Navigating the Job Market Amidst The Great Resignation

Table of Contents

What Are the Different Types of Job Markets?

Balanced Job Market:

Before COVID, the job market was relatively balanced, with job openings and job seekers being fairly matched. During this period, job seekers could easily improve their skills through training and courses, gaining more opportunities. You would see steady company growth, and promotions or job changes were relatively easy. This is what is referred to as a balanced job market.

Dynamic Job Market:

The dynamic job market occurred after the COVID pandemic, when the market reopened, known as “The Great Resignation.” During the pandemic, many people held onto their jobs without switching, but once the market recovered, a large number of new positions became available, and job seekers took the opportunity to switch jobs, leading to an extremely active hiring environment.

During an active job market, it is the best time for job seekers to switch careers or roles. For example, a software engineer could try to transition into a project manager (TPM), or a TPM could switch to being a software engineer. In a dynamic job market, companies are often more willing to give less experienced candidates a chance and offer training. Therefore, if you are considering a career change, this type of market environment is the best opportunity.

Current Sluggish Market:

The current job market is in a sluggish state, with the pandemic causing a supply-demand imbalance, leading to large-scale layoffs around October 2022. Meta laid off around 30,000 employees, and companies like Google were also affected. Now, new graduates face intense competition with experienced job seekers.

Around July to August 2022, many companies entered a hiring freeze. Meta was particularly affected, as its stock price dropped while company expenses remained high. In this situation, natural attrition (employees voluntarily leaving) accelerated, as employees were concerned about the company’s health. Even after the hiring freeze, employees continued to leave, but the situation did not improve. By October 2022, Meta’s stock had dropped from its pre-pandemic level of $300-400 to around $90, leading to mass layoffs.

Uncertainty in the Future Job Market:

The future job market is full of uncertainty, influenced by politics and global conflicts. There were hopes for an economic rebound in the election year of 2024, but current prospects are not optimistic, with too many variables affecting the market, making it difficult to predict the future.

How to Create the Best Marketing Tool for Yourself—Your Resume

Your resume and LinkedIn are your “marketing materials.” You need to tailor your resume based on the target industry and position, ensuring the audience is clearly defined.

A resume is your best marketing tool, and Jobright Resume is the best tool to help you create one. Not only can it improve the quality of your resume, but it can also help you adjust keywords based on the job description (JD) of the position you’re applying for, ensuring it passes ATS screening. This increases your chances of getting your resume noticed and helps you secure more interview opportunities.

Try to Use Jobright Resume Builder

Use Relevant Job Titles

The job titles in your resume should align with industry standards. If you are a software engineer, you should write “software engineer,” even if your company uses a different title internally. You can add the standard title in parentheses. For example, the title of VP (Vice President) is common in the banking industry but in the software industry, VP usually refers to a “manager of managers,” so avoid confusion.

Customize Resume Content According to the JD

“3 to 15 seconds” is the average time recruiters spend reviewing a resume, so it must be tailored to the target position and company, rather than listing all your experience.

Control the Length of Your Resume

Try not to exceed two to three pages.

I will automatically decline a resume that’s 19 pages long.

Quantify Your Achievements

Use percentages or other figures to quantify your achievements, such as “worked on a $5 million project.” Different companies may interpret numbers differently, but percentages give a clearer view of your success.

Use Keywords to Match ATS Systems

Your resume should include keywords that match the job description. For example, if you’re applying for a “cloud security engineer” position, and your resume doesn’t include “cloud security engineer,” even with relevant experience, it may be automatically rejected.

Avoid Generic Resumes

A “generic resume” means listing all experiences without customization. Recruiters only spend “three to 15 seconds” reviewing resumes, so your content needs to be highly relevant and highlight key points.

Avoid Irrelevant Information

If your only experience is working in a coffee shop, that’s okay, but once you gain relevant work experience, only highlight what relates to the target position.

Clear Structure and Formatting

Use page space and white backgrounds effectively to catch the recruiter’s attention.

Help us help you, like help me find the information that I need.

Use a Professional Email

Avoid informal email addresses. For example, an address like “smoke for 2085” will leave a bad impression. It’s recommended to create a dedicated email for job applications.

Avoid Overused Phrases

Don’t use overused phrases like “excellent verbal and written communication.” Instead, demonstrate these skills through the writing and details of your resume.

How Can You Make It Easier for HR to Notice You?

You wanna be one of the first people to apply Recruiters usually prioritize reviewing the earliest applications. If you’ve applied to many companies but haven’t received any responses, the problem might not be your resume, but that you haven’t been noticed.
You need to create job alerts: Set up job alerts on LinkedIn or company websites so that when new positions are posted, you can apply as soon as possible.
You can join companies and groups on social media: Join companies and groups you’re interested in on LinkedIn to increase your chances of being noticed.
You need to make your job-seeking status public: If you don’t mind being open about your job search, use LinkedIn’s “open to work” feature. If you prefer to be more discreet, limit visibility to those with LinkedIn Recruiter access.
You can stay active and engage in discussions on LinkedIn: Sharing content and participating in discussions can help increase your visibility. Be active… share content, engaged in other people’s profiles.

How to Use LinkedIn for Job Hunting?

Treat LinkedIn as an extension of your resume

You can directly copy the “summary statement” from your resume, including skills and projects, into the “about you” section on LinkedIn, making sure to include relevant keywords.

Use a professional photo and headline Use a professional photo and a clear headline (e.g., “full stack developer”) to help recruiters quickly identify your career focus.
Leverage LinkedIn to build your network LinkedIn is especially useful for building connections in the tech industry; it’s your most valuable tool.
Understand the importance of referrals in the hiring process Referrals are key to bypassing the standard screening process, as many large companies have departments specifically for handling referrals. By getting a referral, you can skip the traditional application process and establish “genuine human connections.”

How to Make Job Applications More Efficient Through Referrals?

“The goal is to make a genuine human connection.” Don’t immediately ask for a referral—first, build a real connection.

Establish authentic relationships, rather than simply asking for referrals. Interact with people from your target company or industry, ask about their work experience, and then request a referral.

Example of Successful Referrals:

Through internal referrals, Chris secured three interviews within a week and a half after being laid off and received a job offer by Friday.

Q&A

What should I do if there is a gap in my work experience?

If you have no formal work experience and your only job has been at Starbucks, that’s perfectly fine to include, as it shows you’ve held a job and worked in a structured environment. However, if you already have two or three years of relevant experience, you should focus on highlighting that experience instead.

Even if you don’t have direct work experience, this is where you can showcase your relevant projects.

What Can Jobright Help Job Seekers With During the Application Process?

The resume feature helps users match keywords from their personal experience with the content in the job description (JD), increasing their chances of passing the ATS system screening successfully.

Try Jobright for Free

Jobright helps users find the LinkedIn profiles of current employees at target companies, assisting users in precisely identifying individuals who can provide internal referral opportunities. If users are unsure how to start a conversation with these professionals, they can use the templates provided by Jobright.