What you should know about today’s job market!

October 13, 2009

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In today’s economy job seekers are facing an extremely challenging employment market. Not only are there fewer positions to go around, the competition is high and employers are less willing to compromise.

I talked to a senior professional today who sent out over 30 applications but didn’t get one request for an interview. A few years ago he would have lined up 4 interviews in the timeframe of a week and would have had the luxury of receiving several job offers to choose from.

It is quite frustrating for those people not even making it passed screening stage.

But is the job market really that bad? Surely there are fewer jobs around and rather than competing with 20 to 30 other candidates for the job you’ve applied for, you are now likely to compete with 80 to 100. There are still good jobs around, all you need to do is position yourself as well as you can.

1.    Let people know you are available

There is no point in being ashamed about losing your job and trying to hide it from people you know. On the contrary, you should get out there and let people know you are up for a new challenge. Go to industry events, update your LinkedIn or Facebook profile. You will be surprised how many opportunities come up through people you know, opportunities that often aren’t even advertised.

2.    Network, network, network

In the current economy referrals are outranking advertisements, job boards and recruiters. With less recruitment budget around, employers would rather hire someone who has been recommended to them by someone they know and trust. Connect with people, introduce yourself, figure out which companies you would like to work for and get in touch with employees in order to get your foot in the door. A successful job search often depends on who you know, which means you need to make sure your efforts are as far-reaching as possible.

3.    Enhance your marketability

Certain skills are more in demand than others. You might want to take on a course or attend a work-shop to enhance your skills. By doing this, you don’t only learn about new trends and challenges, you also demonstrate that you are active and willing to learn: always a plus on your resume. Find out what skills are most in demand and take steps to give yourself an edge in these areas. Focus on sharpening both functional and interpersonal skills.

4.    Have your resume checked

Don’t forget the best resumes (and not the best candidates) will secure a job interview. Is your resume up-to-date, easy-to read and relevant to the job you apply for? Have it checked by a hiring manager who is familiar with the screening process in a high-volume recruitment environment. This can be a family member, friend or (former) colleague. Alternatively, you can have it checked by a professional resume writer: this can be a major investment but it’s definitely worth it.

5.    Customise

Tailor your resume and cover letter for each opportunity. Hiring Managers don’t want to read a general CV; they want to see why you are the right person for their specific job. 

6.    Step outside your comfort zone

Search outside your current industry or job field. Think about which skills you possess are transferrable and communicate them to potential employers.

7.    Be flexible

Don’t reject an opportunity because it’s not exactly what you had in mind. Be open to consider jobs with different locations, salaries, job responsibilities and even benefits.

8.    Meet with a Recruiter

Recruiters and Headhunters can be your eyes and ears in the job market. They can give you feedback on your resume and interview skills and provide you with useful feedback on which companies are hiring and which roles are out there.

9.    Close the gap

If you are unable to secure a position right away, try to take on some interim/freelance work or a short-term assignment, all of which can lead to a potential full-time role. Don’t sit around dreaming, no employer is waiting for someone who’s been out of work for too long.

10.    Be prepared

Don’t wait until it’s too late. You might think your position is secure and you won’t have to worry about looking for another job for the next 5 years. What if this suddenly changes? Check out the competition, know what you’re worth, build a list of contacts and update your CV.

Just because the market is bad at the moment doesn’t mean you have to sit around in despair. Be creative, research your market and be pro-active and your chances of securing your future will increase!

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