Why you cannot find a job in this market?
When can we expect favorable conditions? 😯
Friends,
Hope you all are having a good weekend! We wanted to take a moment to express my sincere appreciation for your support and engagement! Your presence and enthusiasm mean a great deal to me, and we truly grateful for your continued subscription! ⬇️
Following our previous post, we have received a significant number of emails from job seekers inquiring about job searching and posing questions regarding the challenges they face in landing a job. In light of this, we delighted to announce that we will be continuing to share more valuable insights and guidance on this subject and provide some valuable suggestions! 💪
Let's begin with some data to set the stage
Based on the data from Bureau of Labor Statistics, In March, there was a decrease in the number of job openings, which amounted to 9.6 million. However, the number of hires and total separations during the same period remained relatively steady, with 6.1 million hires and 5.9 million separations. When we look at separations more closely, we find that the number of voluntary quits remained mostly unchanged at 3.9 million, while there was an increase in layoffs and discharges, reaching 1.8 million.
However, we would like to REMIND all the job seekers that the job market can be analyzed from two perspectives: the tech industry and non-tech industries. The reason we’d like to emphasize it because so many job seekers are not having interviews, landing a job due to stuck applying tech firms specifically. In tech industry, there have been widespread layoffs and downsizing due to economic uncertainties, changing market demands, and strategic adjustments. Many tech companies have implemented hiring freezes or scaled back recruitment efforts during these challenging times.
On the other hand, non-tech industries display varying hiring trends. Sectors like hospitality and retail have faced setbacks and temporary closures, while others such as healthcare, logistics, e-commerce, and certain professional services have maintained or expanded their hiring activities. These industries continue to exhibit demand for skilled professionals, indicating stability or even growth in their job markets.
We recently conducted a fun experiment on LinkedIn to compare the tech industry with non-tech industries (Note: we have only applied Software engineer as title). The outcomes showcased notable disparities between the two categories.👇
What is happening at the moment..?
Hiring Freeze….
Once again, the tech industry is experiencing a significant slowdown in hiring activities. As a result, job seekers who are pursuing Computer Science, software, or engineering roles are facing notable challenges, primarily attributed to the prevailing hiring freeze within the sector.
If you are interested in learning more about opportunities on the current hiring demands, I encourage you to refer to our latest post for valuable insights and information!
What are the alternative solutions to address this situation?
Freelance work: Have you tried Fiverr? Consider exploring freelance opportunities in your field of expertise. Freelancing allows you to leverage your skills and work on various projects for different clients. It offers flexibility, autonomy, and the potential for a diversified income stream. Create a portfolio showcasing your work and promote your services through online platforms or professional networks to attract potential clients 😊
Start your own: If you have an entrepreneurial spirit, starting your own business can be an exciting alternative. Identify a niche market or a problem that needs solving, and develop a business plan to outline your goals, target audience, and strategies. Launching your own venture requires careful planning, financial resources, and dedication, but it can lead to personal fulfillment and potential long-term success.
Non-tech industry: As we mentioned earlier on the Tech VS None tech part. Try to explore opportunities in non-tech industries that align with your skills and interests. As AI is on the hot wave, many industries, such as healthcare, finance, marketing, and education, require tech-savvy professionals to support their operations and leverage on AI technology. Research the specific needs of these industries and customize your job search accordingly. Highlight transferable skills and emphasize how your technical background can benefit these sectors! 💪
Part-time: Starting something as Part time and earn the opportunity to convert to full time could be a good way out too. Consider taking up part-time employment while continuing your job search. Part-time roles can provide valuable experience, a steady income, and an opportunity to expand your professional network.
School: Consider furthering your education by pursuing additional certifications, courses, or degrees. Upgrading your skills and knowledge can enhance your marketability and open doors to new career opportunities. Continuous learning is always beneficial for personal and professional growth :)
Geographical location: California is nice… but maybe NYC is nicer? Expand your job search to different geographical locations where the demand for your skills might be higher. Research regions or cities known for their thriving industries or emerging tech hubs.
Will the job market warming up soon?
Recession…
We are currently experiencing challenging economic conditions that resemble a recessionary period. The impact is evident across various sectors, leading to job losses, business closures, and financial difficulties for many individuals and organizations…
In the U.S. Labor Department's latest report for January, job growth surpassed expectations, with an impressive increase of 517,000 jobs compared to the projected 187,000. The leisure and hospitality industries are particularly saw a significant surge in job additions as businesses rebounded from the pandemic-induced slowdown in tourism. Looking ahead, the healthcare industry is anticipated to lead in job growth. (Employment in health care increased by 40,000 in April, compared with the average monthly gain of 47,000 over the prior 6 months.)
What are we thinking…
The job market's recovery and improvement depend on numerous factors, including economic conditions, industry trends, and global events. At this time, we believe It is challenging to determine an exact timeline for when the job market will be better…
However, it's important to note that economic downturns and recoveries are cyclical in nature. Historically, job markets have demonstrated resilience and eventually rebounded after periods of decline.
We would like to say, to stay informed about the job market's progress, it's recommended to regularly follow economic indicators, industry news, and labor market reports. Monitoring trends specific to your field of interest and keeping an eye on indicators like job postings, hiring activities, and economic forecasts can provide insights into the direction and pace of job market recovery.
Let's hold on tight, and we will soon witness a brighter horizon! ✨
How can the snowflair team assist you?
We are committed to providing a comprehensive job search support system! 👏
We will support job seekers on identifying and consistently providing insights on companies that are currently hiring. Guiding you through the entire job search process, offering interview tips, and assisting with offer negotiation.
By subscribing to our monthly plan, you will receive two free consultations per month, ensuring personalized assistance throughout your job search journey!