Is it just me, or are employers not hiring anymore?
A year ago, I decided I wanted a new job. I looked on Indeed.com and LinkedIn, applied for eight jobs and received four offers. That made me wonder what else might be out there, so I looked for a few more days and got two more offers. One was for considerably more money than the others, so I took it. The whole process took less than a week.
LinkedIn regularly sends job opportunities my way, and in the last three or four months, I’ve submitted my resume to several of them. I haven’t heard back on any of them. A month ago, I began searching in earnest because I’m not happy with my job.
I haven’t seen many opportunities that appeal to me. I also realize I have to be choosier than I was in the past so I can find an employer I’ll want to stay with. I’ve applied for more than a dozen jobs. I got one interview, and no offer. I’ve been told it’s harder to get a job if you’re unemployed when you apply for a new one. Is that true or am I better off leaving a job I don’t like so I can commit one hundred percent effort to landing a new job?
You’re not alone, though you may own part of the problem.
According to multiple surveys, 72% of employers currently receive more applications from interested job seekers than they did in pre-pandemic 2020. As a result, employers are holding out for “dream” candidates with the skills and characteristics they seek. Further, many employers have cut budgets and slowed or halted hiring due to the uncertain economic forecast.
The result? According to the U.S. Department of Labor, 826,00 employees were out of work for three-and-a-half to six months in December, a figure higher by 36% than in April of 2022, when only 526,000 employees were out of work for that long. The number of employees seeking ongoing unemployment benefits grew by 26 percent between the spring of 2022 and last December.
The challenge facing you and other job seekers may get worse. Job openings have tumbled to their lowest point in two years. Economists surveyed by The Wall Street Journal in January predicted that employers will cut jobs starting in the second quarter of 2023 through the end of the year. The economists estimate a decline in payrolls of seven thousand monthly, and the resulting layoffs will flood the talent market.
Although you’re not doing your employer or yourself a favor by staying in a job you dislike, and you’ll free up time to be able to seek a new job, research shows hiring managers have a prejudice against unemployed candidates. An analysis from the New York Fed reported that currently employed applicants received half of all job offers even though they sent only 20% of all applications. Another article summarizing research conducted by UCLA and the job search site Indeed reported that “being out of work is the main reason unemployed people aren’t getting hired.”
Finally, you may own part of this problem. While it makes sense you took the job offering the highest salary, did the job you accepted actually interest you? You began to check other jobs after being in the one you landed for less than a year. Does the rest of your resume paint you as a “job hopper”? If so, you might want to stay with your current employer at least another six months — and then — as you mentioned, choose a job and an employer you’ll want to stay with for a minimum of two years.