Unemployment Rates Spike as Wage Growth Slows

• Author: Monique Hoppe
• Posted: 2024-09-15

Not too long ago, employers were desperate to grow their work forces. Employers were even hiring staffing firms to procure top talent, and they were making it easy for candidates to apply for jobs. Unfortunately, wage growth is slowing down, and job hunting is now becoming a grueling and miserable process due to a tightening labor market. As a result, the unemployment rate has spiked to 3.8%

 

Why the Labor Market is Tightening

It is not an uncommon experience to apply for myriads of jobs and receive no job offers in return. The technology industry has been hit particularly hard, as there were thousands of layoffs over this past year, and an average of one job available to every two candidates on LinkedIn. This is a stark contrast to how things were back in early 2022 when there was an average of one job for every applicant. The labor market is tightening largely in part due to uncertainties about the economy.

Scammers are taking advantage of this situation and preying on those who are vulnerable. Some will go as far as getting a domain and an email address to impersonate a well-known company; however, when looking closely, the email and domain will be wrong by one letter. Some scammers even go as far as using the names of real recruiters and setting up Zoom interviews to establish trust, and then they will ask for bank account details.

Employers are also using AI to filter out job applications. This reliance on AI means that many applications are never seen by a human.

 

What Candidates Can Do in This Current Labor Market to Successfully Land a Job

While things look abysmal, there is still hope. Candidates just must change their strategy. The following are some steps experts recommend candidates take to successfully land a job in today’s labor market.
 

Pay Careful Attention to Your Resume

The first step to successfully landing a job is to make sure your resume is on point. Because today’s job market is highly competitive, you want to make sure your resume really stands out. The following are some steps you can take to put you ahead of your competitors.

• Outline important information to make it easy for employers to find.
• Highlight the relevant skills you want to show off to employers and make sure to use phrases that are common in the industry where you want to work.
• Tailor your resume by using keywords from the job posting. Do not send a generic resume.
• Use bullet points to outline quantifiable achievements.
• Make sure your resume is clear, concise and easy to read.
• Proofread to make sure it is free of typos and grammatical mistakes, as these will turn off hiring managers and employers quicker than you know.
 

Leverage Social Media

Since social media is a part of most people’s lives these days, you can leverage it to score a job. If you have LinkedIn, make sure your profile is up to date. You can even add your resume to your profile. You can search for recruiters on various social media sites, such as Twitter, Facebook and LinkedIn, and you can follow or send friend requests to companies of interest. You can also watch for job posting and apply.
 

Network Locally

If you want to significantly increase your chances of landing a job in your field, attend local networking events. You can attend events, such as workshops, conferences and professional meetups. Let others at these events know that you are available for work but try not to be too desperate because this is a turnoff. Appearing confident will better your chances of getting hired.
 

Leverage AI in Your Job Search

Just as employers leverage AI tools to weed out applications, you can also use AI to land the job you want. You can use AI to help you prepare for interviews by allowing these tools to coach you on what you can say. AI can also serve as a personal assistant, research job postings for you and suggest postings you should target. Do not fully rely on AI, or it can backfire. Make sure you put in the effort also.



Landing a job may be difficult; however, it is not impossible. With the right tips and tricks, you can attain meaningful employment in your respective field.