Facts of the job market these days can be slim pickings if you don't know what to look for! We aren’t just facing a recession in a battle for employment, but there are also important facts about the job market that have changed. These facts of the job market have changed the way we should be looking for jobs and choosing careers, as well as making job moves. It's possible that these current job market facts may just make the difference between employment and unemployment, or your timing of a potential career change. Read on to discover these job market facts for yourself!
1. Increasing Competition
Globalization is changing the former principles of job demand. Students and professionals at all levels of industry are able to gain jobs overseas, and employers are now able to choose between pools of not only national, but international talent. This increases competition, but it also means that you can search for jobs further afield. Not to mention that with our economy, jobs are in high demand, so any job will have competition.
2. Longer Working Life
It's true that a longer life expectancy means a longer working life. Developed countries are dealing with ever-increasing life expectancies, and this naturally means that people are required to work longer to fund a longer retirement. This is one of those facts of the job market that isn't pretty, but it still rings true. On the other hand, it's nice to know that you will be taken care of in your retirement years, even if you did work your butt off to make that goal!
3. The Economic Depression
Of all the negative job market facts, the economic depression is having the biggest negative impact on employment prospects at the moment. Economic depression is increasing competition. The demand for jobs has increased dramatically, and this is especially the case for graduates and those in the early stages of their career. However, this fact of the job market doesn't have to dampen your spirits. Be determined and committed to find your dream job!
4. Technology and Automation is Replacing Jobs
The automation of jobs that were formerly handled by employees is nothing new, and the trend has always been increasing and is showing no signs of slowing down. All businesses are trying to increase productivity and cost-effectiveness, especially in light of modern economic problems, and automation is working its way into more and more job roles. This is one fact of the job market to watch out for.
5. The Career Trajectory is Changing
This is an important job market fact, and is one of a number of job market facts of recent times that is having positive effects. The traditional supervisor and managerial layers are being removed in favor of a less vertical career hierarchy, and this is promoting workplace fairness and sideways mobility. What an encouraging thought for those seeking a job currently!
6. People Will Work for Less
In light of recent economic troubles, people are finding it harder to get work, and businesses will often need relevant work experience. As such, many people are now happy to take unpaid internships and placements to get the work experience they need to find full time employment. When searching for a job, keep in mind that you may need to be willing to start out at minimum wage. We all have to start somewhere, right?
7. Risk is Reducing New Full-Time Employment
One of the most problematic facts about the job market is the reducing number of full time positions available for new recruits. There is always risk involved with hiring new recruits, but the current economy is increasing this risk so much, that more and more companies are now offering part-time and temporary positions instead of full-time positions. Many companies are also moving towards outsourcing.
8. Mergers and Consolidation Are Reducing Job Volume
Here's one fact of the job market you ought to know. Companies are always merging and consolidating, and this is nothing new, but globalization has increased this process in recent decades. These processes are designed for efficiency and profits, so it is no surprise that job volumes decrease as a result. Usually, start-up companies balance the situation by creating new jobs, but a poor economy reduces the number of start-ups.
9. More Research is Needed
One of the important facts of the job market is to understand that we are living in the information age, and this means that for all stages of an application process, you are expected to perform and demonstrate research. Job markets are diversifying and evolving, and this means you need to do better and more thorough research. But if you are determined and committed to the job, you won't mind!
10. The Bottom Line
Many of these job market facts are negative, but the vast majority of the negative facts are a result of the economy, and the economy is always in a state of change and there have been recessions before. Don't let these facts bring you down. There is always work to be had if you are willing to dig! And of course, showing yourself to be a valued employee can help ensure your job if necessary.
Job market facts can be daunting, but remember this: just like the economy, the world is always changing, and it is an error to be afraid and pessimistic about your prospects. If you remain confident, keep informed and look for emerging market prospects, and most importantly, take action, you will increase your chances of success and happiness. Do you know any facts of the job market that you can share? It's always good to be in the know on job market facts!
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