If this is “the best job market in decades,” why does landing an interview feel harder than ever?
I don’t know about you, but I’ve been struggling to understand the employment reports I’ve been hearing over the last 12+ months. The narrative around our “record low unemployment” has many of my clients feeling gaslit, to say the least. I hear it constantly:
“I’m at the top of my game. My resume is on point. I apply to things I’m qualified for and yet… crickets. It’s never felt this hard to get a call.”
I have some theories.
Now to preface, I work with about 400 job seekers a year, across all states, levels, functions, etc., so I’d like to think I have a unique sample set to draw insight from. I’ve also been in the employment sector for 16 years now and have worked with candidates and companies through two recessions – and their recoveries. Here are a few things I’ve been seeing lately that I think could be contributing to this particularly painful candidate experience.
The unemployment narrative is deceiving.
As I type this, the US unemployment rate is at 4.1%. For reference, the pre-pandemic unemployment rate was 3.5% before it shot up to 14.8% in April of 2020. It came back down to 3.9% in December of 2021 and has continued to hover between 3.4% and 4.1% ever since (BLS.gov). While that is indeed a nice drop and stabilization period (31 months and counting), the data-driven narrative here that the market is in a great place doesn’t seem to align with what job seekers are actually feeling as they navigate their search. If unemployment is so low, they ask, why is it still so hard to get a call?
In the past, this assumption would be correct, but it’s not the unemployment numbers we need to focus on. Since the discussion around workplace wellbeing has amplified since 2020, we have seen the amount of “confidential searchers” skyrocket (i.e., people who are gainfully employed but who are aggressively applying to other things because they need more flexibility, prefer remote work, don’t align with their job/company anymore, etc.). To put it bluntly, the data we have tells us one side of a multi-faceted story, and the data we need can’t be collected because it’s based on confidential applications. And that’s only one factor.
There’s a traffic jam on the highway to Remote-ville.
According to the Pew Research Center, only about 14% of US workers currently hold fully remote roles, while more than 40% have a partially remote/hybrid schedule. What’s interesting though, and what I hear from many clients, is that the desire to be fully remote is increasing. Upwork estimates that 22% of adult workers will be fully remote by 2025. Here’s where it gets sticky. Most remote roles have a national talent pool; a double-edged sword for companies. Instead of a few dozen applicants per day… they can can see upwards of 1,000. This is particularly challenging for fully remote organizations where every employee (and therefore every opening) is 100% remote and faces this volume.
I caught up with a friend last month who leads talent acquisition for one of these fully remote tech companies. To try and vet what I was hearing from other sources, I asked how many resumes she received on a recent customer success role she posted.
“We got 2,000 resumes in 48 hours. What am I supposed to do with that kind of volume? I usually have to pull the job after a few days and even then… where do I start? I now get hate mail from candidates who are pissed I haven’t called them yet. I’m doing my best here, but there is only so much you can do sorting by keywords and job titles when you have thousands of candidates.”
When I asked her how she’s trying to work through it, she said she “prays for personal referrals,” and direct-sources candidates off LinkedIn as much as possible, hoping they respond to her direct messages. (Ahem. Job seekers, go beef up those profiles!)
Sidebar: To quickly curb a common myth I hear, please note that most companies are not using A.I. in their Applicant Tracking Systems (ATS) to make screening decisions. (That includes my friend here.) Deciding who is getting a first round phone screen is still a human job and one that companies take seriously because the alternative has led to discrimination – and NO company wants that headline. While A.I. has always been a part of the process (i.e., keyword filtering, sorting), it’s just not seen as the silver bullet solution to high volume candidate pools – not yet anyway.
The tech layoff overflow.
Another major factor that thickened the competition was the unfortunate wave of layoffs we saw in 2023 – 191K in the tech sector alone. You may be thinking, “I’m not in tech. Why is that impacting me?” Because while many of the layoffs came from the tech sector (among others), there are more than just “tech jobs” at tech companies. Customer service, HR, marketing, sales, finance, etc. - these are all sector-agnostic functions and after several waves of layoffs, many decided to leave the sector in search of more job security, increasing the volume of applications in other spaces.
With more than 255K layoffs in the first quarter of 2024 alone (including +57K from tech), many candidates are now applying against similarly qualified colleagues for the same roles on top of all of the other candidates who would already be in the running. And if that job is fully remote…? You got it…national talent pool. You see where we’re going here.
Tip: Keep in mind, hybrid roles will have less volume because they include a regular commute, aka a location barrier. Try starting with hybrid roles unless you really prefer/need 100% remote.
If it sounds too good to be true…it probably is.
Every few months, I see some new “application tool/app” advertised with the promises of helping candidates get their application to the top of the pile. Siiigh. (When someone makes that promise, you know they’ve never worked on the other side of an ATS.) While these homegrown systems make lofty promises (while capturing your data), I can’t say that I’m much more impressed by some of the bigger guys’ right now!
Let’s take LinkedIn. While I love its networking power, I can’t say that I’m a fan of the job board anymore. It’s a highly monetized platform so companies have to pay to play (and it’s really expensive); they scrape openings off companies’ career sites (sometimes unbeknownst to them) only to leave them posted on their board long after it was filled, which inflates their actual “openings” and annoys candidates with expired fluff; and worst of all, they show candidates this misleading “number of applications” a role has received, however, most of these are only “Easy Apply Clicks” and are not considered full applications by recruiters. It’s discouraging – and usually far from accurate.
Tip: Always apply directly to the company. It not only allows you to validate the role is still open/posted, but it also ensures the recruiting team has what they need from you, and you’re being equitably assessed against other candidates.
In summary… you’re not alone… and you’re not crazy. This market is just a bear.
So, what’s a job seeker to do?
You gotta get competitive. And no, I don’t mean lie on your resume. (Please don’t. Good recruiters will probe and can sniff out the BS.) To echo what my clients hear: Landing an interview right now is not about being the best possible candidate; it’s about being a GREAT candidate who knows how to stand out from all the other GREAT candidates – because they’re in there. Clicking Apply and then just hoping for the best is not enough right now.
If you don’t have the budget to work with a career strategist, lean on your alma mater’s alumni or career center (free!). You can also look at your documents and ask yourself, “Is this compelling? Would I call me? Have I highlighted my wins so it’s obvious that I’m actually really good at what I do?” Please note that if you use ChatGPT to wordsmith the resume, you are responsible for proofreading it to make sure it’s accurate and compelling (and that it doesn’t LOOK like Chat GPT wrote it).
Lastly, don’t forget that your resume/materials are only one part of the equation. Use LinkedIn to follow up, find an internal referrer, connect with their talent teams, talk to friends about your search, and register with staffing firms (also free). In other words, lean on your network. Get creative.
“I need a new job now though…”
While I know the market will eventually balance out, I don’t think anyone should be holding their breath right now. If you can stay where you are for another few months, start searching now while you’re still employed (you have more leverage). Please don’t wait until you’re at a breaking point; most searches are taking 3-6 months. It might be quiet and frustrating at first, but stay consistent, organize your efforts using a spreadsheet, and hold yourself accountable for how many applications you fire off every week (5-10 is ideal).
If you find yourself needing some guidance and know you’re ready for a JOBTALK, hop on my calendar for a free intro call so we can make a plan and see what might make a difference. As always, I’m a huge fan of accessibility and transparency, so all session details, pricing, etc. are listed on my Services page.
Keep your head up. This too shall pass. Happy hunting.