Where Did the Hot Job Market Go?

The job market is average again. The Wall Street Journal published a recent article about the decline of the "hottest job market in a generation." This market was fueled by pandemic area hiring that flooded the scene as a result of the Great Resignation and let job seekers jump around to maximize their earning potential at companies that needed to fill a lot of jobs quickly. In the first half of 2024, we saw the market start to cool and we saw hiring slow down and unemployment start to rise for the first time since 2021. The good news is that unemployment is still low overall, but the bad news is that if you're in the job market it may take you a little longer to find success in your job search. Here are 4 things you can do to maximize your job search efforts in a market that is not as hot as it was two years ago:   

1. Work your network and proactively connect with people who work for companies and in fields you're interested in. Ideally this is done whether or not you're looking for a job, but the reality is most people don't devote much time to networking until they need to. But the more people you know, the easier it will be to find a job and the easier it will be to get your foot in the door. In a hot job market, networking is not as important,, but in a climate where we are increasingly more isolated, remote, and required to put in less "face time" with people, our networks shrink. So when all of a sudden the market cools and our connections matter more than ever again, our ability to reach out to our contacts, be a bit more extroverted, and talk to people feels more daunting. So remember, who you know (and who they know) is a big differentiator in a cooler job market.     

2. Optimize your resume and LinkedIn profile for the jobs you want, but know that it's not enough to stop there. You want to use the same keywords in your resume that are found in the skills and experience sections of the job descriptions you're targeting--but when competition for roles is higher, you have to do more than just apply with a good resume and wait for the call. A good resume is necessary to get a job, but it won't get you the job. You have to do the work to follow up on your applications, demonstrate your interest, network, and talk with people to make connections. 

3. Focus on ways you can make yourself more marketable in your field. If you're missing experience in a particular software, key skill, or methodology, and you have a way to fill that gap, this is a great strategy for boosting your chances of standing out among other applicants. This does not mean you have to pay for a fancy class or certification, it can be as simple as doing some online webinars or free tutorials to demonstrate some proficiency in a specific area and help you add an important keyword to your resume. 

4. Likability helps you land jobs, so practice your interview skills.  You don't have to be a 100% skill match to get an interview. You don't even have to be a 50% skill match to get an interview. Employers hire people who don't have the right mix of desired skills and experience all the time...but only if they really like them. Likability in networking, pre-interview communication, and ultimately in interviews is one of the most important elements to focus on getting really good at when you're in the job market. How do you come across in conversations? Do you build rapport easily? How are your active listening skills? Do you make the right kind (and amount) of small talk? Do you leave people feeling confident about what they are getting if they hire you? How well are you able to articulate your value and goals in a way that is compelling, interesting, and effective? You might have the best resume and the most impressive experience, but if you don't strike the right balance of confidence, experience, and likability you will probably get passed by for someone who does a better job demonstrating those traits. 

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