We are experiencing the hottest job market you will likely ever see.
Unhappy at work? Feeling unappreciated? Underpaid? We are experiencing the hottest job market you will likely ever see. For a job hunter, this is terrific news. Everywhere you go, there are signs that say, “Hiring Now.” You may have heard from friends and departing co-workers that they either got recruited off their LinkedIn profile or were immediately hired shortly after applying. The employer’s hiring process has been moving at lightning speed, especially in the tech sector. After the first employer contact, a job candidate typically has a couple of interviews within a few days and quickly gets a lucrative job offer. My career counseling clients have recently accepted new job offers where they have secured salaries with 20% to even 50% pay increases. That is a significant incentive to jump ship. A potential salary increase is one motivation to job hunt now. But there are even more compelling reasons to start that job search today.
Almost everyone from Baby Boomers to GenZers thinks this crazy hiring situation will last forever. You should not be that misguided. Nothing lasts forever, and this hot marketplace will come to an end. When? No one knows since we don’t have a crystal ball to give us a specific answer. The current job hunter thinks that since we have this significant labor shortage, jobs will always be plentiful with insufficient people to fill them. Yet some of that need for workers came because millions of Baby Boomers left the workplace and retired. And many unfilled jobs pay minimum wage.
Economists sound the alarm. Why are economists beginning to warn about an upcoming recession with job hunters so confident? A key factor is that the current marketplace has caused employers to significantly raise salaries to hire new employees and retain their existing workforce. Unfortunately, that has cost some pretty hefty dollars. As a result, economists have begun to say that labor costs will eat into profits by year's end and may start a cycle of layoffs to bring operating costs down.
There are other factors too. NPR says many forecasters believe a recession is coming and warning lights are flashing for the U.S. economy. They're worried citing high inflation, rising interest rates, supply chain issues, and the upheaval caused by Russia's invasion of Ukraine isn't helping. CNBC says more than half of Wall Street investment and economic professionals are convinced that a recession will hit the U.S. economy this year. Thirty-eight percent of small business owners say inflation is their biggest concern, 19% note “supply chain disruptions,” and 13% state both Covid-19 impacts and labor-shortage worries.
Tech employers have been a critical driving force in the red-hot market to find new talent. However, looking at news headlines, Yahoo News reports that tech companies are slowing their hiring, announcing layoffs, and speculating if this is the beginning of a cooler job market.
Start looking now. “This is the time to take advantage of the tighter labor market for workers because there’s no guarantee these conditions will persist,” says Daniel Zhao, senior economist at Glassdoor. So, if you have been sitting on the sidelines, now is the time to throw your hat in the ring and see if you can’t secure a higher-paying job. Currently, landing a salary increase if you move on is something you can expect. But in six months it may be a very different situation. So, your best option is to start your job hunt today. Here are some things to quickly get in order before launching your search:
Polish your resume. So many people have ineffective resumes. They won’t get through the employers' Applicant Tracking System, also known as ATS. That means an employer will never lay eyes on your resume. Things like a creative resume or listing competencies in a table are big no-nos. For more details on what else doesn’t work, read Employers Ignoring Your Resume? 5 Mistakes To Avoid.
The most impactful thing to do when writing your resume is to load it with results and accomplishments at the start of each job description. Numbers are impressive, like made process improvements that improved productivity by 32%. Concisely define what your action was, and the result achieved. Point out if you created something new. Employers highly value innovation. General job descriptions are ineffective. Load your resume with results to capture a hiring manager's attention.
Ensure your LinkedIn profile is appealing. Recruiters spend a great deal of time searching LinkedIn to find potential job candidates. A poor, outdated, or incomplete profile needs an overhaul, and fast. The top two areas to pay attention to are the headline and the work descriptions. By default, LinkedIn lists your current job as the headline. Change that. Use job titles that reflect the work levels you’ve held or seek to hold. Do not leave the work history section empty with only job titles, employer names, and dates. Write your work descriptions listing a few key accomplishments. Don’t write about what your company does. This needs to be about you and your results on the job. This article will be beneficial for more details on improving your LinkedIn profile: How To Create An Impressive LinkedIn Personal Brand.
Look under the hood before you leap. Pay close attention before you make a job switch. What’s happening in the industry? Google all recent news about this employer. Is there trouble ahead? Talk to insiders to get an accurate picture of what is happening at the prospective employer. Think twice before you race off to join a new startup. Some will be struggling as the economy gets worse. Others will fail. What is your impression of the new boss? Do you like that person? Will they be a supporter and good mentor? Ask around and see if you can’t find someone who knows them to get a clearer picture. Moving on to a toxic boss or workplace would be a significant mistake, so try to pay attention if any other red flags come up in the interview that you need answers to before you accept the job.
