If you’re considering changing jobs before the end of the year, pay attention to the mixed indicators in the job market.
What’s Going On
On one side, there was good news in the June jobs report, with 372k new jobs, primarily in education, health and professional services.
On the other side, available job openings have eased for the second month in a row, indicating that employers are pulling back on hiring. Further, as startup dollars tighten, many in the tech sector are announcing hiring freezes and layoffs. Some Wall Street firms are also instituting hiring freezes. Conversely, the retail, restaurant and hotel sectors continue their struggles to hire talent.
On the macro level, inflation, supply chain issues affecting the cost of food, goods and fuel, and the Fed’s planned interest rate hikes will continue to influence employers’ hiring activities. The short summary is that many compelling factors contribute to a changing employment market.
This evolving environment requires a thoughtful and strategic approach to finding new work.
Clarity around your skill set and ability to target the right employers is essential for developing a successful job-seeking strategy that will shorten the timeline for landing a new role. The prompts below will get you started.
What I offer: During the Great Resignation, many job seekers focused on what they could get from employers regarding compensation and benefits. It is important to know what you’re worth; however, in this emerging employment climate, successful job seekers will shift the conversation in favor of the value they bring an employer, explaining how their skills and experience help solve business challenges.
Who needs what I offer: Once you have defined your value, create a list of target employers.
Research the following things:
- If publicly traded, the company’s stock performance and other indicators affecting profitability, performance and market share.
- For any organization in the public or private sectors, read public remarks from leadership to understand risk tolerance and plans for growth and profitability
- Understand how supply chain and inflation affect business growth
Insight into these trends and indicators will help you judge which organizations are most able to weather market turbulence. After all your hard work to find a new role, you certainly don’t want to end up in a “last in, first out” situation.
Proactively creating a well-researched list rather than reacting to random job postings makes you more prepared for the interview process.
Who can help: LinkedIn says over 70% of jobs land through networking. With your value defined, and list developed, it’s time to activate your network for insight into your target companies and internal introductions. Your network includes professional colleagues, peers, friends and talent recruiters.
You can ask targeted questions from your research to fill in any gaps about the organization. When preparing for networking meetings, ask specific questions. Specific questions allow others to focus their help on your behalf and generate action. Networking conversations “to pick your brain” generally leave both parties unsatisfied. Focus on who can help the most.
The hiring trends discussed above will likely accelerate as we move from summer to fall. Your strategy will take some time to develop and implement, but the time spent will pay off in the long run.
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