Are you a fresher looking for a great start in your career?
Or are you working but not satisfied with your current job and wish to look for another one?
If you are in either category, you should know what the job market is like.
Firstly, as per the U.S. Bureau of Labor Statistics, the current unemployment rate in the U.S. is 4.4%, with the number of unemployed people at 7 million. Out of that, long-term unemployed (longer than six months) make up 24.3% of the unemployed at 1.7 million.
Moreover, the data above does not only include those who are fresher looking for a job. As per the State of the American Workplace Report Gallup, 51% of people who had lost jobs are on the lookout for new ones, and Millennials have the highest unemployment and underemployment rates.
Furthermore, as per the NACE Job Outlook report, 91% of employers prefer their candidates to have work experience, and 65% of them like their candidates to have relevant work experience.
So, Then What Happens With The Fresh Graduates?
As per the Gen Z Grads Class of 2017 Accenture report, 44% of recent college pass-outs find it hard to grab a job. As a result, 49% of recent graduates accepted a lower salary or compromised on benefits. While 94% of graduates of 2017 expected to find a job in their field of study, one in three people (36%) did not find a job in line with their degree.
However, as a fresh graduate, as per Career builder, you are more likely to get a job if you are looking for IT, Customer Service, Finance, Business Development or Sales.
The Major Sectors For Which Recruiters Are Looking For Candidates
- Business Sectors – 35%
- Computer and Information Technology – 23%
- Engineering Sectors – 18%
- Researches related to Math and Statistics – 15%
- Health and Allied Sectors – 14%
- Sectors of Communications – 11%
- Sectors related to engineering technologies – 11%
- Journalism and Mass Communication – 8%
- Sectors related to Liberal Arts and Sciences, General Studies, and Humanities – 7%
- Science Technologies – 7%
- Social Sciences – 6%
- Biological and Biomedical Sciences – 6%
- Architecture and Planning – 6%
- Education – 5%
If the situation was such in 2016 & 2017, you can imagine how things would be in 2020. So, it won’t be better with the number of students graduating every year.
As per Glassdoor, on average, a corporate job attracts around 250 resumes. The interviewer calls on an average of 6 to 4 candidates, and only one gets the job. The competition is fierce.
As per the Jobvite Recruiting Funnel Benchmark Report, the average conversion rate from the interview, translated to offer, was around 20% in 2016, translating to 5 interviews per offer.
Hence, it becomes crucial to stand out from the crowd if you wish to get a job of your choice. Not only will you be required to hone your hard and soft skills, but you will also need to learn techniques on how to look for your dream job selection and how to accel through the interview process.
Now, once you can master the job search skills, getting any job as per your choice will not be too difficult for you.
Statistics Related To Job Search:
- 87% of Millennials consider professional career growth and developmental opportunities as significant to them in a job. (Gallup 2016)
- Recruiters take an average of around 6 seconds or so to glide through a CV. (TheLadders)
- 87% of recruiters use platforms like LinkedIn to check candidates. (Jobvite Recruiter Nation Report 2016)
- The average cost per hire for companies is $4,129.(SHRM Human Capital Benchmarking Report 2016)
- Job seekers usually tend to spend an average of 11 hours a week looking for work. (Careerbuilder)
- 95% of recruiters say that hiring was as competitive in 2017 as 2015 and 2016. (Jobvite Recruiter Nation Report 2016)
Do workers find their credentials and exposure match up with the job requirements? According to The State of American Jobs Report Pew Research October 2016,
- The Ratio of Overqualified candidates- 41%
- Percentage of Qualified candidates- 50%
- Underqualified jobseekers ratio – 9%
The length of the recruitment process most importantly can depend on the screening method used.
Want To Know Some Job Search Methods Where Employers Get Resumes?
Ever wonder where job searchers look for jobs? According to the Jobvite 2017 Recruiting Funnel Benchmark Report, the top five sources used most for job searching and recruiting are:
- Career Sites – 27.35%
- Job Boards – 18.76%
- Referrals – 15.83%
- Internal Hire – 15.25%
- Agency – 4.52%
Now, we are aware of where people look for jobs, and it is also essential to know the methods by which recruiters are getting resumes. According to the Jobvite 2017 Recruiting Funnel Benchmark Report, the top five sources or methods are:
- Job Boards – 52.17%
- Career Sites – 33.90%
- Referrals – 3.07%
- Internal Hire – 2.26%
- Agency – 1.76%
Looking for a job can be quite strenuous, but looking for a job that fits your education and job experience can be even more challenging. Furthermore, showcasing your resume and person’s skills to recruiters is an art in itself and must be presented in a way that recruiters will be wowed, so they hire you!
By the way, are you having a hard time finding a job in the current job market?
Do you feel it’s challenging to find a job that meets your qualifications?
Do you desire you were able to present your skills better at job interviews?
In the end, you can undoubtedly polish your job search skills and get your dream job! Just Meet Us here.
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Today’s job market is really competitive. If you wanna be on the top, you need to sharpen your knowledge and skills.!
To find jobs in the field of your interest is really challenging nowadays, hence we need to improvise the job search skills to get any job without waste of time and energy.
Due to the pandemic the job market has became more competitive and getting a job has become harder. Using various job searching tactics and polishing your skill side can help you achieve this.
Job searching has been very challenging these days especially during the pandemic. With correct guidance and sources this can be easy.
Finding a job is really a tough task. But your chances will increase if you have some skills and the right guidance.
The stats presented above give a real view of what our job market looks like and who are we competing with. We need to enhance our skills and optimise our techniques to look for a job that fits our education and get through the interview process.
Now-a-days getting to an interview is very difficult. Along with improving the skills, a job seeker should also know how to showcase his or her skills to the recruiter. And this is where a good resume comes into play.
Thank you for sharing the blog
World is growing, so as the job market
Very informative!
Competitiveness for job is increasing as time. Everyone needs to be updated and well prepared for facing new challenges. The article is very informative regarding this.
Informative post ! The job search procedure can be quite strenuous. This post helped to gain an insight regarding the present job market and how to actively look for one.
Finding a job especially during the covid time is a difficult task. The job market is very much competitive too. Very helpful blog!
It’s very difficult to find job which is relevant to education. It becomes very challenging. But with job agencies and consultants so or later is a possibility. Thanks
Nowadays finding a job in your field or interest is very difficult. However, listed job search strategies can help in finding a good job. Very informative blog!!
Chllanges are everywhere but the job sector is more demanding rather than any of the other sectors. Putting the efforts into the right path without wasting time and energy can improve your search skills.
Searching a job in today’s market is way out more difficult than actual getting it because with the current situation there are hardly any companies hiring and with the few openings their are very few who secure the position well not only the skills but interviewer is also looking on how you present yourself and that’s what steals the show. Very informative blog thank you for sharing all the stats and detail about it.
Finding a job during pandemic has become really challenging. Having proper guidance and putting effort to improve skills helps in getting one. Thank you for sharing this.
It’s very difficult to find job which is relevant to education.The article is very informative regarding this.
very informative… thanks for sharing, indeed job market is very demanding nowadays. Thanks for sharing such information, it’s really helpful