Our nation’s unemployment rates are at a record low— and are only forecasted to keep diving. This summer, unemployment dropped to 3.8%, the lowest the U.S. has seen in 18 years, according to the U.S. Bureau of Labor Statistics.
A low unemployment rate means there are fewer available workers to fill openings, giving most job seekers more advantages than they’ve had in nearly two decades (with a few exceptions, of course).
Regardless of if you are fresh out of work or secure in your current position, it might be the perfect time to seize this economic opportunity and put yourself on the market. Let’s explore what this low unemployment rate could mean for job hunters:
More Promising Interviews
With less people knocking on HR’s door for interviews, many departments have the ability to conduct more thorough interviews. This is great news for a well-prepared candidate, granting you more time to impress your interviewer.
With how expensive turnover costs can be— some predict that each time a worker leaves, it costs the company 6 to 9 months of that person’s salary to find a replacement— businesses are being more conscious of hiring the right employee. That means job hunters can likely expect more rounds of interviews too, making it more important than ever to come prepared and to continually leave an impression with each interaction.
Less Competition for the Job
Low unemployment means more people already have jobs and your competition is less fierce. Whereas in previous years a company’s HR head may have received 50 applications, maybe only 15 will fall onto their desk over coming months— giving you more opportunity to stand out from the crowd.
This is especially true for those seeking positions in software, service, sales, engineering, design and other digitally-enabled roles, which have been seeing many openings during this time, according to Forbes. A Workday study found that only 35% of employers feel college graduates are coming to the table with the technical skills needed to fill many new roles, meaning previously coveted “fresh meat” is becoming less appealing.
What does this mean for experienced workers? Let your skills shine. No matter your industry or role, show off the software you know, your certifications and lead with a hefty portfolio to blow the little competition you have out of the water.
Higher Salaries & Benefits
When the need for more qualified talent is combined with a smaller pool of candidates to choose, many businesses are forced to offer competitive wages and benefits to lock down the right prospect.
This means that experienced candidates now hold more power, and should seize opportunities to barter on salary, time off, flexible hours and more. Prospects are in a position to be more picky, and since they can find work more easily, are looking for companies that offer great culture and go the extra mile when it comes to employee happiness to influence their decision.
In the later stages of your interview, don’t be shy. If you know you’d be a valuable asset to this new team, ask for that extra week of vacation, to pick up your cell phone bill or for a bigger contribution to your 401K. Now is the time to get ahead.
Keep Your Eyes Open Without Extra Work
With unemployment being so low, there are less candidates sending out resumes— and some recruiters and companies are being forced to openly seek talent.
If you’re an experienced professional, let the offers come to you. Our software at GoGig is perfect for passive job seekers who would like to keep their opportunities open and do so anonymously. No need to spruce up your resume, apply to any postings or alert your boss you’re on the prowl by signing up to a traditional career portal. That’s right, your profile remains anonymous and recruiters seek you out based on your experience and skills.
Let our algorithm do the work for you. Take 2-4 minutes to fill out your profile and wait for an interested company to start the conversation. It’s that easy. Sign up today!