The Scoop on the Job Market.
September Career News
The fall equinox is less than 24 hours away, and we’re rounding the corner into cooler weather and leaf peeping.
Fall is one of my favorite times of year here in the Colorado Rockies. The chilly nights get us excited for ski season as Loveland and Arapahoe Basin further the hype by beginning snowmaking and the race to be the first resort in the U.S. to open.
We had a warmer-than-average fall around here this year, so I doubt I’ll be hitting up the white ribbon of death on October 6th (the earliest I’ve started a season in my 20+ year obsession with skiing and snowboarding).
What Fall Has to Do With Job Searching
The start to fall also typically marks an uptick in hiring. Employers tend to make a push to bring on new staff during the end of Q3 and start Q4 before a pretty predictable slump in hiring.
I see no reason we won’t see the expected bump in hiring over the next 6 – 8 weeks after August presented strong hiring and low unemployment. In fact, firing, layoffs, and unemployment are at a nearly 20-year low. According to the Bureau of Labor and Statistics, after the healthy and surprising jump in July hiring, August settled back in and was right on par with the nearly 400,000 jobs we saw in April, May, and June.
My Predictions on Layoffs and This Looming Recession
That said, I would be a bad coach if I didn’t talk about predictions around layoffs, the looming recession many think we’re in (but by definition, we are not!), and how this impacts job seekers right now.
According to GlobalData, about 60 companies from a range of sectors announced layoffs last month. The majority of this list includes giants like Apple, Walmart, Microsoft, Alibaba, Groupon, Wayfair, and Credit Suisse, which to me means big companies who operate with a little bloat are trimming some of the fat they shouldn’t keep around their corporate waistline anyway!
From the front lines, I have yet to see a massive shake-up regarding layoffs, and I’ve seen little to no activity of this nature in the middle to smaller markets or in mission-critical operations. Moreover, many of these layoffs reflect restructuring or reprioritization efforts as businesses shift focus into e-commerce, health and wellness, and supply chain initiatives where employee engagement and cost reduction strategies can impact the bottom line.
Side note – we’ve also seen offers and clients landing new roles, as usual, so I’m encouraged that this activity will keep up!
What does this mean for you, the job seeker?
I’ve said the following to many people over the past few months, and I’ve decided this is worth putting in writing to 5,000 people.
There is never a perfect time to job search.
Whether it’s an external factor we can’t control and will never be able to accurately predict, like “what is this market going to do,” or there’s a personal consideration – a big bonus, a kid on the way, buying a house – whatever, there’s always something that will make you go “but, I’ll wait for a better time.”
If you’re ready to move on, level up, or find a work culture that’s more aligned and meaningful to you, then it’s time to job search. We do it with an abundance of caution, research, and strategy to mitigate as much risk as possible as you assess opportunities and move on to something that’s as solvent, sustainable, and recession-proof as it possibly can be.
You’ve got this. Let’s make it happen.
Your Friend and Coach,