What's happened
As of August 2024, job seekers face a tougher labor market with fewer openings per unemployed person compared to last year. Experts suggest strategic application approaches and emphasize the importance of quality feedback in performance reviews to retain top talent.
What's behind the headline?
Job Market Dynamics
- Fewer Opportunities: The decline in job openings indicates increased competition among job seekers.
- Strategic Applications: Experts recommend focusing applications on roles that align with skills and interests rather than applying broadly.
Importance of Feedback
- Retention Risks: Poor feedback can lead to higher turnover rates, especially among top performers.
- Cultural Shift Needed: Companies must embed constructive feedback into their culture to support employee growth and retention.
Candidate Strategies
- Tailored Responses: Candidates are advised to emphasize alignment with company culture over salary in interviews.
- Preparation is Key: Job seekers should prepare thoroughly for interviews, focusing on their product knowledge and problem-solving skills.
What the papers say
According to Business Insider UK, Leanne Getz from Experis noted that the labor market is 'definitely softer than it was several years back,' highlighting the challenges applicants face. Stacie Haller from ResumeBuilder.com emphasized the need for job seekers to apply strategically rather than broadly, stating, 'I would prefer people to not send out 800 résumés just throwing spaghetti against the wall.' Meanwhile, a Textio analysis revealed that top performers, particularly women, receive inadequate feedback, which can drive them to leave their jobs. Ylva Baeckström pointed out that high-performing individuals often go unnoticed, leading to a lack of necessary support. This underscores the need for companies to foster a culture of constructive feedback to retain talent.
How we got here
The job market has softened, with recent data showing 1.2 job openings per unemployed person in June 2024, down from 1.5 in June 2023. This shift has made job searching more challenging for applicants.
Go deeper
- What strategies can job seekers use?
- How can companies improve feedback processes?
- What are the current trends in the job market?
More on these topics