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#JobSearch : Why It’s Hard to Get Hired Despite Glowing Jobs Reports. Recruiters Acknowledge, “Some Jobs Advertised are Fake”. What Say You??

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The monthly jobs report out Friday will probably look great, if recent months are any indication. Yet plenty of workers have rarely, if ever, felt more stuck.

I hear from a lot of white-collar workers on the job hunt who say it’s much harder to get hired than the unemployment numbers make it sound. They complain about hiring managers who ghost them and draw out the interview process. They say job listings linger on companies’ career pages and never get filled. Or get reposted repeatedly.

It’s enough to make people who are between jobs question whether businesses are serious about hiring. After all, leading voices like JPMorgan CEO Jamie Dimon continue to warn that the U.S. hasn’t escaped the threat of recession.

Recruiters acknowledge the uncertain outlook is a factor and even say some jobs advertised are fake, designed to give the impression of company growth or build a reservoir of résumés to tap at a later date. It is one thing not to get a job—it’s another to feel like you’re being gamed. And it’s wreaking havoc on people’s self-worth and belief in their career paths.

I was mid-conversation with Katherine Braun, a clinical-trial manager in the medical-device industry, when she received a text from a recruiter. The message said a company she planned to interview with had decided to pause hiring for the open role—for six months.

“Same old, same old,” Braun told me. “I’m jaded at this point.”

She’s been looking for work since a one-year contract ended in November. Because of the finite nature of clinical trials, she changes jobs frequently and says she’s never had such a hard time landing one in her 15-year career.

What bothers her most is the way some employers seem to relish being able to string candidates along. One flew her in for several hours of face-to-face interviews then never followed up.

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

 

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Numbers don’t lie, except when they do

After vying for talent with generous pay and work-from-home flexibility, companies have reasserted control over the employer-employee relationship. Bosses who preached self-care now squeeze maximum efficiency out of their teams and hold out for “perfect” hires when they reluctantly agree reinforcements are needed.

One in 50 American workers jumped from one company to another in March, according to the Federal Reserve Bank of Philadelphia, among the lowest rates in three decades.

Some workers harbor serious doubts about the government’s statistics, backed by the fact that initial monthly payroll tallies have been way off at times. The number of jobs added in December was ultimately revised up by 34%, while an eye-popping January total turned out to be 27% smaller on review.

Other workers who trust that Uncle Sam’s economists are acting in good faith still say you have to look under the top-line data to understand the dour mood in offices and the pervasive feeling that online job portals amount to nothing more than your résumé versus oblivion.

Meikeisha Scott-Parker, out of work as a project manager since January, recently cleared a second-round interview and believed an offer was imminent. But she didn’t get the job because she was overqualified and too expensive, a recruiter told her.

A few days later, she saw the same position reposted with an advertised wage that was $10 an hour less than originally listed. She figures the company either trimmed its budget or concluded that it could find adequate help at a bargain price.

“The truth is, had they asked me, I might have taken $10 less because of the situation that I’m in,” Scott-Parker says. “The market is so slow right now.”

More than three-quarters of the reported job gains in the latest month were concentrated in four sectors: government, healthcare, construction, and leisure and hospitality. Jobs in tech, finance, law and accounting were essentially flat or slightly down.

Picky companies and perfect candidates

Inflation and high interest rates contribute to many people’s sense that they can’t get ahead even if they’re good earners, says Mark Hamrick, a senior economic analyst at Bankrate.

“Housing affordability is miserable right now, and borrowing costs are at the highest levels in a generation,” he adds.

Even homeowners who bought at the right time lament that their investments can’t shield them from the fallout of a job loss. Cara Crabb-Burnham is sitting on a valuable asset in the Massachusetts home she purchased in 2020 but says she’s unable to borrow against the equity because she is unemployed.

“I have all this money tied up in the house, which could sustain me for several more months, but I can’t get to it because I don’t have enough income to show I could pay it back,” she says. “It’s this twisted cycle.”

Crabb-Burnham, a regulatory-compliance manager, has resorted to credit-card debt instead. She estimates she has applied to 500 jobs since September and landed five interviews.

Recruiters confirm the theory that companies are now pickier than they’ve been in a long time.

Joseph Jewell, a tech recruiter, thought he’d found someone great for a recent job opening, and was stunned when his client rejected the person. The reason? The candidate was a big-picture thinker, and bosses feared he wouldn’t be satisfied in a role that simply requires strong software-writing skills.

The position remains unfilled after several months.

“I just want to take my head and hit it against the wall,” Jewell says. “I meet so many candidates and think, ‘You should have a job already.’ ”

WSJ Author:  Write to Callum Borchers at callum.borchers@wsj.com

WSJ.com | May 2, 2024

#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‘?

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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 

#CareerAdvice : #JobSearch -Tips for Leveraging Today’s Hot Job Market—Without Overplaying Your Hand. A Must Read!

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It is the hottest job market in decades, but that doesn’t mean playing it to your advantage is easy or obvious.

After more than eight years of U.S. job growth—the longest streak on record—employers across a swath of industries from health care to manufacturing have more positions than they can fill. The demand is a big reason the share of workers voluntarily quitting their jobs hit a 17-year high in 2018, said Jed Kolko, chief economist at job site Indeed, who adds that many of the biggest wage gains have gone to those who have jumped to new positions.

But outside a group of highly sought-after tech workers routinely fielding job offers, it can be tough for employees to know how much leverage they have to parlay the tight labor market into higher pay, a promotion or better job. While many of the old rules of job-hunting etiquette and strategy still apply, it pays for job seekers to be bolder than they might have been in previous years, recruiters and hiring managers say.

“Now is a great time for people to consider job opportunities they didn’t bother looking seriously at before,”

As employers drop education and experience requirements for some roles, and boost training and support for new hires in others, said Brandi Britton, district president for staffing and recruiting firm Robert Half.

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What Skill Sets do You have to be ‘Sharpened’ ?

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She recommended researching roles online for which your skills and expertise might be advantageous and asking for informational interviews with colleagues and acquaintances to learn about new fields. But she cautions against job hopping solely for a salary boost. “If the market does soften and companies start cutting back on their expenses, it’s not always a good thing to be the newest or highest-paid person,” Ms. Britton said.

Real-estate mogul and “Shark Tank” investor Barbara Corcoran advised anyone itching for a change to first schedule a career discussion with their manager, even if the appointment is weeks away or they don’t know yet what exactly they want to achieve. “You might be anxious for the next month, but that will force you to prepare your pitch,” she said.

Employees should approach the conversation with a list of accomplishments and the ways they contribute to the firm beyond the standard requirements of the job, building an argument for why their talents should be put to use on bigger and better things, she said.

If you do go in with an offer from another firm in hand, Ms. Corcoran recommended broaching the subject by stressing how much you value your current role, then asking about your prospects for advancing at the firm and only bringing up the outside job offer as a last resort. Just “telling your boss someone wants you and you want more money if you’re going to stay is the business equivalent of putting a gun to someone’s head,” she said.

Many bosses are willing to look for ways to meet the compensation goals of employees when it seems mutually beneficial, she added: “It’s such a pain in the neck to replace someone who’s midcareer with a good track record, who contributes to the team and is easy to work with.”

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Likewise, recruiters say it is important to emphasize to any prospective employer with whom you interview that your goal isn’t so much higher pay (even if it is) as it is a better chance to fulfill your career goals.

Sometimes more unconventional tactics work. Cassidy Williams, a senior software engineer in Seattle who has held five jobs in the past five years, said she was rarely looking for the offers when they came her way. Before accepting a new job, Ms. Williams said she typically creates a pro-and-con spreadsheet, weighing the advantages of staying versus leaving. She then shared it with her parents, friends and mentors to get their input.

In one case, she even shared it with both her then-employer and the prospective one, pointing out the differences, including higher pay, between the two. “It was actually incredibly helpful,” Ms. Williams said. Though her employer was willing to discuss a raise, she said she ultimately decided to take the new job.

Even if you are planning to stay put for now, the stability of today’s job market makes it an opportune time to gird for when it does cool. Katie Bardaro, chief economist for compensation research firm PayScale Inc., recommended asking for a stretch assignment outside of one’s normal responsibilities, or signing up for a free training program or other company-offered education benefit. More employers are offering or expanding such perks to retain workers. At companies such as Walt Disney Co. and Discover Financial Services , for example, entry-level workers such as line cooks and call-center staff can earn a fully paid college degree while they work.

—Chip Cutter contributed to this article.

Write to Kelsey Gee at kelsey.gee@wsj.com

 

WSJ.com | January 23, 2019 | Kelsey Gee

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