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#JobSearch : If You’re Having A Hard Time Finding A White-Collar Job, Here’s Why. Cautious: Once Memorial Day Comes, You Can Anticipate a Summer Slowdown.

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The number of Americans applying for unemployment benefits has surged to the highest level in more than eight months. Initial claims for unemployment benefits increased by 22,000 to 231,000 the week ending May 4, up from 209,000, the United States Department of Labor reported Thursday.

The data indicated a higher rate of unemployment for professional and business services workers, while claims for Americans working in manufacturing were down.

The U.S. white-collar job market is currently experiencing a slowdown. Compared to the overall labor market, white-collar workers are seeing a significantly slower growth rate. The U.S. economy added a dismal 175,000 jobs last month, the lowest rate in six months, according to the Bureau of Labor Statistics.

Well-paying industries, such as finance, technology and professional services, are being adversely affected, while blue-collar, skilled labor jobs are relatively secure. Notably, not all white-collar jobs are hurting, as there are pockets of needs in various sectors. There is still a high demand for healthcare, government and certain skilled tech professionals, such as AI-related software engineers.

 

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Updated NEWS: #BestofFSCBlog – Aug23 we hit Two Milestones: #1– Hit over 1.2 million impressions on our FSC Career Blogs within 7 days on LinkedIn……. #2– Over 3.5 Million participates on our FSC Career Blog page below within three years!  Both the Team/myself want to thank you all for participating! …… Chris G. & Team,www.firstsun.com

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Answer: Simply go to our FSC Career Blog below & Type (Jobsearch, Resume, Networking, etc) in Blog Search:  https://www.firstsun.com/fsc-career-blog/

What Skill Sets Do You Have to be ‘Sharpened‘?

 

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 32 years in delivering corporate & individual outplacement services & programs to over 1200 corporate clients in the U.S., Canada, the UK, & Mexico!   Visit us @ www.firstsun.com  OR Ask for a Quote for Services at  info@firstsun.com

We here at FSC want to thank each of our corporate partners for the opportunity to serve & moving each of their transitioning employee(s) rapidly toward employment!

 

Article continued …

Healthcare And Government Dominate Overall U.S. Job Gains

U.S. job growth is being driven largely by the healthcare and government sectors. Healthcare added 56,000 positions in April, which is in line with its average monthly gain of 63,000 over the past 12 months. Employment surged in ambulatory healthcare services (+33,000), hospitals (+14,000) and nursing and residential care facilities (+9,000).

Government jobs increased by 8,0000 last month. In April, local government employment was unchanged, following a boost of 51,000 in March. Within the past year, the government had added an average of 55,000 jobs per month.

Professional And Technical Services

Nearly 300 tech companies have terminated over 81,000 workers in 2024 so far, after the sector hemorrhaged more than 263,000 positions last year, according to data from Layoffs.fyi.

February of this year recorded the highest rate of job cuts for any February since the financial crisis, research from outplacement firm Challenger, Gray & Christmas revealed.

A CompTIA analysis of the BLS data found that tech occupations across various industries fell by 20,000 in April.

Despite major job cuts, the tech sector continues to selectively hire for certain niche white-collar roles that require highly specialized skills that match exact job requirements.

Last month, 179,000 new tech-related job listings were posted. Openings for AI positions or “occupations that require AI skills accounted for 11% of all tech job postings in April,” according to CompTIA, an association that provides information technology certification.

The Concerns Of U.S. Workers

Amid economic uncertainty and the potential for automation and AI taking away jobs, white-collar workers are concerned about holding onto their jobs or trying to find a new opportunity. In a 2023 job market survey by Professional Résumé Writers, nearly half of workers self-reported that they were concerned about losing their employment, with executives exhibiting the most worry (66%).

The power dynamics have shifted in the job market, and now employers have the upper hand. For job switchers, this translates to less bargaining power, meaning companies may lowball you in salary, benefits and perk negotiations.

Upon recent layoff announcements, organizations have seen their share prices appreciate, as investors take it as a sign of the company being fiscally responsible. As a result, employers are kowtowing to shareholders by remaining lean.

Once Memorial Day comes, job seekers can anticipate a summer slowdown, as U.S. hiring historically comes to a screeching halt with human resources, hiring managers and candidates on vacation.

Forbes.com Author: Jack Kelly – Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Forbes.com | May 9, 2024

#JobSearch : What To Expect In The Job Market From Now Until The End Of 2023. Job Openings Declined to Their Lowest Level in Over Two Years. Great Read!

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With mounting economic uncertainty causing many employers to pull back on hiring plans, the job market appears to have cooled from its red-hot pandemic recovery pace earlier in the year. Hiring fell 3.6% in August across almost all sectors compared to July, making it the third month in a row of hiring declines, according to LinkedIn’s State of the Labor Market report. Hiring in the United States remains down 23.8% year-over-year.

Data analysis from LinkedIn shows that almost all industries are facing their own unique hiring challenges. The wholesale sector recorded a 13.9% month-to-month drop in employment. Additionally, the retail industry faced a 10.7% month-to-month decline in hiring, while food services saw a 6.7% decrease, which could reflect shifting consumer attitudes. The financial sector experienced 7.1% less hiring amidst “complex market dynamics and regulatory changes.”

 

This summer, the U.S. Bureau of Labor Statistics reported that job openings declined to their lowest level in over two years. Vacancies dropped to 8.827 million in July from 9.165 million in June.

Hiring Intentions For Q4

In closing out 2023, employers intend to execute a calculated approach to hiring, according to the latest ManpowerGroup Employment Outlook Survey.

 

“The data for Q4 reveals employers continue to plan measured hiring despite economic uncertainties,” said ManpowerGroup chairman and CEO Jonas Prising. “Globally, employers are beginning to moderate their hiring post-pandemic with many focused on recruiting and retaining the business-critical skills they need to drive growth.”

 

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Updated NEWS: #BestofFSCBlog – Aug23 we hit Two Milestones: #1– Hit over 1.2 million impressions on our FSC Career Blogs within 7 days on LinkedIn……. #2– Over 3.5 Million participates on our FSC Career Blog page below within three years!  Both the Team/myself want to thank you all for participating! …… Chris G. & Team,www.firstsun.com

Daily FSC Career Blogs/Articles: Articles/blogs on today’s Job Search (Over 8K Daily Readers)- Go to ‘Blog Search’ & type in updated info on resumes, job search, networking, social media job search, etc.

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Connect with us on LinkedIn (under Chris G. Laughter) : https://www.linkedin.com/in/chris-g-laughter-b46389198/

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Answer: Simply go to our FSC Career Blog below & Type (Jobsearch, Resume, Networking, etc) in Blog Search:  https://www.firstsun.com/fsc-career-blog/

What Skill Sets Do You Have to be ‘Sharpened‘?

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 32 years in delivering corporate & individual outplacement services & programs to over 1200 corporate clients in the U.S., Canada, the UK, & Mexico!   Visit us @ www.firstsun.com  OR Ask for a Quote for Services at  info@firstsun.com

We here at FSC want to thank each of our corporate partners for the opportunity to serve & moving each of their transitioning employee(s) rapidly toward employment!

 

Article continued …

The information technology industry looks like a bright spot for employment in the fourth quarter, with 39% of companies intending to hire within this space, followed by financials and real estate (33%), communication services (31%), healthcare and life sciences (31%) and energy and utilities (31%).

According to the report, employers said they are more willing to bring aboard candidates who are older and seeking employment changes (34%), have been unemployed due to caretaking responsibilities (27%), have non-linear career paths (27%) or are long-term unemployed (26%).

Beyond possessing the requisite technical skills, hiring managers and bosses ranked the critical soft skills they look for in a job applicant: communication, collaboration and teamwork (39%); accountability and reliability (33%); reasoning and problem-solving (29%); active learning and curiosity (23%) and resilience, stress tolerance and adaptability (23%).

Knowing the temperature and mood of the job market can help you better plan for your next career move and manage your expectations.

Your Job Strategy For Year-End

If you are considering a job switch or moving up the corporate ladder, start by thinking about your short and long-term career goals and what you want to achieve in the remaining months of 2023 and into the new year.

Update your résumé, polish up your LinkedIn profile, clean up your social media footprint and create a game plan for your job search. Let trusted co-workers know you are open to making a move and ask them for job leads. Tap into your network by reaching out to former colleagues, mentors, family, friends, college alums and other tight and loose contacts.

Subtly use the upcoming holidays as an excuse to reach out to people who can potentially help you with the search. Most people will stop looking for a new job once the holiday season commences. That’s good news, as the competition starts dwindling.

If you are looking to advance your career within your current company, focus on getting noticed by key executives to receive a positive annual review.

Use the end of the year to prepare for performance reviews or goal-setting meetings with your manager. Politely ask your boss for any feedback or constructive criticism so you will have time to course correct over the next few months. Also, communicate any goals, new assignments or projects you want to get involved with, as it can further your career.

Ask supervisors and managers to put in a good recommendation—either in writing or verbally. Remember to keep track of all your accomplishments, wins and times that you went above and beyond and greatly exceeded expectations. Put together a list of all the reasons why you should get a promotion, raise and a big end-of-year bonus.

Forbes.com Author:  Jack Kelly       Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Forbes.com | September 20, 2023

#JobSearch : Workers Face Fears Of Further Layoffs, AI Stealing Jobs And Higher Inflation. Workers and Job Hunters will be Harmed by AI and Ghost Jobs

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Only slightly more than half of American workers are “extremely or very satisfied” with their jobs, according to a new Pew Research Center survey. The results seem better than expected.

Workers have endured a lot recently. Silicon Valley Bank and Signature Bank closed down due, in part, to a run on the banks out of fear of losing their life savings. Following the bank collapses, there was a palpable fear of a full-blown banking crisis. There has been a steady stream of layoffs, hiring freezes, record levels of inflation and rising interest rates making the costs of everything more expensive.

The start of the 2023 second quarter finds UBS’s acquisition of ailing Credit Suisse, which could lead to massive layoffs. Artificial intelligence could wipe out 300 million jobs, according to Goldman Sachs, and oil production cuts from the Organization of the Petroleum Exporting Countries (OPEC) will drive the prices of gas higher into the summer travel season. Mysteriously, McDonald’s shut down its home offices this week to figure out who and how many people the iconic burger chain will let go.

UBS Layoffs

With concerns over the viability of Swiss-based Credit Suisse, intra-country competitor UBS bought out the bank under pressure from Swiss regulators. Since both institutions offer similar financial services and have offices in many countries around the world, including a sizable presence in the U.S., there is a chance that jobs could be made redundant.

The two banks offer investment banking, high-net-worth wealth management, asset management, stock and bond sales and trading. UBS has more than 74,000 employees working from nearly 50 countries. Credit Suisse is also global and the second largest Swiss bank with around 50,480 employees.

Since there’s overlap in nearly all the divisions, intense competition between talented people at each organization will occur to keep their jobs. To slash costs and integrate the two entities efficiently, UBS, the stronger of the banks, will cut around 20% to 30% of its 120,000 global workforce after completing its merger with Credit Suisse. The numbers are staggering, as roughly 36,000 bankers, brokers, traders, wealth managers and compliance personnel will be laid off.

 

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What Skill Sets Do You have to be ‘Sharpened‘?

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 32 years in delivering corporate & individual outplacement services & programs to over 1200 corporate clients in the U.S., Canada, the UK, & Mexico!   Visit & contact us @ www.firstsun.com

We here at FSC want to thank each of our corporate partners for the opportunity to serve & moving each of their transitioning employee(s) rapidly toward employment!

Article continued …

McDonald’s Is Temporary Closing Its Golden Arches

McDonald’s announced that it would temporarily shut down its United States offices this week. The closure will bide time for the global fast-food chain to determine layoffs and corporate restructuring, and alert the affected employees, the Wall Street Journal reported on Sunday. Last week, workers were told via email to stay at home and work remotely for the first few days of the week. All in-person meetings with outside entities will be canceled.

Waiting is the hardest part. McDonald’s has more than 150,000 employees in corporate roles. Many people will be anxious and stressed out over whether or not they’ll have a job. In a white-collar recession, it’s not a good time for a middle corporate manager or executive to be let go, as it will be difficult and time-consuming to procure another opportunity at the same level and compensation package.

Adding to the employees’ worries, McDonald’s in January said its Accelerating the Arches program will place emphasis on “deliveries, drive-thru, digital and development,” and didn’t mention what will happen with the college-educated office workers.

Cuts In Oil Production Driving Up The Costs Of Summer Traveling

Families going through McDonald’s drive-thrus will be spending more money on gasoline, as Saudi Arabia and other OPEC+ oil producers announced that there would be oil output cuts of around 1.16 million barrels per day. The reduction in drilling and production will cause an immediate rise in prices, which the U.S. called “inadvisable,” Reuters reported.

U.S. Treasury Secretary Janet Yellen said on Monday at an event at Yale University that OPEC+’s cut to oil production is a “regrettable action” that will add to the current global economic uncertainty. The decision will cause further financial strain to consumers already burdened by high inflation.

Oil prices jumped on Monday. St. Louis Federal Reserve president James Bullard was surprised over OPEC+’s sudden and unexpected decision to cut crude production. The move may make things challenging for the Fed, as it is desperately trying to bring down record inflation levels. There are some concerns that stagflation may result as inflation remains stubbornly high. While Fed chair Jerome Powell wants inflation to go down to around 2%, Bullard said in an interview with Bloomberg last month that his own forecast is for rates to peak at 5.625% this year.

Workers And Job Hunters Will Be Harmed By AI And Ghost Jobs

Goldman Sachs, the highly regarded New York City-based investment bank, wrote a sobering and alarming research report about the ascendency of artificial intelligence. Goldman maintains that if generative AI lives up to its hype, the workforce in the U.S. and Europe will be upended. The bank estimates that 300 million jobs could be lost or diminished due to this fast-growing technology.

Office administrative support, legal, architecture and engineering, business and financial operations, management, sales, healthcare and art and design are some sectors that automation will impact. AI is anticipated to replace workers in a wide array of sectors ultimately. In the past, blue-collar and frontline workers usually bore the brunt of painful changes created by technological innovations. This time, it’s after the office class.

Job seekers are chasing ghosts.In a survey conducted by Clarify Capital, around 25% of hiring managers self-reported that they’ve kept job listings open for more than four months. Moreover, they don’t intend to hire anyone in the near future.

The reasons for posting “ghost jobs” include building a pipeline of candidates for when the tide turns and recruiting gears up again, making it seem as if the company is doing well and expanding, humoring employees that help is on the horizon with new staff arriving to help with the workload, languishing on job aggregation sites and human resources and hiring managers forgetting to take down old job listings.

Forbes.com |  April 4, 2023 

#BestofFSCBlog : Over 18K Reads. Must REad- Whether It’s The Notable Silicon Valley Bank, Meta Or Google, Your Job Isn’t Safe—It’s Time To Look After Yourself.

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The economy has become too volatile, and workers are no longer safe. The lurching back and forth from good to bad times has accelerated, causing workers to feel lost and confused. Only a year or so ago, everything seemed fine. Record inflation, high-interest rates and soaring costs are eating into everyone’s paychecks. Jobs for white-collar workers were seemingly ubiquitous, but now switching jobs is harder. The tech sector alone laid off nearly 130,00 workers in the first two and a half months of 2023.

Americans are contending with fear, uncertainty and doom. It looks like perpetual change will be the new norm for the near term. You’re not guaranteed job security even if you work at notable firms, like the once highly regarded Silicon Valley Bank, Meta, Microsoft, Amazon or Google. The reality is that this new economy is harsh, cold and unforgiving. You must take ownership of your career and create your destiny. You cannot solely rely upon the largesse of your company.

After many years of catering and pampering tech workers, tech firms are implementing cost-cutting initiatives. The change in tone is voiced by venture capitalist Keith Rabois, a general partner at Founders Fund, known for his big wins in investing in PayPal, LinkedIn and Square at early-stage investment rounds, said that the tech sector has too much “fake work” and too many people were hired as a “vanity metric” to help managers build their egos and fiefdoms.

Silicon Valley Bank Was Shut Down

On Thursday, SVB, the 16th largest bank in the United States, experienced a run on the bank, as depositors rushed to withdraw $42 billion from their accounts, leading to the largest U.S. banking failure since the financial crisis. The lender was best known for servicing the “innovative economy landscape.” According to its website, about 50% of all U.S. venture-backed technology and life-sciences companies banked with SVB.

The VC and tech depositors held accounts with millions of dollars. The Federal Deposit Insurance Corporation, the United States government entity responsible for insuring deposits, only covers up to $250,000. More than 90% of the money held at SVB was greater than the amount the FDIC would cover. Startup founders worried about how they would be able to meet payroll. If the funds were stuck in limbo, it would have likely caused large job losses, as companies wouldn’t have the assets to pay them.

Depositors who held money in SVB, Signature Bank, First Republic and other smaller or regional banks spent the weekend worried about losing their funds. It was a roller coaster ride, as U.S. Secretary of the Treasury Janet Yellen initially said she wouldn’t bail out SVB and other similarly situated banks. Strong protests were made by venture David Sacks and others, asserting that it wasn’t fair for customers to be wiped out of millions of dollars, due to bad decisions made by the leadership at SVB. Ultimately, Yellen, the Federal Reserve Bank and others in the Biden administration ensured that depositors would be made whole again and would have access to their money on Monday.

 

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Answer: Simply go to our FSC Career Blog below & Type(#Jobsearch, #Resume, or #Networking) in Blog Search:  https://www.firstsun.com/fsc-career-blog/

What Skill Sets Do You have to be ‘Sharpened‘?

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 32 years in delivering corporate & individual outplacement services & programs to over 1200 corporate clients in the U.S., Canada, the UK, & Mexico!   Visit & contact us @ www.firstsun.com

We here at FSC want to thank each of our corporate partners for the opportunity to serve & moving each of their transitioning employee(s) rapidly toward employment!

 

Article continued …

Lessons Learned From The Near Disaster

One of the lessons learned from the pendulum swinging to extremes is that you cannot be complacent and must always be vigilant about your job and career. The days of the Great Resignation, quiet quitting and acting your wage are behind us. There’s no room for Bare Minimum Monday and Try-Less Tuesday. The new normal is more akin to FUD—fear, uncertainty and doom.

It sounds dramatic, but it’s meant to be a new reality check. If you have a job, hold on tightly and make yourself irreplaceable. At the same time, you need to cushion your career by creating an action plan to prepare for if things take a terrible turn at your current company. The onslaught of layoffs, hiring freezes and job offers rescinded calls for action, instead of waiting for the ax to fall. Keep looking for new opportunities. Update your résumé. Stay in touch with recruiters. Seek help and advice from mentors, sponsors, career coaches and trusted friends and family. Continue learning new skills as the economy constantly changes and evolves, so you won’t get left behind. If you haven’t started, build a network of like-minded people. These will be the ones to turn to for job leads and introductions to new opportunities. If you have the time and inclination, find ways to have multiple income streams in addition to your job.

Think of what happened over the last three-plus years. We staggered from the depths of despair, slowly digging our way out of a global pandemic. For a time, the U.S. economy experienced a period of exuberance. After millions of layoffs during the early dark days of the pandemic, the U.S. economy experienced a job boom with record-low levels of unemployment. Now, Americans are facing tough times again

Layoffs And Stress

Finding a white-collar job will be more challenging now. Blue-collar and frontline jobs are seeing more growth. However, there is a white-collar recession happening, as thousands of tech, Wall Street, real estate, media and other interest-rate sensitive sectors collectively laid off hundreds of thousands of college-educated office workers.

According to data from LinkedIn’s State of the Labor Market, the market for these professionals is slowing down. The report conducted by the professional social network shows hiring on LinkedIn dropped by 23% year-over-year in the U.S. in January.

The data shows that the number of posts by members mentioning the words “layoff” or “retrenchment” on LinkedIn soared. Posts referencing “open to work” increased by almost 20%. These indicators reflect that the labor market is cooling, beyond the ongoing layoff announcements from industries that saw massive overhiring during the pandemic

Job seekers no longer have the luxury of picking and choosing from a large array of opportunities. If you switch roles, you may be the last person hired and first one fired when things take a turn for the worse. As a result, people are working harder and longer hours, especially since inflation and higher interest rates have increased the costs of everything. Losing a job can become a financial hardship.

Many Americans are financially squeezed, sandwiched between caring for their children and young adults, while also providing for their aging parents. As life expectancy continues to rise and many young adults grapple with financial autonomy, 23% of adults in the U.S. are now part of what is being called the “sandwich generation,” according to a Pew Research Center survey. The sandwich generation consists of adults with a parent 65 years or older, who are raising a minor or providing for an adult child.

Working Weekends

According to a report by ActivTrak, a workplace software company, people are working more hours over the weekend. In the beleaguered tech sector, reeling from an unrelenting stream of layoff announcements, the amount of time put in on Saturdays and Sundays soared by 31%. Job cuts have also impacted media company employees, and the study shows that they’ve put in 53% extra hours on average on weekends.

According to the study, the additional hours spent working are primarily due to the layoffs, which result in the remaining workers having to take on the workload of those who were let go.

The American Psychological Association says that a stressful workplace leads to a multitude of health problems, including headaches, stomachaches, trouble sleeping, losing your temper and lashing out and trouble concentrating. Unrelenting stress can also cause anxiety, insomnia and high blood pressure, weakening your immune system. When you’re burned out, there’s a risk of depression, obesity and heart disease. People in this situation sometimes turn to drugs and alcohol, which worsens the situation.

Here’s What You’re Dealing With

A new policy will make it harder for Googlers to advance within the organization. Google informed its employees that fewer people would be offered promotions to senior levels this year compared to the prior years “to ensure that the number of Googlers in more senior and leadership roles grows in proportion to the growth of the company.”

With fewer promotions available, the tech company is actually pitting people against each other. If they don’t aggressively exceed their manager’s expectations, there may not be a path forward within the company. The new program is another blow to workers shortly after the search giant coldly laid off 12,000 people via email.

Meta CEO Mark Zuckerberg pointed out the proliferation of managers within his company, claiming it creates unnecessary bloat and spiraling costs. According to reporting by the Verge, Meta is making 2023 the “year of efficiency.”

Zuckerberg called out the inefficiencies within the large social media platform, which is also happening at other large tech companies, stating, “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work.”

Under the cloak of the Silicon Valley implosion, Zuckerberg is reportedly conducting a second round of layoffs that could match the breadth of last year’s job cuts, according to the Wall Street Journal. Every time a company, including his own, announces large-scale layoffs, the company’s stock price jumps higher.

Forbes.com Author:  Jack Kelly       Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Forbes.com | March 15, 2023

 

#BestofFSCBlog : Over 6K Reads. Layoffs Aren’t The End Of The World. Here’s How To Land Your Next Gig. GReat REad for All!

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Companies and their constellations of managers, employees, investors, and boards love the word “growth.”  Growth means the expansion and more funding. It means hiring up and scaling output. It leads to fun office perks and big bonuses. It signals success, and which company doesn’t want to brag about that?

We’re now seeing that the overambitious growth at startups and established tech giants alike — MicrosoftMSFT +0.8%, GoogleGOOG +0.2%, AmazonAMZN +0.5%, and Meta — has a human toll.

“Successfully managing any professional transition involves first reflecting on where things stand in your career, then taking concrete action to make your professional ambitions a reality.”

This hiring-and-firing dynamic has ensnared 160,000 workers who were laid off from tech companies last year and an estimated 46,000 more workers who received their digital pink slips via Zoom, Slack and email this month.

Job cuts show no sign of slowing down as companies navigate a combination of high-interest rates, diminished profits, a pullback in investments and a lagging economy. So we’ve compiled expert advice from our contributors on how to burnish your resume, hone your soft skills and land a new job quickly.

 

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Article continued …

Highlight Soft Skills

Despite the sustained gloomy outlook, tech workers can still leverage both hard and soft skills, writes Future of Work expert Sarah Doody. “Regardless of your role at a tech company, your skills and expertise are valuable and can transfer to many other industries,” she writes. “Just because your last job was at a tech company, that doesn’t mean you can’t get hired in another sector, and maybe even with a salary increase.”

Skills such as communication, critical thinking, problem solving, team work and work ethic should not be overlooked — “they can often be the difference between you receiving job interviews and offers or not,” Doody writes.

Offering actionable advice on how to highlight these skills, she says to start first with asking colleagues and close friends for feedback.

Sell Yourself Even If It’s Hard

Selling yourself might not come naturally, but it’s a necessary part of landing a new job, Doody writes. Instead of repeating that famous mantra, “always be closing,” better to think of how to “always be connecting,” she advises.

“If marketing is about ensuring people know about you and what you have to offer you, then sales is about ensuring they connect the dots and see enough value in the product or service to actually buy it,” she writes.

Look For The Silver Linings

Layoffs could be a boon for non-tech companies looking for skilled tech workers, writes Leadership Strategy expert Gleb Tsipursky. These companies “can gain a competitive advantage by offering a positive company culture and opportunities for career growth,” he writes. “This can help attract top talent who may be looking for a more stable and secure work environment.”

While Leadership Strategy expert Caterina Bulgarella warned of the real costs of layoffs to the workers left still standing, Tsipursky says companies can use the shake-up as an opportunity to reevaluate culture and values.

After a tech company went through a recent round of layoffs, it “led to a more positive and productive work environment for the remaining team members, which in turn led to an increase in employee retention,” he writes in his latest post.

Make Your Next Move

Laid off or not, regardless of industry or position or title, employees’ careers will always undergo transitions and changes, writes Careers contributor Joseph Liu. It always helps to take a breath, slow down and assess.

“Regardless of the cause, transitions often open up a mix of personal and practical challenges that range from clarifying exactly what’s next to rewriting your cover letter and resume,” he notes.

Forbes.com | January 26, 2023 | Corinne Lestch

#JobSearch : Why Your Job Search Will Take A Hot Minute. Hunting for a New Job? Be Prepared for a Long Slog.

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If you are hunting for a new job, be prepared for a long slog. Layoffs from top companies have spooked both hiring managers and job seekers. You will be put off by job descriptions with too many requirements and not much clarity around the salary, as well as glitchy job applications that take up an inordinate amount of time. The hiring process will be slow. You will be forced to partake in three to 10 interviews, have meetings canceled at the last minute and get ghosted or receive a lowball job offer.

The United States job market is amid a white-collar recession, as college-educated professionals are predominately being laid off. There has been a steady stream of downsizing announcements from companies in the tech sector, Wall Street, media and other industries with a preponderance of office workers.

Layoffs are the focus of the current job market. To battle inflation, Federal Reserve Bank Chair Jerome Powell is executing his plan to cool down the economy. Hiking interest rates will cause companies to cut costs and result in workers being downsized, which is the unfortunate intended consequence. In past recessionary environments, it was typically the blue-collar and low-wage earners who suffered the most. This time, it’s different.

The Job Search Will Go Slowly

Out-of-work Americans are experiencing a more drawn-out and lengthy job search. They are spending more time job hunting, as employers are slower to hire compared to the pandemic. According to the Wall Street Journal, last month, 826,000 unemployed workers had been out of work for about 3½ to 6 months, which is up from 526,000 in April 2022. The number of people filing for unemployment benefits and continuing claims at the beginning of January was “26% above half-century lows reached last spring.”

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Article continued …

Companies Are Reluctant To Hire

When companies are laying off workers and cutting costs, your job search is much more difficult. Wanting to keep costs down, businesses are reluctant to hire, as economists predict a looming recession. With nearly 60,000 tech professionals laid off in January alone, there will be intense competition for the fewer remaining job openings.

It will be harder to get a premium to your current wage when there is a vast pool of applicants to draw from. Human resources will presume that job hunters are desperate and willing to accept lowball offers as a life raft.

Be prepared for wading through old, stale job listings, getting ghosted, interviews being canceled at the last minute and feeling like you’re being discriminated against because you’re in between jobs. You’ll have to be vigilant about fake job scammers trying to take advantage of your vulnerable situation.

Some companies will be cryptic about the actual pay, why the job is open, what happened to the last person who held the role and the future growth path. However, they will demand to know specifics about what the candidate would accept for a salary and every detail about their work-life experience.

The job descriptions can be long, riddled with corporate jargon and buzzwords and contain too many unrealistic bullet points that don’t even offer what it’s really like to work at the company. States like New York, Colorado and California legally require businesses to list compensation ranges in job postings. However, companies skirt this law by offering wide salary bands, which is unhelpful.

The application process can be horrendous. Online applications are fraught with glitches and lengthy questions that require too much personal data. Job seekers find the applications duplicative since people are simultaneously required to upload their résumé containing the same exact information. To add insult to injury, the companies that post job advertisements don’t even have the courtesy to provide a computer-generated email confirming receipt of the application.

Job seekers are pushed into meeting with several people over a three to 6-month period. In between interviews, there are long bouts in which they don’t receive any communications from the company. It’s not unusual for weeks to go by before receiving an email requiring an interview the following day at a predetermined time that they did not consult with you on.

Even after attending multiple interviews, job seekers are ghosted. Email and phone calls go unanswered and the applicant is simply ignored and forgotten.

After a lengthy and stressful interview process, including conversations about compensation, a lowball offer is presented. Some companies make it a practice not to provide a written offer unless a verbal offer is accepted first. It is accompanied by intense pressure to say “yes” immediately—without time to deliberate on the offer.

The Contagion Effect

Layoffs can cause a domino effect. There is a herd mentality amongst corporate leadership. If a bellwether company is conducting layoffs, other firms will follow suit. Boards of directors will wonder if everyone else is downsizing, why isn’t their company? By reducing headcount, shareholders and the board will benefit. In addition to saving, they make money because the share prices often go higher following a layoff announcement, as investors applaud the company’s fiscal responsibility.

Once a few firms within a sector lay off workers, it gives permission for other companies to follow suit. It makes it easier for the CEO and C-suite to conduct layoffs if everyone else is doing it too. They can prune the low performers without worrying about being accused of discrimination or biases and place blame on the economic outlook.

This month, Salesforce, Microsoft, Amazon and Google announced layoffs of around 10,000 workers or more. Capital One, Wayfair, Spotify and other relatively smaller firms also announced plans for downsizing personnel.

 

Forbes.com | January 24, 2023 | Jack Kelly 

#JobSearch : Monster Survey: 96% Of Workers Are On The Job Hunt. Be Prepared- A White-Collar Recession Starting to Take Place.

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Monster, one of the early online job boards, reported that 96% of workers are hunting for a new job this year, according to its December survey on job search plans and the 2023 United States job market outlook. The respondents say that they are seeking higher compensation.

About 40% of job seekers said they need a higher income due to inflation and the accompanying rise in costs. Sixty-six percent of the 930 poll respondents believe that it will be challenging to find a new job, and more than 10% report that they may have to take a pay cut due to the current economy.

Vicki Salemi, Monster’s career expert, told CNBC that even compared to the Great Resignation, the number is “phenomenally high.” In 2021, at the height of the Great Reshuffle, nearly 48 million people quit their jobs—an annual record.

The Hunt Begins In January

January is historically one of the best times to engage in a job hunt. The beginning of a new year is ripe for change. Even though it’s only flipping a page in the calendar, mentally and emotionally, it feels like a fresh start or a do-over from last year. Along with the New Year’s resolutions of losing weight and going to the gym, seeking a new job is one of the most common resolutions.

 

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Article continued …

This year, it’s likely that more people will start looking for a new job for several reasons. They need to increase their compensation to keep up with inflation and rising costs. With layoffs becoming relatively commonplace, if a person is feeling ill at ease at work or worried about being selected for downsizing, it’s rational to start getting in touch with recruiters, going on LinkedIn to network and hitting the job boards.

Right before Thanksgiving, there’s a steady deceleration in job-search activity. People start taking their personal time off, going on vacation or just trying to relax and recuperate. The hiring process slows down, as there is a collective, unspoken agreement to take it easy.

However, by the second or third week of January, it’s the adult version of going back to school. Human resources and talent acquisition are nudged by hiring managers to send them résumés and get the hiring process started, as they need to get through the work that’s piled up over the holidays.

Be Prepared: It May Be Tougher This Year

There is a white-collar recession starting to take place. College-graduate office workers in tech, Wall Street, media and other sectors are seeing significant layoffs.

When companies are downsizing people, they usually also enact hiring freezes, as they’re trying to cut costs. Just because there is a hiring moratorium doesn’t mean you shouldn’t apply for a job. Certain jobs are required, such as compliance officers, and the companies will make exceptions for these must-have personnel.

As the Monster survey suggests, many people will be searching at the same time, so there will be intense competition. Job seekers must get started before everyone else also embarks on their job searches. Update your résumé and LinkedIn profile, contact recruiters, visit job boards, prepare and practice your elevator pitch and network.

Hiring Managers Need To Get Ready Too

Hiring managers need to get in gear too. They have to create job descriptions and ensure they are up to speed with newly enacted laws or bills pending, such as disclosing salaries or ranges on job advertisements, asking a candidate about how much they earn, and the possibility of doing away with non-compete contracts. A bill was recently introduced by the New York City Council that would make it illegal for employers to fire people without a good reason. The bill will offer security and protection from a manager capriciously firing a worker, if approved.

 

Forbes.com | January 17, 2023 | Jack Kelly 

 

#YourCareer : White-Collar Office Workers Are Having A Hard Time. The White Collar Recession is Very Real [and] it will Increase.” GReat REad!

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A steady flow of layoff announcements targeting professionals working in tech, Wall Street, media and other sectors could signal the beginning of a white-collar recession. The downturn in the economy is changing the worker-employer dynamic. Companies, after contending with the Great Resignation and consequent labor shortage, are now gaining the upper hand.

Bob Iger, the former and now once-again CEO of Disney, made one of his first orders of business to bring back workers to the office four days a week starting March 1. Salesforce co-CEO Marc Benioff chastised employees in a Slack message complaining that the company’s newest hires aren’t being productive, according,  his standards. Starbucks’ interim CEO Howard Schultz was displeased that employees disregarded his return-to-office request and is now requiring office workers to return for three days a week.

The tide is turning on the professional class. In prior economic contractions, it was usually the blue-collar and front-line workers who bore the brunt of job losses. This time, it’s different. Highly compensated, white-collar professionals are currently the most impacted by layoffs

 

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We here at FSC want to thank each of our corporate partners for the opportunity in serving & moving each of their transitioning employee(s) rapidly toward employment!

 

Article continued …

The Change In Power Dynamics

During the pandemic, employers pandered to their workers, as it was exceedingly difficult to recruit, onboard and retain people. Record-high inflation, rising interest rates, China’s restrictive Covid-19 policies and other factors contributed to a more challenging environment. Now, business leaders are focused on reigning in expenses, cutting costs and letting go of employees.

Even the best-run companies face challenges in swiftly changing economic environments. In a letter to employees, Salesforce, the biggest private employer in San Francisco, announced that it was laying off 10% of its approximately 80,000 workers. Benioff also questioned why the subscription-as-a-service tech giant was facing “lower productivity” from its newly hired employees.

He raised rhetorical questions, such as, “Is this a reflection of our office policy? Are we not building tribal knowledge with new employees without an office culture? Are our managers not directly addressing productivity with their teams? Are we not investing enough time into our new employees?”

At Starbucks, Schultz asserted that the global coffee chain should remedy the unintended consequences of remote work. He contends that the company is losing the art of collaboration, doing work in silos prevents actual prioritization and his employees are losing their connection with a shared mission by not being together.

Iger mandated Disney employees to work in-office four days per week, saying “in a creative business like ours, nothing can replace the ability to connect, observe and create with peers that comes from being physically together.”

The Shift In Fortunes Between Blue And White-Collar Workers

According to the Wall Street Journal’s reporting of the recent jobs report, hospitality, leisure, manufacturing and retail laid off fewer workers than white-collar workers from September to November compared to a year earlier.

Average downsizings in the financial and insurance sectors from September to November nearly doubled since the same time last year. Real-estate layoffs increased by more than 20% over the same period, and by 14% in the information-technology sector. Job listings on Indeed.com for human resources and talent acquisition roles were down by about 36% last month from a year earlier.

The Wall Street Journal predicts that blue-collar workers stand a better chance than white-collar professionals.

Jason Calacanis, a venture capitalist and the host of the All-In Podcast, tweeted about the white-collar recession, “…The white collar recession is very real [and] it will increase.”

It doesn’t look like the prospects for white-collar workers will improve anytime soon. The World Bank cut its global growth forecasts and foresees a worsening in economic conditions, CNBC reported. According to the World Bank’s latest Global Economic Prospects report, conditions could cause the third-weakest pace of growth in nearly three decades, ranking up with the global recessions caused by the pandemic and the global financial crisis.

The most recent Conference Board survey indicated that most executives don’t foresee more robust economic growth in the near term. More than 50% of CEOs worldwide and 60% of U.S. CEOs anticipate a lackluster 2023. On a positive note, the report shows that the executives feel there will be a pick-up in economic growth by the end of the year or into mid-2024. The chief executives are concerned over labor shortages and talent retention, once again showing how the current downturn strikingly differs from past tough times.

Despite the belt-tightening measures, old habits are hard to kick. Despite Goldman Sachs’ announcement to lay off around 3,200 workers, CEO David Solomon and other top executives were questioned over the costs of using private jet trips, according to the Financial Times.

Forbes.com  –  January 14, 2023 – Jack Kelly 

 

#JobSearch : The New Year May Start Out Challenging For Job Hunters: Here’s What To Expect. To Gain a Competitive Edge, Start Searching for a New Job Right Now.

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The key to succeeding in 2023 is to accept the uncertainty and take action. You need to realize that we won’t return to the halcyon days of companies hiring with reckless abandon. Some Economists and Wall Street professionals have predicted that we will face a rough recession. Layoffs and hiring freezes will continue for the near term. You will need to make yourself indispensable at the office while keeping an eye open for new opportunities.

To gain a competitive edge, start searching for a new job right now. Spruce up your résumé and LinkedIn profile. Ask around to find a few top well-respected recruiters. Check out job boards, create an elevator pitch and network with friends, family, former coworkers, college alums and others to gain job leads and introductions to key decision-makers at target companies.

Thoroughly read the job description to ensure that you’re the right fit, and watch for any red flags. Ask the hiring managers tough questions. You don’t want to quit one job to find out later that the new company is conducting layoffs or rescinding job offers. While interviewing, ensure you are working hard at the office or home, getting noticed by your boss, and making yourself irreplaceable just in case you don’t receive a job offer.

Just because the New Year starts doesn’t mean everything has become good again. Inflation is still at 40-year record highs, and the Federal Reserve increased interest rates which popped the everything bubble. The stock, real estate and crypto markets plunged in 2022. The one invincible tech giants saw their share prices plummet. Amazon’s stock price cratered, falling 50.3% year to date. Meta saw a 63% drop, and Netflix plunged by 53%.

 

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Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, the UK, & Mexico!  

We here at FSC want to thank each of our corporate partners for the opportunity in serving & moving each of their transitioning employee(s) rapidly toward employment!

 

Article continued …

On The Positive Side, January Is A Good Month To Find A Job

Historically, January is one of the best times to embark on a job hunt. The commencement of a new year ushers in a feeling of possibilities and fresh starts. Seeking out a new opportunity is part of the usual promises made; going on a diet, joining a gym, and getting rid of bad habits.

From Thanksgiving until a week or two into the New Year, there is an unspoken collective agreement between workers and management that we can see all coast during the holiday season. It’s a time to take a vacation, use your personal days, and enjoy three or four-day weekends. As people are mentally checking out of work, it’s too difficult to gain transactions in the hiring process. Soon as one person returns from their vacation, another professional— integral to the interview process— is out of the office.

By the second or third week of January, we engaged in another collective decision. Begrudgingly, we adopt a ‘back to school’ mentality and reconciled getting back into the grind. Human Resource professionals and hiring managers start panicking when they realize they need to fill seats that have been vacant for too long. The workers who have been picking up the slack are complaining that they need help, with a veiled threat that they’ll quiet quit or commence a stealth job search if the company doesn’t hire people to help with the workload.

What To Watch Out For

Although January is a great time to find a new job, the first few weeks are usually slow-moving. There is a time lag for new budgets and headcounts to be approved. Companies will slowly start posting their open roles online and enlist recruiters to help find suitable and appropriate candidates.

Sometimes there is a gap between the reality in the job market and what managers perceive is happening. They may not be aware that salaries have risen due to inflation and may inadvertently extend lowball offers. The hiring process has become colder. Human Resources don’t respond to your résumé submissions, and phone calls, texts and emails go unanswered. It’s become commonplace that after undergoing three to six interviews over several months, the company ghosts you.

Before a new person is hired, leadership wants to understand who might be leaving or already has a new role lined up. There’s a bit of a drag as year-end reviews, raises, bonuses and promotions linger into January or March.

Sectors, including Wall Street and tech companies, pay in total compensation. A large portion of pay packages is in the bonuses. Banks can hold off on paying the bonus up until about March. It’s a cold strategic move to impede a person from leaving, as they’ll forfeit their bonus if they quit before it’s paid out. Some job seekers hold off on their search plans out of fear of being found out and jeopardizing their year-end bonus. The company you are interviewing with may not want to buy out your bonus due to the new austerity mindset of corporate leadership.

Work On Your Mindset And Positivity

In addition to possessing the right skills, academic background and talents for the job, you also need the right attitude. Companies want people who are confident, motivated, positive-thinking and enthusiastic. They want people with winning attitudes.

Interviewing is a stressful endeavor. You’ll need to summon up your courage and be bold and brave. At times, even the best and brightest get rejected. When this happens, brush yourself off and get back up again.

Managers and interviewers want to hire and work with upbeat people who project the ability to get the job done. A critical part of the job hunt is your mindset. Cultivate a positive outlook that radiates confidence. Recall all of the times you triumphed over adversity. Think of all the good luck you’ve had. Going into an interview with positivity makes a big difference. People will pick up on your vibe and frequency. They’ll feel good in your presence. When you emanate a positive aura, you’ll become likable and desirable.

 

Forbes.com | December 22, 2022 | Jack Kelly 

 

#JobSearch : 3 Things Job Recruiters Wish You Knew. The Job Market is Still in your Favor for at Least the Next Few Months. A MUst REad for All!

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If you feel like the job market is shifting again, you may be right. Though job seekers have had the “upper hand” for a couple of years, the power is slowly reversing as the labor market stabilizes. In other words, now may be the time to leap—but not without a plan.

As a job candidate, you need to develop a strategy that allows you to quickly pull in offers. The last thing you want is for your search to become so scattershot that you have little leverage. Negotiating with potential employers is far easier if you have a bevy of choices on the table, and a solid job search plan will help you get there.

Where should you start when it comes to a modern job-searching strategy? Check out what professional recruiters are saying in industry publications, trusted news sources, and LinkedIn blogs. They know what it takes to succeed in today’s job market. After all, they’re involved in the hiring process every day. Here are three fundamental recommendations from recruiters to guide you as you look for your next position:

1. It’s your job to identify your career goals.

It can be tempting to jump straight into job hunting, especially if you’re burned out in your current position. However, this could add tons more stress to your life if you don’t set goals first. Think of your next career move as a destination. If you don’t know where you want to go, you’ll end up aimlessly traveling around.

Set aside some downtime to write out professional goals that are a natural extension of your authentic personal brand, even if you plan to work with a recruiter rather than go through your search solo.

“Recruiters can only know your goals if you know them, so take some time to think about what your professional and career goals are,” says Marti Willett, president of Digital Marketing Recruiters, a leading digital staffing agency that aims to find high-quality candidates who will enhance a marketing agency’s culture and grow with them. “In other words, what is your dream job? What industry or niche is it in? What kind of company do you want to work for?Answering these kinds of questions will help you find the right recruiter that will be most beneficial to you.”

After taking this step, you should feel more invigorated and invested in your job hunt. You’ll also have a better idea of which jobs to apply for. Nothing’s more frustrating than discovering that you’ve been applying for positions that don’t align with your goals or abilities. Knowing what you want allows you to quickly identify which openings are meant for you.

2. Don’t be shy about connecting with recruiters and hiring professionals on LinkedIn.

It’s no shock that LinkedIn is the social site you can’t afford to ignore. According to the platform’s own statistics, 77% of recruiters use LinkedIn. Is it any wonder that eight people are hired off LinkedIn every minute? These mind-blowing facts indicate just how important it is for you to update and adjust your LinkedIn profile.

Is your profile really going to be viewed? According to a MyComputerCareer blog post, the answer is yes. “Every time a recruiter contacts you, you can be sure that they’ve looked at your profile,” the post explains. “Your LinkedIn profile will act as a validator in that you are a real person, and not someone whose cover letter or resume is too good to be true.”

To begin, polish your whole profile from top to bottom. Give it the spring cleaning it needs. When it’s brimming with the traits and achievements that distinguish you from the rest of the herd (see point #3 below), start following recruiters who work in the industry, market or position you’re targeting. Don’t feel bad if you connect and hear nothing in return. Recruiters may not reach out unless they have an opportunity ready to go. Remain active on the platform and have confidence that you’re on their radar. (And don’t forget to use this chance to update your other public social pages, too. Consistency is a key to effective personal branding.)

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3. Self-awareness leads to self-fulfillment.

Do you know what the number-one leadership skill is? Self-awareness. When you are self-aware, you aren’t likely to start wavering. You know who you are, what your goals are, and how you plan to achieve them. When it comes to job searching, you know exactly what you bring to the table and how it can benefit employers.

Often, candidates fall into the trap of saying only what they think recruiters want to hear. They either don’t know or fail to bring up their individual attributes and abilities. Making this mistake can set you back. “Employers want to hire the crème-de-la-crème of the job market just like employees want to be the icing on the employer’s recruitment cake,” says Sophie Heatley, content writer for Perkbox.

So, think about what makes you unique, and ask for input from those who know you best. For instance, maybe you’re passionate about environmental issues and you started a podcast devoted to sustainability tips for families. Highlighting this would be great during an interview because it reveals your distinct passions and drive. Remember: It’s important to stand out, but not in disguise. You’ll undermine your path to success if you’re faking the traits that are getting you noticed.

The job market is still in your favor and will be for at least the next few months. If you’ve been hemming and hawing about testing the waters, put these three tips into practice to ensure smooth sailing.

Forbes.com Author:    William Arruda is a keynote speaker, co-founder of CareerBlast.TV and co-creator of the Personal Brand Power Audit – a complimentary quiz that helps you measure the strength of personal brand.

Forbes.com | December 6, 2022