Back in March 2020, the job market was booming with the highest recorded rates of employment.
Fast forward to the present day and the job market has been on a roller coaster of a ride, from all-time lows to recently picking up the pace. Previously the market was candidate-driven. What does that mean?
A candidate-driven market is where, as Liam Copsey explains, “there are fewer available candidates coupled with more job opportunities – usually a sign of a booming economy”. Therefore, the candidates (job seekers) have the power as they are likely to receive more job offers and hold the bargaining power to negotiate better terms.
Now, the market is more client-driven.
A client-driven job market is where there is lots of talent available with fewer jobs on offer. This can be due to higher unemployment rates and job losses due to scenarios such as Covid-19. Therefore, it can result in a more competitive job market and be trickier to stand out.
But don’t worry, we have got you covered. See our tips below on how to navigate a crowded job market.
1. Spend time on your CV
Your CV is the first opportunity for you to make an impression. Make sure that it is formatted correctly and clearly demonstrates how you have added value in your previous roles. This will really help you stand out from your peers.
Invest time in brainstorming what you have achieved in your roles (e.g. supporting with system implementations, improving processes) and ensure these are clearly demonstrated, either in a separate section on your CV or under your responsibilities in your current role.
2. Update your LinkedIn
LinkedIn is the perfect place to interact with others and find new opportunities. Ensure your profile is up to date with your most recent experience. Recruiters often use LinkedIn to find great candidates and match them to roles. By selecting the option on your profile “show recruiters you’re open to work”, you will have more recruiters contacting you about suitable roles.
Stay active to get noticed. This doesn’t mean you need to post something every day. Simply liking one of your connections statuses or sharing an article will mean you are noticed by your connections on their newsfeeds. This helps people remember you and helps you get noticed.
3. Consider contract work
If you are immediately available and ready to start work ASAP, contracting is a great way to get you back into the workplace quickly. It will also allow you to earn money and try new working environments whilst looking for a more permanent role. Take a look at some other benefits of contract work here.
4. Don’t panic and remain positive
In the current environment, it is natural to feel apprehensive and worry about not being able to find a new role. But try and remain calm. Don’t let the fear of not being able to find a role impact your job search by applying to roles that aren’t relevant. Invest time in understanding what is important to you in your next role and focus on applying for those roles that match your criteria. A tailored approach will lead to a better return on your applications than a scattergun approach.
5. Be flexible and realistic
It is important to be realistic and flexible in the current market. In some scenarios, we must make compromises such as location, salary or benefits. In the current job market, be realistic in knowing that you may not receive the pay increase you were hoping for but that compromising now should pay dividends in the long term. The more flexible you are, the more opportunities you will be approached about.
6. Speak to a recruiter
Speaking to a specialist recruiter in your field of expertise will help you to identify what you are looking for and help you to understand what the market is like at your level. They can also provide you with feedback on your CV to your LinkedIn profile and help you to adapt these to ensure they are as tailored as possible for the roles you are looking to apply for. They also have great connections and will be able to proactively approach their contacts on your behalf.
We would love to hear your opinion or any other ways on how you navigate a crowded job market, so let us know!
JasperRose is always here to help. If you are looking for a new role in Accounting and Finance, follow our LinkedIn page to keep up to date with our latest roles. Or if you are looking for some advice on your job search then please do get in touch.