The Job Market

The Reality Of the Job Market

• The job market is constantly evolving as people are changing jobs more often
• More graduates are entering the job market
• The job market is starting to become more reliant on technology, so the job market will require advanced computer skills
• The job market and the economy, in general, are becoming more global as technology increases the communication abilities within the job market
• Fewer jobs exist in larger corporations
• The job market is starting to trend towards smaller companies
• Service sector jobs are having more prevalence in the job market

The Job Market is a huge market and can get very competitive at times. Usually only about thirty percent of all jobs in the market are publicized through the traditional channels. The remaining seventy percent of the job market are never made public. Vacant jobs are usually filled through people networking. In reality, most of the best jobs are never advertised. In general, employers don't like to advertise. Advertising vacant jobs, going though resumes, arranging and conducting interviews causes a lot extra work and oftentimes, employers simply don't need to advertise job openings. This scenario reveals the circumstances behind the hidden job market.

Hidden Job Market

Penetrating the hidden job market requires an assertive attitude on the part of the job seeker. Because the hidden job market cannot be penetrated by traditional methods, the job hunter will have to be more aggressive, by cold calling, prospecting and networking and with a bit of luck, the hidden job market will eventually reveal itself and the potential for landing the job will increase. These approaches are dependent on personal contacts, information interviews, and referrals. People very often get jobs through people they know. Getting to know insiders is a very effective way of getting good referrals and the hidden this will provide extra exposure to the job market.

Job Creation

Large corporations are a small part of the overall job market when it comes to job creation. Fortune 500 companies are responsible for only one percent of all the new jobs created each year. This is because it is very costly for large companies to experience a high volume of staff turn over. Job creation in the short term is a costly exercise. Movement in the job market, in general, is good for employees and usually not beneficial to big businesses that would have to spend time and money to train new staff. Small companies, on the other hand, are responsible for sixty-six percent of all the new jobs created in the job market. Two-thirds of all new jobs are created by companies with twenty or less employees in the job market. It is also interesting to note that on average, for every one new technology that is introduced each year, three old technologies become obsolete.

Most jobs in the job market do not simply just pop open. Most jobs are filled before they need to be advertised. To succeed in the job market, you will have to get employers before they advertise on the job market. Almost everybody will have many careers during their lifetimes. Twenty percent of people now change jobs every year. Ten percent of people change careers every year. The average job seeker entering the job market can expect almost no security from their employer. Job security will have to come almost entirely from the individual and through self improvement. Every career-oriented individual will have to have many educations. The most important thing to prepare yourself for is to change and to take total responsibility for your continuing education, your own retirement, health care, and life insurance.