Facing a Tough Job Market

In the past few months, I have heard from some of my peers who have been recently laid off and others who graduated from college earlier this year, and they are having a hard time finding employment. Many of them worry that the economic downturn will not only affect their current job search but also their plans for the future. In order to evaluate those fears, let’s look at some of the current trends in the job market:

Job seekers today face more competition for fewer openings. Employment analysts report that online job postings are down 11% for Q2 2008. The Washington Post explained that college graduates face a tough job market as they may be stuck doing jobs that people without college degrees can do. In fact, in a recent survey, Paul Harrington at Northeastern University found that 38 percent of young college grads are underemployed (doing work for which they are overqualified).

Another source of competition for young adults may come from Baby Boomers. Older workers seem to be getting hired in increasing numbers (6.1 million in 2007, 5.6 million in 2006). In addition, some companies are starting to use temp agencies as workforce shock-absorbers. This use of temps as a contingent labor force help companies get through the slump but may affect job seekers in different ways. Those who are unwilling to look beyond one industry or a specific job title, especially those coming from hard hit industries like the financial services sector, may find it harder to land a job. On the other hand, job seekers open to consider a career change may consider temping as an opportunity to explore a new path.

Beyond.com says young adults (Gen Y, age 30 and younger) could be hit hardest during an economic downturn. According to the Bureau of Labor Statistics, unemployment has been steadily rising for the key demographic of young adults (age 20 to 24) from 9.0 percent in Q1 to 10.4 percent in Q3 2008 (well above the national average of 6.1 percent).

Despite some of these difficulties, some industries, mainly in healthcare and information technology, display a strong job market. In the healthcare field, some secure occupations include registered nurses, physical therapists, and medical service managers. Labor analysts point out computer system analysts and network administrators can also expect a stable job market in their fields. The Atlanta Journal Constitution reported that job seekers today come mainly from the service sector. Therefore, this could be a good time to invest in further education in one of these reliable job sectors.

As a result of this swollen job market, gloomy projections, and prospects for career change, what can I tell my peers who are starting to come off as desperate rather than upbeat, optimistic and enthusiastic in job interviews? I offer my three quick job hunting tips:

• Call your abuelita: Everybody’s heard of the elevator speech, a very short introduction about yourself that tells people who you are, what do you do, and what makes you unique; but with elaborate job titles and complicated tasks people perform at work these days, I propose a new litmus test. If you can explain to your grandparents or any other older relative what you do in a minute or less, then you know you are on the right path to present yourself briefly and effectively. Bonus points if you communicate with your relatives in Spanish.

• Look beyond your comfort zone: Job seekers often times tend to overlook an industry, or department or company because of preconceptions or misconceptions they may have. If you get an interview with a company you are not sure about, take the opportunity to explore those issues. An interview is as much as an opportunity for them to get to know you as for you to learn more about them. However, in an economic downturn, it is an “employer’s market” and you’ll have to do more of the “selling.”

• Reevaluate your skills: By this I mean going beyond reviewing your resume and deleting skills you haven’t used in years and you are not really proficient in anymore or adding new ones that you have acquired through training or experience and feel comfortable with. I am talking about thinking about those that you might have overlooked. Did you step in to manage a project when somebody else dropped the ball? If you are manager, did you learn a new performance management system at your current/last place of employment?