So far, in 2024, the job market has been getting tougher. You aren’t imagining it! Layoffs are up, wage growth is slowing down, and unemployment has ticked up to 3.9%.
Frustrated job seekers have taken to social media to share their experiences in this market. Recruiter, Kourtlynn Faith (@Kourtlynn_) has been going viral on TikTok and sharing what she’s seeing on the hiring side and why some companies are currently so slow to fill open roles.
In a video that’s been viewed over 1.4 million times, Kourtlynn shares her own tough journey in the recent job market saying, “I was laid off three times last year. It took me seven months to find a job.” According to Forbes, over 305,000 American workers were laid off in 2023.
In the past, companies might have had 12 to 15 recruiters working in these roles. Now recruiting teams are working with skeleton crews, so it takes longer to go through applicant résumés. According to Ms. Faith, “Every single job I’ve ever worked at, we have looked through every single résumé. I have never used AI, and I’ve never used an automated system.”
Not only are there fewer recruiters at many companies, but they’re also being bombarded with résumés. If a firm has 300 roles posted, and there are 2,000 people applying to each role. It takes a LONG time to sort through those resumes. Of those thousands of people that apply, perhaps more than half apply to roles they’re not even qualified for.
In the past, it was easier to get hired for jobs where you’re not a perfect match for the qualifications. However, now, companies are not willing to spend the money or the time to train people. They are very selective. Companies are very slow to hire. They’re more strategic and have a smaller headcount, which results in spending more time to find the best hire, so they don’t have to spend more money on resources, training, and high turnover repair.
Some industries, like healthcare and customer service, may be moving more quickly to hire simply because they have more immediate needs. However, some major companies are willing to have one person carry the workload of three people (and not adequately compensate for it).
She provided some tips on how to improve your job search:
- Go through your résumé and make sure it aligns with the skills in the job postings you are applying to. Have a master resume, but tailor it to each job you apply for. So many people are applying to so many roles. When you’re strategic, it might be you that stands out over thousands of résumés.
– PRO TIP = Use a simple résumé template that’s easy for a human recruiter or applicant tracking software (ATS) to scan.
- Network, network, network! For most companies, referrals must be contacted or interviewed at some point. The referral may not make it past the recruiter to the hiring manager, but at least you will speak to someone.
– PRO TIP = Who you know is equivalent to, if not more important than, what you know.
- Be intentional in your job search and target only roles you’re certain you’re a fit for.
4. Consider applying with temp agencies and staying off the beaten job-board path.
– PRO TIP = Research companies and apply on their websites, not through sites like LinkedIn or Indeed. Be creative and intentional in your search.
This is obvious, but do not blow up a recruiter’s inbox asking for updates. Unfortunately, this works against a candidate rather than for them.
Two key tips for anyone who’s currently employed but might be job searching soon:
- In reality, job security is not all that secure right now. Make sure your resume is constantly updated and work on building your network. You never really know where your next exciting opportunity might come from.
– PRO TIP = If you’re not already in the habit of tracking your achievements at work, keeping a running brag sheet can be super helpful for when you need to update your résumé.
- Occasionally apply for new jobs, even if you are pretty happy where you are. It’s smart to stay abreast of openings and to keep your interview skills sharp.
It’s important to have conversations about the challenges job seekers face. The market is flooded with people who NEED a job, and because of that, someone is willing to take a job for less money in order to survive. We have to help each other, those that we see on LinkedIn, our network, our friends, and family.