The unemployment rate dropped last year to stay low, but what does that mean for job seekers and employers?
If you’re on a job hunt, I’ve got great news for you. It’s a job seeker’s market! The unemployment rate in the U.S. stays at an all-time low of 3.7%. In August 2019, there were roughly 6 million unemployed, compared to more than 14 million in July 2009.
But what does this mean for job seekers? And is it bad news for employers/job agencies and their job recruitment efforts?
Is low unemployment good for job seekers?
Now it’s the time to get out there if you’re planning on finding a new job. According to the Bureau of Labor Statistics, the number of job openings was 7.217 million in July 2019.
Meaning, with so few people looking for work and so many open jobs, you’ll have more job offers to choose from and higher chances of getting the job.
The job seeker’s market is so strong that a growing number of employees began quitting their current jobs. Why? Because they’re overly confident they’ll easily find another, more paid job.
However, if you think that low unemployment rates mean you won’t come across any difficulties along the way, think again.
This is what you should expect when applying for a new job:
Thorough assessment.
It might be the best job market since 2000, but you shouldn’t expect to hand in your resume and get the job. Employers can’t afford a high turnover. Job agencies can’t meet the expenses of bad employees. Job recruitment is costly, and it takes too much of their time.
Companies have had a bad experience with hiring candidates fast and making bad hiring decisions. Now they’ve become more careful. Bad hiring decisions can cost a company thousands of dollars and a thousand more on employee disengagement and bad company reputation. In fact, according to the U.S. Department of Labor, the cost of a bad worker is at least 30% of the employee’s first-year earnings.
As employers are scared of hiring employees who are not a fit for the company, you should be ready for a thorough assessment process. Expect at least two or three rounds of interviews when you’re applying for a job. Employers might also suggest a meetup with the team and even a test period.
Employers going the extra mile.
In this highly competitive market, employers would do anything to get the best talent. And they’ll try to sell the company as the best place to work. Meaning, they would be willing to go the extra mile to accommodate your preferences. It’s not unusual for an employer to offer great benefits like:
- A flexible schedule
- Freedom to work from home
- Higher salary
- Better health, vision, and dental insurance
- More vacation time
- Student loan and tuition assistance
- Paid parental leave
Qualified job seekers are hard to find. So employers are willing to offer an attractive benefits package just to get their foot through the door. It’s also a sure way toward employee satisfaction and engagement.
Strong referral programs.
Many companies have grasped the many benefits of a referral program. The truth is that referral programs are a super powerful tool for hiring and retaining employees. By setting up a referral program, a company’s existing employees can become their best recruiters and bring in the most skilled and exceptional people to the company.
So, if you have a specific company in mind and know someone who works there, don’t be scared to ask for a referral.
5 Tips to Help You Land the Job
Yes, it’s a job seeker’s market, but you have to be prepared if you want to take advantage of the situation.
Here are five tips to help you seize the opportunity that’s in front of you:
Research the company.
Your interviewer will read your resume and check your references. You should do them the same courtesy. One one of doing so is researching the company. Experienced interviewers will hope you to be interested in the company and curious to find out what it does. So, doing research can help you come up with the right questions.
Consider visiting the company’s website and browsing their social media. LinkedIn company profiles are also an excellent way to find more information about an employer. You can also find the company on Glassdoor. The Interview Questions and Reviews section is a goldmine of information.
Ask for a referral.
As I’ve mentioned earlier, if you have a certain company you wish to work for and know an employee who works there, ask them to refer you. When a current employee vouches for you, it tells employers that you might be a great fit for the company.
A referral will undoubtedly make you stand out from the crowd and increase your chances of landing the job.
If you don’t have a contact at the company, then make sure to have some references ready.
Get reference letters.
It’s always good to have a reference letter at hand in case an employer asks for it. References are important in the eyes of an employer, and recruiters always check them. If you don’t have any, make sure you get a recommendation from previous managers, coworkers, clients, and bosses. If your point of reference tells you they don’t have the time to write the letter of recommendation themselves, suggest writing the entire letter yourself and then ask them to make adjustments as they see fit.
Ask the right questions.
Asking the right questions is a great way to see whether the company is a good fit for you. You’ll learn everything you need to know in order to fully evaluate the position. And I don’t mean asking questions like: “do you have casual Fridays?”
Some of the most important questions you should ask are:
- What would be my day-to-day responsibilities?
- What kind of characteristics do you look for in an employee for this role?
- What is the best part about working at this company?
- How do you measure success?
- Are there opportunities for professional development?
- With whom will I be working?
- What is the most challenging part of this job?
Sell your skills.
Learning how to self-promote your skills is a valuable skill to have. You don’t want to sound arrogant, and at the same time, desperate.
One tactic you can try is explaining your achievements with metrics. Instead of saying, “I led a successful project,” say, “The project I led reduced costs by 35% and landed us five new clients.”
Your interviewer will be looking for the best person for the job. You should help them find that person!
Key Takeaways
It’s a job seeker’s world, and the opportunities are out there. So if you’re planning on quitting your current position or looking for your first job, now it’s the time. Research possible companies, get those reference letters or referrals and learn how to sell your skills. Your next job is already lurking around the corner.
