We are in a time where labor market data looks solid (low unemployment rate, high job openings); however, for job seekers the market tells a different story. There’s news about inflation, a potential recession, and tech industry layoffs. This is an unsettling time for the job search and the reality is there are opportunities available despite the news of layoffs. When the job market is unsettling, it is important to understand how to navigate the market in this state of uncertainty. In this article, we will explore strategies to approach the job search in uncertain times.
Current Job Outlook from National Lens
In the National Association of Colleges and Employers (NACE)’s “Job Outlook 2024 Spring Update” noted that “nearly 83% of employers responding to NACE’s Job Outlook 2024 Spring Update survey anticipate increasing (24.9%) or maintaining (57.7%) hiring” for recent college graduates. Compared to 2023, hiring projections for 2024 are 5.8% down.
NACE explains that this dip in hiring projections is a result of the “historic hiring that followed the pandemic” so current cutbacks reflect a return to normalcy in hiring plans. Additionally, the 17.4% of employers who are planning to decrease hires are tied to specific employers, especially by industry – chemical (pharmaceutical) manufacturing, computer and electronics manufacturing, and finance, insurance, and real estate organizations.
In industries were hiring is more competitive or scarce, it is important to remember companies outside of those that are well-known or larger companies who typically recruit earlier in the year. That is, smaller to companies and organizations. Moreover, you might consider equivalent positions in another industry such as a data role at a nonprofit. Although large tech companies, big consulting firms, and finance industry recruit early, employers in the nonprofit, public sector, and creative fields tend to hire later.
Strategies to Explore
Staying up to date on industry trends and economic indicators is very important for anticipating labor market shifts. You can keep updated by reading trade publications, following thought leaders on social media, and attending industry events. Not only will this help you plan for potential disruptions, but also adapt your job search strategy to be more targeted and effective. For instance, you might expand your search after identifying a specific industry has fewer job opportunities available.
In an ever-changing job market, it is important to identify skills that are in high demand in your industry of interest and seek ways to develop them such as online courses, workshops, and certifications. This continuous learning can enhance your employability.
Building a strong support network is especially crucial during uncertainty. You can connect with peers, mentors, and industry leaders through professional networking platforms like LinkedIn and in-person and virtual events. You can find events to attend via Handshake or professional associations. Your network is a wonderful resource for support, advice, and potential opportunities that is build through intentional connection and exchange of information.
Being open to exploring adjacent career options in your industry can make you more adaptable to market changes. Consider ways you can gain experience in a diversity of industries during your time at Duke including volunteering, part-time work, and freelancing. This diversity of experience not only enhances your skillset but also demonstrates to employers your ability to thrive in different environments and reflect professional growth. By exploring a different career option, you might be surprised what it brings including open doors to unexpected pathways that align with your interests, values, and strengths. Flexibility also demonstrates to employers your adaptability and willingness to take on new challenges.
This article references information from linkedin.com and deloitte.com.
