How to survive in an employer driven market
The COVID-19 outbreak we experienced this past Spring led to a significant change on the employment community. Overnight, we noticed a rapid shift from a candidate driven employment market to an employer driven market.
Why is understanding this change important?
On average, each job opening attracts up to 250 applicants. Of those candidates, 4 to 6 will get called for an interview, and only 1 will get the job according to Glassdoor. Understanding how employers evaluate applications and potential candidates will help you implement more effective job search strategies to boost your hiring status for the career jobs you want.
Candidate Driven Market vs. Employer Driven Market
In a candidate driven market companies compete and often invest more resources to find the perfect candidate within a limited application pool. Employers offered higher wages, better benefits and sign on bonuses in order to get potential candidates to commit to jobs.
An employer driven market is the complete opposite! This is when there are more qualified candidates than job openings available. An employer driven market is common result of a shrinking economy and a rising unemployment workforce which is similar to what we’ve been experiencing during COVID-19.
How does this affect your job search?
This is the toughest employment market we’ve seen in a long time. Job search success is going to involve a lot of hard work, focus and perseverance. How you market and position yourself to potential employers is Essential!
91% of employers prefer their candidates to have work experience, and 65% of them prefer their candidates to have relevant work experience.
This phenomenon is not only affecting mid to high level employment opportunities. Entry-level jobs like cashiers and warehouse associates are also experiencing a spike in the number of applications which makes landing one these job offers a highly competitive endeavor.
Don’t get discouraged - Get empowered!
An employer driven market doesn’t necessarily mean that landing a good job is impossible but it’s a good indicator to alert you that more careful planning is needed to achieve you goals. Take control of your job search and career employment potential!
Here are 5 actionable steps you can take right now to heighten your visibility and marketability to attract potential employers.
Get all your job search tools in order
Having an updated resume, within an employer driven market, is not an option but a necessity! Standing out within this highly impersonal and virtual hiring environment is more about what you can prove rather than what you say.
Recruiters take an average of 6 seconds to scan a resume.
Resumes that clearly highlight your educational background, work experience, skill and accomplishments will instantly boost your online application rating and help get you noticed.
Double check your online profiles on job boards like Jobcase, Indeed and LinkedIn and make sure your career background information is consistent with your updated resume. Take time to complete 100% of your online profiles then let your 24/7 online presence go to work for you even when you’re not.
87% of recruiters use LinkedIn to check candidates.
Reach out to your contacts
The old cliche “it’s not about what you know but who you know” is completely applicable in an employer driven market. Networking opportunities with the right contacts will help you get your foot in the door faster. Take advantage of your social media virtual meeting platforms like Zoom and Skype to catch up with your networking community.
60% of recruiters use social networking sites to research candidates.
Be Bold
Surviving an employer driven market will test your ability to take risks and be courageous. The COVID-19 outbreak had an immediate impact on some major US industries like foodservice, travel & tourism and entertainment. If you’re one of the million affected workers don’t be afraid to seek out alternative employment opportunities.
Outline your key skills and experience then explore how you can transition those attributes into other industries and jobs with little to no additional education and/or formal career training. Look for employment options that offer on the job training and career development opportunities. Don’t be afraid to pivot your career search into areas where there are more opportunities.
Be Resilient
Job searching in an employer driven market is going to test your resiliency and spirit. Rejection is an unfortunate ingredient within the job search process so try not to get stuck or dwell on employer employment rejection letters.
Take every step to ensure you’re presenting your best self during the application and hiring process and don’t stop your job search pursuit until you get a job offer for the job(s) you want.
66% of job seekers said they would wait only two weeks for a callback after which they consider the job a lost cause and move on to other opportunities.
Don’t get stale, stay active!
Take advantage of your down time to learn new skills in order to boost your competitiveness within this employer driven market. Online career training websites like EdX and Coursera offer FREE and affordable hard and soft skill online, self-paced training options to help raise your value to potential employers. CareerOneStop also offers FREE career development and self-assessment tools designed to help you identify your key strengths and career transitioning options.
Everyone must be proactive and do all they can to help themselves to stay employed.
Stephen Covey, The 7 Habits of Highly Effective People
What are some of your key job search challenges?
Tell us in the comments by selecting from the options below:
A. Finding good paying jobs in my area of expertise
B. Landing interviews from online job applications
C. Landing job offers after interviews
D. Finding legitimate work from home job opportunities
E. Something different (describe your unique challenge)
Comments
Truly incredible, I will do my best to get there...
Very interesting and relevant article. I really appreciate it.
My challenge is to find a similar job at 65 years old in an ageist profession: land surveyor.
My challenge is to have my own taxi car and joining a company or base with my own taxi car.Tower auto mall taken my 2017 toyota camry after I paid for 3 years $65,000,for a car values $25,000 car . imagine that lost for a 63 years old,yes imagine , the car supposed to be considered paid off.I can just use my car to work.That a rip-off.