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Whose job market is it anyway?
Some would say today’s job market is directly tied to the housing market. That may very well be true. We can definitely say that just as it is a buyer’s dream market, it is a recruiter’s dream market. It has proven not to be a seller’s market nor a job-seeker’s market.
Well, let’s analyze this and try to draw a correlation between the two.
Think of your job (current or prospective) as the house. Your salary as the loan. Your bonuses, benefits, perks as options. In Today’s housing market, the buyer has the upper hand in choosing the house and negotiating the price. There is a surplus of houses – new and existing. This pool of new houses is derived from new planned construction, foreclosures, sellers looking to dump their houses, houses built by builders for a certain individual who can no longer secure a loan, amongst others. Are we saying that there is also a surplus of jobs? Well, we know that not to be true. We do know that as the housing market continues to tank, the job market continues to shrink. So already, we have created one relationship. We have discovered that the increase in the surplus of homes is inversely proportional to the creation of new jobs and the continuation of existing jobs. Let’s move on to your salary. Today, one can barely secure a loan for a new house unlike a few years ago when “Jack”, Assistant Manager at McDonald’s making $25,000 a year, could purchase a $500,000 house in the best of neighborhoods. How was this possible? Oh, it was possible but we won’t go into the mathematics here. In a nutshell, “Jack” could walk into a bank and “say” he could afford the house and “say” that he made much more than $25,000. When the housing market was hot, buyers like “Jack” were plentiful and sought after. Today, there are no more “Jacks”. Today, you need 20% down, stellar credit, and documented income. Today, you need to be “Jack, Esq.” Jumping over to the job market, we are attempting to create a relationship between your salary and the dynamics of a home loan. If you do not have a job, can you even “find” a salary? If you have lost your job, can you find one that will pay you of equal value or more? Sure there are jobs out there but you need to lower your standards when seeking one (and while you’re at it, tell your landlord or mortgage company to “lower” their standards, or your utility companies to “lower” their standards (i.e., lower your monthly payments). But that’s another story).
Whose job market is it? Not yours. It is a recruiter’s market. Instead of you negotiating and asking for what you are worth, you may only be able to receive whatever the hiring manager tells you they are willing to pay. We are assuming that you even get this far. Turn on any news program and you will see that for every 50 openings that are advertised for one job, there are 1000 applicants. Therefore, as hard as it is to secure a loan, it may be even harder to “find” a job. The difficulty of securing the loan, which is tied to the housing market, is directly proportional to that fact that you cannot secure a job – which is also tied to the housing market. I bet you didn’t know so many of today’s businesses were directly tied to the mortgage market. I am sure you know now. You know businesses are tied to banks – banks tied to mortgages – mortgages tied to “Jack” and others.
And what about bonuses, perks, etc…? Haha. We can’t even get you a job yet. But let’s say you did secure a job. A bonus? A perk? Major benefits? Laugh again. For those of us in the job market, we are happily giving these things up in order that we may keep our salary. If you are a job-seeker and without a job, don’t even ask. Let’s jump back over to the housing market. You know those nice options that come with a house (well you actually have to pay for them)? Things like stainless-steel appliances, wood floors, granite countertops? A home-buyer may be able to negotiate for these items in their contract. The downside is you will pay something for them. In the job-market, a job-seeker can also negotiate for a bonus, extra perk, etc. The downside is you will also pay something for them – in your salary when hired or in your annual merit review. Nothing is given for free – especially today. A job-seeker must be awfully careful here. You don’t want to “price” yourself out of a job. Remember, one of those 999 other applicants will not only be satisfied with a base salary but perhaps a base salary smaller than what you are asking ad NO EXTRAS!
So how does one find a job in this terrible market when we know the housing market is not going to correct itself anytime soon?
Just like a house seeker now has to jump through hoops to prove to a bank that not only are they worthy, that they saved their 20% down payment, that they are creditworthy and have a good job. Today’s job-seekers also have to jump through hoops. Today’s job-seekers have to armor themselves (with very shiny armor) and be backed by amazing credentials in order to outshine the other 999 individuals vying for the same position. Oh, and you also have to know how to “talk” – like a car dealer. How does one do this? Especially one who is not used to marketing themselves and putting themselves out there to outshine all others? The good news is that a good resume may at least prepare you and get you in the door. Many can sell themselves on paper much easier than in person. With a good, strong resume utilizing many of the industry-driven keywords that recruiter’s look for, you may lock down an interview. The rest would be up to you. Once in front of an interviewer, your self-marketing would need to take over. Figuring out who you are and what you have to offer and why your product is better than the other 999 is the key to your success. You have to put on all of your shiny armor in order to outshine the others. The good news is that you can bet that at least 75% of that remaining 999 are not thinking like this. Many job-seekers just believe that all they have to do is show up and the job will fall into their laps because they have experience. Maybe when Mom and Dad were younger but not today. Not only is there so much more competition numerically but the job market has shrunk and will continue to do so – as long as and perhaps even after the housing market has bounced back. So asking the question again, “Whose market is it?” We know it is not yours – but you can make it yours. It will just take a lot more work.
Keep your eyes peeled for more in this space about making yourself more marketable to get the job you desire, deserve, need, or just want.