As The New Job Market Gets Ultra-Competitive, Are You Ready?

A clear picture is beginning to form as we lurch out of the quiet fiscal summer period: the job market is about to go into overdrive.

A report this morning from the Chartered Institute of Personnel and Development (CIPD) and the Adecco Group in the UK corroborates a stream of reports over the summer months: that at least a third of employers are expecting to cut jobs in Q3 in the UK this year.

Globally, women have been hit hardest - a factor that is different to previous recessions. And no territory seems immune.

At least a third of UK employers are expecting to cut jobs in Q3.

Shocking stats were released today in New Zealand - a country that has made great strides in the equality sphere in recent years. Official NZ Government data showed that the unemployment rate is falling for the first time since the crisis - but not for women. In fact, while unemployment for men in New Zealand fell 3.6%, it ROSE 4.4% for women in the last quarter.

The new figures in New Zealand should be of major concern worldwide. This is a country with a strong record in championing legislation to bring equality to the workplace. Prime Minister Jacinda Ardem (pictured), the youngest ever female global premier, and only the second elected leader of a country to give birth while in office (bonus points if anyone can name the first without googling), has made equality a priority.

The way this global recession (or 'shecession' as they are now calling it in NZ) has played out has not been as expected. 

No one predicted that women would be the worst hit. Traditionally, 3 out of 4 of the jobs lost during a recession belong to men. This time, forecasts suggest between 60-70% of those losing their job since Covid-19 have been women.

Between 60-70% of those losing their job since Covid-19 have been women.

In the US, this is magnified by a frightening statistic, the number of benefit claims filed in the US since the pandemic is more than were filed during the Great Depression.

So far, the vast majority of job losses have been low-paid workers - 35% in the lowest paid bracket lost jobs, compared to 9% in the highest earnings group in the US, for example - which is consistent with past recessions. 

But as talk of second waves grows louder, the rapid recovery that was needed to protect senior roles looks less and less likely.

The rapid recovery that was needed to protect senior roles looks less and less likely.

In the UK, the situation is very similar. Recent predictions are expecting the job losses to reach as much as 1 in 10 of the working population, about 3.3 million, before we reach rock bottom.

This process has already started. We are all hearing anecdotal evidence of family, friends, colleagues even, who have already been let go. I would even go so far as to speculate that more people are likely to know someone who has suffered a job loss than to know someone who has been struck down with Covid-19. 

But there is a sliver of a silver lining: that latest survey by CIPD, also found that overall hiring intentions have increased, with almost half (49%) of companies expecting to take on new recruits in the next three months. That's an in no way insignificant increase of 10% (1 in 10, if you like) from just three months ago.

Almost half (49%) of companies expecting to take on new recruits in the next three months.

It is a good sign: that hiring confidence is returning to the job market means that if you do lose your job there is a good chance that someone in your chosen field is hiring.

But the competition is intense so whether you are one of the many who have been let go, or still in situ, you're gonna need to make sure that your CV is as good as it possibly could be.

Being clear about your value...and getting the right support can be key to your success.

WeQual offers a premium professional CV and LinkedIn writing service that ensures you can apply for roles with confidence. The service is designed specifically for senior leaders and it includes: a detailed consultation with a top journalist; a professional make over of your CV; two reviews of the content by yourself; an overall review by Mark Bateman, CEO of WeQual Consulting, to ensure that the final CV really “zings”; and then final approval by you before an edit by a professional proofreader, to produce a final document for you to own.

"We work with many senior women globally. Being clear about your value, having the confidence to apply for your dream job and getting the right support can be key to your success," Mark Bateman said.

WeQual also offers a full range of services designed to help you identify your next role, coaching to support you through the interview process, on-boarding coaching to cover the first 100 days in your new role, executive coaching as well as a raft of bespoke services designed to elevate your profile. For more information see WeQual.com.

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Mark Bateman, a Board Advisor, C-Suite Coach and Speaker is the CEO of WeQual Consulting, an organisation that seeks to build better businesses by working with leaders to unlock personal and organisational potential. Through the WeQual Awards we identify, develop and promote senior women one below the ExCo in FTSE100/250 and Fortune 500 companies (and launching across EMEA this Autumn). For more information contact Mark Bateman or WeQual CEO and Founder Katie Litchfield.