We know the unemployment rate has been in turmoil for a while, and numbers from Bullhorn prove it so. Recently, the staffing and recruiting software company studied 16 million candidate profiles and more than 5 million job orders from 45,000 recruiters nationwide. Their findings? While things aren’t looking good overall, the decline in new jobs is worse for certain industries.
The industries biggest hit are:
- Wholesale (down 40%)
- IT (down 31%)
- Entertainment (down 28%)
Art Papas, the CEO of Bullhorn, thinks this slowdown stems from a drop in business confidence caused by three things:
- European Crisis
- S & P downgrade shocking the nation’s confidence
- Gridlock in Washington
Industries like Education, Health Care and Construction have seen little to no drop in openings, probably because they’re more stable (and necessary) fields. And for us in the PR industry, it seems like every agency is hiring these days and business is on the rise.
What This Means for Job Seekers
The slowing of job openings affects everyone, on every level, looking for a job. Even PhD educators are finding the job market cutthroat these days. Fewer job openings means it’s harder for the 9.1% of the population that’s unemployed to find work. Job hunts are taking longer, and people on unemployment benefits are clinging to the pittance they receive while desperately seeking a job.
The major issue in unemployment is the long-term unemployment which accounts for 43 percent of the unemployed. These are people who have been out of work for at least six months and are still job seeking. Long-term unemployment means they are losing skills to keep them current with the market demands – creating a gap between the candidates qualifications and those the employer seeks.
Employers are seeing a flood of resumes for any given posting, many of whom are not qualified for the job they’re applying for. This is taking more time and energy than hiring has in the past.
It’s a lose/lose situation for both job hunters and employers, and it doesn’t seem to be getting any better any time soon.
Looking for the Lining
While there’s not much we can do about any of these contributors to job order slowdown, you can do your best under the circumstances to increase your chances of finding a job and staying positive about the whole process.
Look beyond the industry you’ve worked in for your next employment. You may find the type of role you’re looking for in other industries that aren’t suffering as badly as, say, entertainment. Or you might find something else you’re qualified to do in other fields. In this economy, job seekers can’t afford to be too picky. While you might be hired for a job that’s far from your ideal, you can work with it for now and make your move later if you’re unhappy.
Consider other types of employment, like contracting, freelancing or part time work. Employers are looking for less commitment when it comes to hiring, so if you’re willing to forgo the health benefits or 40-hour workweeks, you might open up new job possibilities.
Don’t give up! While it’s frustrating to constantly skim job ads, all it takes is one job to end your frustrations. Take a break when at the computer for long periods, sending off cover letters and resumes. Take a walk and a deep breath, and come back to tackle the job with renewed energy.