Reminder: On Friday 11/18, Resume Webinar-Beating Job Search Ageism, starting 11amET/8amPT
Phil Rosenberg
Free Resume/Search Webinar: Register@ x.resumewebinar.com/Registration , I help you solve your toughest job search challenges, cutting 50K+ job searches in half. LinkedIn's most connected Career Coach (30K+ 40M).
Overall weekly unemployment claims continued to increase (2% increase over last week) after a slow downward trend in early 2022, while new unemployment and continuing claims slightly decreased, extending the mixed signals unemployment numbers have been giving since August. But even increasing unemployment numbers are the smallest part of October 2022's job market story.?There are much bigger drivers today ...
1) The Great Resignation continues to cause massive competition and job shortages for career/management/ executive positions. 90M-110M+ job seekers (currently employed and unemployed) compete for 10M advertised jobs, or 11+ competitors for each job, and has been on track to hit these annual estimates from June forward.
For the senior staff, management, and executive jobs you're seeking, now that 50-65% of currently employed candidates are flooding the job market, increasing levels of job competition make it tougher for you to get interviews, advance and find your next job fast.
2) Many leading indicators of a recession continue to flash red, warning of hiring slowdowns. Most CEOs, economists and major banks are forecasting a recession starting in the first half of 2023.
3) Confusing employment numbers: The July and August BLS jobs reports showed sizable gains both months, while September and October showed a declining rate of job growth. This is despite the slow increase of high-profile layoffs and hiring slowdowns, and over 30 leading indicators forecasting recession. Weekly unemployment numbers aren't showing a clear trend, while continued strong hiring makes it more confusing for job seekers. At the same time, higher hiring numbers give candidates a little more time to find your next job before hiring freezes and layoffs become commonplace.
This uncertainty makes it more difficult to find a new job for job seekers in their 40's, 50's, and 60's, but not impossible. The key to overcoming these challenges lie in making the right changes to your resume/interview/job search strategies.
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Job seekers (especially those over 40) need to prepare now, by accelerating your job search to land a new job ASAP. If your current boss doesn't love you, you're at risk, because you're expensive. If you're currently in a project position, rather than a line position, you're at risk. If your job isn't critical for your company to sell, produce, or deliver products/services, you're at risk. If you had a below average or average annual review you're at risk (even if you didn't deserve that unfavorable review), no matter how long you've been with your employer.?If you're in HR or recruiting, you'll be at risk. If your company is facing financial challenges, high costs, needs to sell/merge or secure?VC/IPO funding to grow, you'll be at risk.
(The worker shortages you've heard about are primarily concentrated in these types of jobs: restaurant/bar, low wage hourly, frontline manufacturing production, truck drivers, doctors and nurses. But those aren't the jobs you want, are they?)
For the career/management/executive jobs you are searching for, now that currently employed candidates are flooding the job market, increasing levels of job competition require you to do more to get interviews, advance and find your next job fast when you're over 40, 50, or 60.
During my next complimentary webinar, I'll show you the best ways to beat job search ageism, avoid the biggest age 40, 50 and 60 job seekers mistakes, to avoid employment age discrimination and find a great job fast. These strategies are designed to accelerate your 2022 job search whether you're currently employed or in career transition, changing careers/industry/location, searching for remote jobs, have long term gaps or have other challenging job search problems.