Welcome to the Career Economy!
Is it possible to stick a soft landing while the market heats up?
That may be just what’s happening.
I have to start this month’s rundown with a conveniently timed bit of economic news that came out today – Goldman Sachs lowered the odds of a U.S. recession from 35% to 15%.
→ We’ll take it.
And now on to the labor market, where all sorts of interesting things are happening as we move into the (hopeful) September surge.
The labor market continues to remain strong and shows positive signs despite the frustrations of just about every professional job seeker out there.
Payrolls increased by 187k in August. If you refer back to those handy graphs I created for last month’s newsletter, you’ll see that this follows pretty closely the trends for 2019, where both economists and I see a lot of parallels. (My mom was right- I am a smart cookie!)
On a personal note, August presented a flurry of hiring activity that was a welcome sign, with thirteen clients shifting off the roster after landing roles in recruiting, sales, product marketing, engineering, and executive leadership- including Director and/or VPs of product, product marketing, IT, clinical, and legal.
Companies of note in that line-up include Equifax, Accenture, ICF, Netflix, Amtrak, and Motorola. It’s nice to see some hiring activity at that enterprise-scale!
There are other positive indicators of the labor market, including:
- Near-record levels of prime-age women participating in the labor force – how’s that for a WIN!
- Unemployment continues to remain low.
- Wage inequality is decreasing.
- Wages are outpacing inflation.
All things considered, the labor market is hot – but not scorching, so it’s kind of right where we want it to be in conjunction with the (seemingly never-ending) effort to battle inflation.
So, I know what you’re probably thinking…
Angie, if this picture is so rosy, why the hell can I not get an interview to save my life?
Welcome to the conversation I have 12 times a day!
As I’ve said before, the statistics present a skewed picture of what’s really happening. While the data suggests there are 1.5+ jobs per job seeker, it doesn’t account for the disparity between the types of jobs available (en masse) and the opportunities “white collar” professionals like you, want.
LinkedIn tells a better picture – there are two applicants for every job opening on the platform.
Now you get it.
Corporate professional positions are tight, and by that, we mean high application volumes and lengthy interview processes that are stretching the average job search close to seven months (market average, not coaching; my client average is somewhere around 4 – 5 months, depending on the level).
→ “So, what do I do?”
You get strategic.
Here are my top five tips on how to get out of the “black hole” and take advantage of what should be an uptick in hiring activity for the next 8 – 10 weeks:
- Get crystal clear on your job search goals and targets.
- Tailor your resume to meet those targets, including specifics of the industries of interest.
- Network your tail off and build relationships with alumni, former colleagues, and strategic connections at companies on your hit list.
- Engage on LinkedIn – You don’t have to be a content creator, but thoughtful comments on posts will get eyes on you. Eyes mean impressions, which could mean interviews.
- Re-prioritize job search activity and shift the time you spend applying online in favor of networking and human connections.
Studies show that only about 3% of online applicants get contacted, and when combined with the fact up to 85% of available opportunities are NOT online – you do the math. Put your efforts where you are, statistically, most likely to see results.
Let’s work smarter, not harder, friends.
I want to see you head into the holiday season with less stress and a new role, and we’re here to make it happen.
As always, reach out if I can help you directly!
Your Friend and Coach,