Job Market is Supply and Demand

Remember the good old days of the dot com era when job seekers could choose between three or four different job offers? The inflated bubble of the late nineties-early millennium had minimum qualifications for some candidates as having a heart beat. Those days have been relegated to the past along with other relics such as dial-up Internet connection and ping pong tables in the employee lounge. Like other markets, the labor market is a creature of supply and demand. Demand was high and supply was low so job seekers controlled the market. That all turned around with the events of 9/11 and the recession that followed. Employers cut budgets and job seekers who had enjoyed endless options in the market were left high and dry. And, like other markets, the labor market is cyclical. Now we are starting to see a more evening out in the job market with employers finding it more difficult to find qualified candidates and job seekers enjoying more options in the market. A recent survey conducted by RHI, Inc. and Careerbuilder showed that hiring managers report finding qualified candidates to be their biggest hiring challenge. Twenty-five percent report they are able to now offer better compensation packages than a year ago and approximately thirty-three percent say they expect budgets for compensation to increase over the next twelve months. That's good news for job seekers. The same study also reported that twenty-eight percent of employees say they are currently seeking new positions and about half say they will be looking for a new job within the next three years. Churn in the market is coming but with a solid majority staying put in their current positions and with employers looking for talent, it looks like now is a good time to look for a job. The same survey reported that about half of the employees said it was hard to find a job last year and the same half still view the market as challenging today. Job search is always challenging but can be less difficult when armed with the right tools such as a killer resume and cover letter, interview coaching, and a great portfolio. I liken it to climbing a mountain: there isn't anyone who would say mountain climbing is easy, but some find it easier than others. They are better prepared physically, mentally, and have better equipment. Want to make your job search less challenging? Be better prepared.