Job Market Implications of the Current Trends 

By Cheryl Austin

The recession of the last year and a half has taken a toll on companies and employees. Everyone has been expected to do more with less: fewer staff, smaller project budgets, fewer tools, fewer opportunities for training (internally and externally), and so on. As the economy is starting to improve and job cuts are slowing down, there are interesting dynamics at play, especially in the job market. Labor statistics show productivity increases without job increases, e.g., a jobless recovery. What are the implications for you as a job seeker?

Implications for job seekers: With fewer job openings and high unemployment, there are literally hundreds of applicants for each job posting. Wages have fallen because companies no longer need to offer a “competitive wage” to attract workers. Companies do not need to spend money on advertising job openings on Monster or Career-Builder in order to get a large pool of applicants… they can advertise on their own website or word-of-mouth for free and still get quality applicants. Project Management (PM) and Business Analyst (BA) positions are more likely now to be contract or contract-to-hire rather than full-time, permanent positions. As a job applicant, getting your resume seen among the hundreds of applicants becomes futile.

What you can do:

• Look for new ways to network with others. Renew old contacts and make new ones. Attend events where you are likely to bump into people in your desired industry – not other unemployed people, but the managers and employees at companies that would hire someone with your skills. If an existing employee can get your resume seen by the hiring manager, this will greatly improve your visibility. Remember the old saying: It’s not what you know, but who you know.
• Other ways to improve your visibility: volunteer at organizations and events, attend professional seminars and workshops, speak or write about a topic in a professional setting, get LinkedIn recommendations or introductions, post your resume on a website. This will allow you to cast a wider net and learn of opportunities outside of your immediate circle. Plus, “a friend of a friend” can help get your foot in the door.
• Keep up with industry trends and current events. Perhaps a local company just received a government grant or stimulus funds, so chances are they have money for hiring additional staff… get in front of the curve! If a company was just purchased or is going through a merger, they are likely not hiring but doing further consolidations, so put your efforts elsewhere.
• Use this “downtime” to take classes, get certifications, increase your skills, and groom yourself for the future. Do your research to find out what types of skills and credentials will be valued and where the market trends are leading, so you can choose wisely. Do what you can to make yourself more attractive to prospective employers. Do not treat your unemployment as a vacation! Do not stagnate or cease to grow professionally.