The economy is booming and jobs are being added every month. Money is waiting to be grabbed by anyone willing to work for it. Yet, it’s easier for some people than it is for others.
As a result of the red-hot economy and an increased amount of opportunities for people to advance their careers, a candidate driven market has emerged. In this market, candidates compete against each other to be the most appealing to companies. Meanwhile, companies are challenged to sift through volumes of applications to find true talent.
The job market has always been challenging and has only ever rewarded perseverance. That’s only truer now, and surviving it has become more of a challenge than ever. To succeed in it, you need to stay updated and informed as it changes.
Keep reading below for exactly that, and to learn how to survive in the modern job market.
How the Candidate Driven Market Was Made
There are many reasons contributing to the creation of a candidate driven market. Its origins can be traced back a decade to 2010 when legislation was passed guaranteeing people student loans. This encouraged people to go back to school and further their education.
Now, their educations are over and a deluge of skilled and talented people have hit the labor market. Plus, many of them are eager to start working right away to start paying off their debt. Luckily, the federal government gave companies the room they needed to hire these people and continue growing.
Due to federal tax cuts on corporations, companies are hiring more people. Companies have the capital they need to bring more people on board. Yet, cracks in the system are starting to show. Despite consistent graduation rates, hiring slowed in February, leading some to get more competitive to snag a job.
Competition Is Bringing Talent to the Top
Yet, the one thing that will always make any market thrive is competition. And the labor market is no different.
People are working harder to build their resumes to impressive heights, sacrificing the time they would spend doing other things. They’re picking up more skills while in school, such as learning languages or working on projects. Some are joining organizations to help them network and stay competitive.
This means companies are being handed better and better resumes to consider. Competition is the cradle of talent. And a decade after people were given the opportunity to be competitive, we’re seeing what the labor force is truly capable of.
People Are Willing to Do What It Takes for a Job
Yet, not everyone enjoys competition, especially when it comes to something like their jobs. When people are pressured to make money and are struggling to find income, they’ll start doing anything they can to survive. And that means they’re more likely to take jobs that pay less so that they can eat more now.
Getting a job is easy, getting a good job is tough. Yet, just like anything else in the labor market, perseverance is rewarded. Continue to think about your long-term career strategy and take only what you deserve. It may be hard now, but it’s worth it in the long run.
That doesn’t mean finding the job you want will be any easier, though. Keep reading below to learn about some of the challenges you’ll face.
Candidate Driven Markets Put Pressure on Applicants
For some people, their jobs and careers are nothing more than games to play. They don’t worry about where their next meal may come from, certain it’ll come from somewhere. Yet, that’s not the way everybody thinks.
For some, a job is a necessary part of life. Without one, people doubt whether they’ll be able to afford their next meal. That means they start feeling pressure to take whatever job may come their way, no matter how much it pays.
When you’re in the labor market, be sure to play the field. Figure out how long you can stay in the market, and collect opportunities over time. Then when the time comes to pick one, you’ll be able to pick the one you actually want. Not just the one that will pay.
Paychecks May Not Be Enough of an Incentive to Join
A paycheck is usually the primary motivation behind getting a job. Some people live to work, other people work to live. And there’s nothing wrong with either philosophy.
Yet, there’s more to a job than just its pay: there’s also its benefits. You should scour for a job that offers incentives such as health insurance or a dental plan. You may not immediately see the benefits of such hiring incentives. Yet, they contribute to your overall quality of life, they don’t just pay bills.
With the right benefits, you’ll have more money in your pocket over time. You’ll save on expensive medical bills and will be covered in case of emergencies. It’ll also demonstrate your company’s commitment to you, and you’ll likely get more satisfaction out of your job.
Experience vs. Education
The age-old question of the job market is whether what matters is who you know, or what you know. Yet, that doesn’t matter in the modern labor market. Now the question whether what you’ve done matters, or who you are.
Companies look at your experience to gauge whether you are capable of performing the duties of a position. It’s how they know what they can expect out of you, and you should strategize your resume to try and convince them you’re a capable person. You more than you realize throughout your career – be sure to list it all.
Yet, companies also look at your education to tell what sort of person you are. Having a four-year degree means you can be committed to a single, particular thing. It means you’re focused, while having less education may speak worse things to your character.
Your education and experience both matter, but for different things. Determining which one to highlight depends on which one the company you’re applying to values.
Candidate Driven Markets Are Ruthless
Trying to survive in a candidate driven market isn’t just a game. For some, it’s a matter trying to get paid so that you can feed yourself. For others, it’s about trying to earn a position where they can impact the world.
It doesn’t matter which motivates you to find a job, they’re equally valid. The only thing that matters is that you do find a job and that the job satisfies you. And companies should always be able to appreciate the people they bring on.
To make sure that happens, and that the labor market works, we’re here. Contact us, and we will help you find a job or find the talent you need to stay competitive and navigate a complex, chaotic labor market.