We all know that the current job market is pretty tough, and it has been harder than ever to find a reliable and adequate job based on your profile. Working in the tech world, conversations revolving around challenges in finding opportunities are getting more frequent. Based on some of my research and checking facts with the National Bureau of Economic Research the results are definitely a matter of concern, but all hope is not lost. Along with the facts, looking at the patterns for potential employees I have shared some recommendations to stay ahead in the market.
Fact Check:
Longer-Term Unemployment: A person’s potential future earnings can be reduced by 20% as a result of prolonged unemployment. However, even after finding employment again in the end, people who experience long-term unemployment have a lower chance of doing so.
Racial Discrimination: Even when equally qualified, non-white applicants received 36% fewer callbacks for job interviews, according to NBER study.
Education and Skills: Greater income and employment rates are associated to higher education levels. Those with a bachelor’s degree or more had an unemployment rate of 2.1% in 2019, compared to 3.7% for those with some college or an associate’s degree and 5.2% for those with only a high school diploma or less.
Age Discrimination: In one NBER study, candidates over the age of 50 had a 35% lower chance of getting a second interview call than those between the ages of 35 and 50 with equivalent qualifications.
Job Market Volatility: During the Great Recession of 2008-2009, the unemployment rate increased from 4.7% to 9.5%, and the duration of unemployment for many individuals increased significantly. For example, the average duration of unemployment for job seekers increased from 16.5 weeks in 2007 to 25.2 weeks in 2009.
Here’s something you can do :-
- Address potential biases: Take extra steps to address potential biases in the hiring process. This may include emphasizing their skills and qualifications in their application materials, seeking support from advocacy groups.
- Be persistent: Persistency is the key. Continue to apply for positions, even in the face of rejection or long periods of unemployment. Networking and seeking support from friends, family, and recruiting agencies can also help to improve the rate of success.
- Be Open-minded: Be flexible and open-minded about the types of jobs, be open to new opportunities.
- Invest in education and skill development: As NBER research has shown, education levels are associated with higher employment rates and wages. Job seekers should invest in education to improve their prospects.
- Take care of mental health: Job searching can be a stressful. It is OK to seek help from mental health counselors.
Suggestion by the ATI Vancouver’s editor: Connect with other like minded professionals on LinkedIn, join groups on LinkedIn such as VIF Professional Network to connect with other Indian Professionals in Vancouver.
Blessings and Best Wishes for all job seekers!
Credits: This article is based on Vinayak Raghuvamshi’s LinkedIn post.
