- The Launchpad
- Posts
- The job market has changed - 3 things you need to consider
On Today’s Menu
How is today’s job market different than what it was 2 years ago
Other newsletters that may help with your job search
Do you ask recruiters for help?
Estimated read time: 5 minutes
Job search strategies in a changing market
The job market today is a reflection of the economic aftermath and ongoing recovery from the Covid19 - believe it or not, we’re still paying the price to this day.
The transition from 2021 to the present has seen shifts in supply, demand, and specificity in job openings. Let’s breakdown each of these dynamics and what they mean for you:
Assessing the Supply Shift
2021: There was an abundant headcount in the job market. Employers had multiple vacancies, giving them leeway to make hiring decisions.
Now: Every vacancy is under rigorous scrutiny, signaling a change in the way hiring processes are viewed.
Why does this matter to you?
For hiring managers, the stakes have never been higher. With limited openings, there's a more pressure to get it right the first time. For candidates, it’s important to be the perfect fit right from the get-go.
Analyzing Demand
2021: A lack of candidates was the norm. There were fewer applications, leading to recruiters actively seeking potential candidates.
Now: The tables have turned. The market is bursting with eager job applicants.
What's the significance?
For all the job seekers and professionals out there, your competition has intensified considerably.
The race isn't merely for the roles but also for gaining attention. With recruiters juggling multiple applications, their time per candidate has plummeted. This reiterates the importance of instant impact. Whether it's your resume, cover letter, or any other medium, the window to grab attention is small. Make it count.
The Need for Specificity
2021: The aim was growth. A generic profile could land you opportunities, or at the very least, an exploratory call.
Now: Precision counts. Every job opening caters to a specific business need. Companies are on the lookout for candidates who tick every box on their checklist. Generic content is no longer going to cut it.
Why should you care?
Before, if you met most of the criteria, recruiters would be inclined to give you a shot, hoping to gauge more in the later interview stages. Now? That luxury has gone.
The message is clear: Tailor your applications. Understand the precise need of the company and position yourself as the solution. Being generic won't cut it anymore.
|
|
|
Signs of a struggling job market
What better way to gauge the market than to follow companies directly involved in hiring: recruiting agencies.
How these companies are faring is a good indication of how the market is doing as a whole.
Right now, the market isn’t going too good. Hiring is down, and the competition is up. Don’t be surprised if you see 500+ applicants per job posting! It’s not going to be like this forever, but it is like this at the moment.
Randstad’s drop in revenue a sign of the overall market conditions in North America
Lean on recruiters during the interview process
Do you ask recruiters for help during the interview process? As a former recruiter, I can say with confidence that we want to see you succeed, and there are many ways we can help you do that.
Recruiters can help by providing you with important info (but you gotta ask for help!), such as:
They can tip you to possible interview topics
They can let you know who will be interviewing you
Company and team dynamics
Post-interview feedback
Follow-up protocol
Do you ask recruiters for help during the job search? |
What topics do you want to see me cover in future newsletters?
I’d love to hear from you - let me know if you have topics or questions you’d like me to address!
If you’d like to help, simply click the button below to complete a short survey.
Join our Reddit community!
Join r/finaldraftresumes to get access to important job search resources and get feedback on your career-related questions.
Join the #opentowork list
If you’re looking for work and want to be contacted by recruiters, add your information by filling out a short form. The database will be distributed to in-house and agency recruiters globally!
If you’re a recruiter and would like access to the list, email me at [email protected]!
What did you think of this week's issue?Did you find the topic covered and the way it was presented helpful? |
About the Author
I’m James, Cofounder of Final Draft Resumes. I’ve been in the career consulting space for 13 years, and before that, I was a recruiter for AECOM.
I’ve helped thousands of job seekers, from industries like software engineering, IT, sales, marketing, manufacturing, and more generate job opportunities through well-written resumes that translate unique backgrounds into coherent narratives.
If you’re struggling with your resume for whatever reason, reach out - I just might be able to help!
If you’re more of a DIY person, then check out Resumatic, my free-to-try resume builder.