U.S. workers who are considering a career shift are facing a challenging market these days. In a recent Harris Poll, more than 70% of job seekers say are finding it more difficult to land a new job than they had anticipated. This is a shift from this time last year, when employees had more leverage.
According to the same poll, more than a third of employed Americans are looking to change roles right now. But about 72% of job seekers say that companies don’t show signs of the same hiring enthusiasm as last year’s Great Resignation hiring surge. Respondents say companies are ignoring applications and failing to scheduling interviews, which makes sense considering the news of belt tightening across industries.
While the employment rate is still strong, recent fluctuations in the market are changing the jobs landscape. While some businesses reported strong hiring and wage increases, tech companies, in particular, have gone through massive, market-shaking layoffs. The job cuts have topped headlines as even giants like Facebook parent Meta (saw of nearly 11,000 layoffs), Twitter (up to 4,000 layoffs), Amazon (about 10,000 job cuts, with more on the way) – titans who have grown exponentially in the past few decades – are not immune to the world’s economic uncertainties.
Switches No Longer Promise Bigger Paychecks
One of the biggest reasons people look for new jobs is that it’s often the best way to gain a promotion or increase their take-home pay. That’s not as true now as it was in the recent past.
This is backed up by other data that shows job switches are not as lucrative as they once were, even compared to this past summer. In July, the average job switch gained a worker an 8.5% raise. By October, that average had dropped to a 6.4% increase.
Competitive Job Market Resembles Hot Housing Market
Similar to the housing search during the pandemic, where buyers were putting in multiple home offers to increase their chances, today’s job search has been long and daunting for many. More than 60% of seekers have searched for a new job for over six months, and nearly 50% have applied to more than 50 positions!
Why So Hard? Stayers and Seekers Cancel Each Other Out
Other data shows that more people are remaining in their current job (Job Stayers) than in the past. At the same time, more people want to switch than previous months (Job Seekers). Without the open positions created by Job Stayers, Job Seekers are finding less demand for their services. It makes for a business-friendly market.
How Job Seekers Can Boost Their Chances in a Tough Market
From this survey, two-thirds of those looking for a new job say they regret not starting their job search sooner. A similar percentage think it would have been easier to change roles a year or two ago.
But there is hope. By attending job fairs or xxxx, job seekers can increase their chances of catching the eye of a hiring manager. And because these job fairs are only hosted by actively seeking employers, you know that they are actually interested in making a hiring decision quickly.
Contact Catalyst Career Group today to learn more about how you can get a leg-up in this competitive job market.