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I was torn if I should post this in the employment forum or here, but I figured here since my main though it is this has something to do with the economy and if we are going to be making a turn soon or have quietly already have. And I am not looking for job hunting advice, but a discussion on what people think may be going on with the job market and the economy's role in this.
Full discloser, I am employed, but am looking for a new job and have been for a year. But I've not been very aggressive at it, only applying to places I would really love working at (since I have a job already). But I have noticed that the pay for what's out there is low even in HCOLAs. I am talking jobs I did 20-25 years ago paying the same or less than what I made 20-25 years ago. And I have three friends who are more aggressively looking for work and have been for over a year to six months. They are more like the people in the article above you are applying to 100s of jobs.
And I am one of the ones who "fears layoffs" and is why I've been job hunting.
I always seem to see and read articles about the economy in the news that are centered around inflation or shrinkflation. But I only every hear, "unemployment is low." I am now wondering if there is a type of shrinkflation going on with salaries as well (so many low paying jobs/jobs paying what they were 20 years ago). I know it's only anecdotally, but I know very skilled people who are struggling to find work.
Has anyone here read more about the job market? It seems to be flying under the radar or there are few informational articles about it like the one above. What are your predictions as to where it's all going? And why don't we hear more about this or see more articles like the one I posted?
I swear it seems similar, but not the same, as the stagflation of the 1970s. I was only a kid then, but I see some parallels (sans the gas lines).
Personally, I think there is a slowing and a rash of underemployment going on and I think people are struggling to find jobs. My three friends I mentioned, only one is probably counting as unemployed as she was laid off. The other two left their jobs. One rage quit (I thought that was short sighed and I wouldn't have done that, but honestly, I understood why) and the other left to pursue software certifications full time to make himself more employable with the hopes of a higher salary. So technically only is collecting unemployment and is counted in those numbers. And I am working full time, so I am not unemployed. But we are all looking for work. My point is, unemployment might be low, but I don't think those numbers are reflecting the full picture. And the people in the article above: STEM degrees or lots of experience and they can't find work.
Not sure where you are, but employers can't find people to fill their positions here. TONS of jobs available, but many people don't want to work I guess. As to the pay - where I worked (I am now retired) they have given outrageous raises the last two years to try and get people to stay, and to encourage applicants for open positions.
No one is "struggling to find work" here. They just want gravy jobs.
Not sure where you are, but employers can't find people to fill their positions here. TONS of jobs available, but many people don't want to work I guess. As to the pay - where I worked (I am now retired) they have given outrageous raises the last two years to try and get people to stay, and to encourage applicants for open positions.
No one is "struggling to find work" here. They just want gravy jobs.
Washington DC area.
There is plenty of entry level, minimum wage work, but I (and my friends) are all mid-career working professionals. With the exception of the computer science/biology student in the article I linked to, so are the people in the article.
I wonder if that may be the disconnect. Plenty of jobs for entry level, but lacking for mid to late career professionals. I see those jobs too when I do keyword searches, but I am not looking to step down to entry level from where I am now. I would be bored and it would pay a lot less. Although if I was unemployed I might consider them but I am sure I would get rejected as "overqualified."
I am applying to positions that are nearly equal. I haven't asked the other two, but I know one of my friends, the IT guy who has been out of work for the longest, is now applying to jobs that pay a lot less, he's getting less picky due to desperation. Luckily, his wife is working and is a senior manager where she works and since his stepping away for more certifications was planned, he set aside money. I just don't think he planned on not being able to get a near equal job for over a year. He wants to work again. I just don't think he's ready to ask if anyone wants fries with that. I think he will go for early retirement before he does that. Although he's only mid 50s.
Even if you don't include your graduation year, the dates of your first job, etc., the algorithm will torch your application. It won't even get a look. I'm older and my prospects have plummeted. All good, but still a bummer.
Mid-career, mid-level, middle-aged IMO has always been among the trickiest segments of the job market regardless of economy. At that point your set of skills and experience tend to be pretty tailored and specific to certain fields and roles.
Young employees are malleable 'blank pages' and open to be developed in whatever direction required, so the field is much more open for them provided they're happy to start at the ground floor. Meanwhile upper management (i.e. the famous 'leadership') skills are generally viewed as pretty universal and specialization is seen as less relevant as people at those levels tend to leave the nitty gritty to their teams anyway, so you can jump industries and leadership roles pretty easily (I see it all the time). But 50 year old 'specialists' and 'individual contributors'? Yeah not a shoo-in, no matter how good they are at their jobs.
There might simply not be a lot of openings available which are obvious fits given your profile and some companies also may prefer promoting junior people into those roles due to familiarity and a perceived higher ceiling.
There is plenty of entry level, minimum wage work, but I (and my friends) are all mid-career working professionals. With the exception of the computer science/biology student in the article I linked to, so are the people in the article.
I wonder if that may be the disconnect. Plenty of jobs for entry level, but lacking for mid to late career professionals. I see those jobs too when I do keyword searches, but I am not looking to step down to entry level from where I am now. I would be bored and it would pay a lot less. Although if I was unemployed I might consider them but I am sure I would get rejected as "overqualified."
I am applying to positions that are nearly equal. I haven't asked the other two, but I know one of my friends, the IT guy who has been out of work for the longest, is now applying to jobs that pay a lot less, he's getting less picky due to desperation. Luckily, his wife is working and is a senior manager where she works and since his stepping away for more certifications was planned, he set aside money. I just don't think he planned on not being able to get a near equal job for over a year. He wants to work again. I just don't think he's ready to ask if anyone wants fries with that. I think he will go for early retirement before he does that. Although he's only mid 50s.
I wasn't talking about entry level specifically. Certainly not where I worked. When I retired it took over a year before they finally were able to find a replacement. IT folks are a hot commodity here.
My company can not find anywhere near enough qualified people for the work we have. We've been hiring entry level because we need people. Problem is that many just out of college kids don't understand that work ain't all fun and games and quit after a year or two thinking they will find greener grass.
Don't get me wrong, I'm not generation bashing, as some of our new hires are outstanding. There just seems to be more turnover than before. We pay market level wages and have good benefits.
One phenomenon about to affect the job market is for several years there has been a "teacher shortage" but now many districts are preparing to lay off staff (including teachers) because of the expiration of COVID funds.
I was at a local dingy corner shop selling wine and cheese, they had a job ad posted on their register which asked for a minimum bachelor's degree and 3 letters of recommendation.
(That's when I count my lucky stars, having no degree but working in IT for 30 years. And I also remember that it's us IT geniuses who are responsible for the algorithms who are currently sorting out the undesirables like me)
I guess I dont agree. There are a ton of jobs out there but unfortunately wage increases have been outpaced by inflation and the rise in the cost of housing. My last firm lost half its staff in the last two years, myself included, because they refused to acknowledge the rise in the COL.
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