While the job market remains robust, it’s becoming more competitive. Although there are fewer job openings, this doesn’t make it easier for job seekers.
In April, job vacancies dropped to their lowest in over three years, according to the U.S. Bureau of Labor Statistics. There were 1.2 job openings per unemployed person in April, a decrease from two openings per person two years ago.
Despite this, many people are still keen to change jobs. LinkedIn reports a 14% rise in job applications per opening since last fall, with 85% of workers planning to search for new roles in 2024.
Frustration can set in for those who still have high expectations from the booming job markets of 2021 and 2022. However, ADP’s chief economist, Nela Richardson, tells CNBC Make It that the U.S. job market is still strong despite challenges like higher interest rates.
Job vacancies are moving towards pre-pandemic levels, and the national unemployment rate is under 4%, which is historically low.
Stay Realistic During Your Job Search
In 2023, many companies were cautious about hiring due to recession fears and rising costs from ongoing inflation. Richardson notes that these concerns persist, leading to cautious hiring practices.
“This is normal,” says Richardson. “A completely strong labor market is rare, except in recovery periods like 2021 and 2022.” Managing your expectations can keep you motivated and open to more opportunities, which increases your chances of finding a job.
Young job seekers, in particular, should be patient. “It will take longer to find a job than it did two years ago,” says Richardson. “You may not start at your dream job but can work your way up as many before you have.”
Use Transferable Skills to Target Growing Industries
Not all is bleak in the job market. Industries like leisure and hospitality, healthcare, and government continue to see steady job growth, according to BLS data.
Job seekers can target these thriving sectors. For instance, tech job seekers could look for tech roles in healthcare. Highlighting transferable skills such as communication, project management, and teamwork can make you more adaptable and appealing in this uncertain job market.
Networking is also a powerful tool. “In a crowded job market, networking can help you secure interviews,” says Richardson. “It’s becoming an essential skill for job seekers.”
By staying realistic, leveraging your skills, and networking, you can improve your chances of landing a job even in a competitive market.
