.S.
The unemployment rate climbed to 4%, the first time it has reached that level since January 2022.
Additionally, the Job Openings and Labor Turnover Survey published last week by BLS revealed that U.S. job openings declined more than anticipated in April, with the number of available roles per job seeker at its lowest in nearly three years. Job openings, which are a benchmark of labor demand, fell 296,000 to 8.059 million, the lowest level since February 2021.
When Your Job Search Isn’t Working, Do This
While the hiring environment may be working against you, there are things you can do in your job search to change course and better position yourself to acquire a new job. If you are not having success in your job hunt, it may be time to engage in self-reflection.
Take time to evaluate your job search approach. You don’t want to keep doing the same things and expecting different results. Continually analyze your failures objectively and identify mistakes, knowledge gaps, lapses in judgment and areas you can improve upon for the future.
Reflecting honestly can help you learn and grow. Recognize failures as feedback and opportunities for growth—not signals to give up. Setbacks prepare you for later wins, if you can learn from them.
Your Action Plan
Once you gain a better sense of self and where you can personally develop, write out your career goals and define a daily game plan to achieve them. This will help in holding yourself accountable.
Identify and compile a list of potential target employers that align with your goals. Tap into your professional network, attend industry events and connect with people who work in your desired sector. Seek advice from mentors, coaches, sponsors and truth-tellers who will offer feedback, constructive criticism, advice and guidance. Reach out to recruiters who specialize in placing people in your sector.
Ensure that when you are applying for jobs that your résumé clearly addresses the needs and wants of the job descriptions, so that the candidate fit is obvious. You should be tailoring this document for each role you apply for. Instead of just listing your responsibilities, your résumé should demonstrate your value and how you were impactful in your previous roles. It should outline a clear progression in your career and tell a story.
During an employment gap, you must always work on developing your skills and qualifications. You can go back to school, take online courses, attend workshops or volunteer to gain relevant experience.
Before a job interview, do your homework. You must familiarize yourself with the company’s products, services, business models, achievements and mission statement. Craft your elevator pitch and prepare by practicing answering frequently asked questions aloud. If you can, do a mock interview with an individual you trust and ask for feedback.
One of the biggest problems that job seekers have is that they carry around the baggage of their past failures and rejections. When people feel resentment and bitterness toward their current situation, it’s painfully obvious to others. The professionals involved in the interview process sense the hostility and get turned off by it. The hiring personnel will then pass on your candidacy and move on to other applicants.
Before continuing on in your job hunt, you need to check in on your mental health and ensure that you have a positive mindset. Do the necessary work to put any bad feelings behind you and not let your past rejections define you. Stop carrying this burden around like a weight on your shoulders. You want to exude positivity, confidence, drive, enthusiasm and motivation throughout the interview process.
Keep meticulous track of each and every victory, no matter how small it may seem. Celebrate every gain you make in your job search. With all the small wins, your confidence will grow and people will notice it.
If you are still having no luck in your job search, you may want to consider a career reinvention or pivot.