You might have noticed a lot of discussion about the economy lately. Recently, the Fed lifted interest rates by 0.75 percentage points, the third hike this year and the largest since 1994.
So, what’s up with these interest rates? And more importantly, what do they mean for your job search and your security since, as it turns out, they are both directly related.
What is Going on With Our Economy?
The short answer is that inflation is rising, and unemployment remains consistently low. Many economists agree that these prolonged economic conditions could mean an economic downturn is on the way.
The good news is that the job market is still holding steady. Hiring is at an all-time high. But it might not last. Many experts are predicting the economy could soon slow significantly. A slow economy could mean big changes for investments and home ownership, but perhaps one of the biggest sectors to be affected is the job market.
What Could an Economic Downturn Mean for Jobs?
Currently, we’re seeing an increase in job seekers looking for work. Many of them are thinking the same thing: it’s a great time to secure a job while the market is still hot. It’s still a candidate-driven market, and many employers are going above and beyond to attract and hire talent. But will it last?
During an economic downturn, looking for work can be extra challenging. So while the market is still highly active, many job seekers are moving to secure their next role now rather than face an uncertain future with increasing competition.
One unique characteristic of the uptick in jobseekers is that it’s not just workers who were previously hesitant to rejoin the job search. Many workers who had previously retired are changing course and are now rejoining the workforce in droves.
What’s Next for Your Job Search?
For those who are actively pursuing new opportunities, your best strategy is to be proactive about your search. Don’t wait for employers to come knocking on your door. Secure your next job by treating it as an opportunity. If you’re able to demonstrate how you can provide genuine value, you could secure offers from employers that truly want you on their team.
One of the best ways to be proactive about your job search is to avoid relying heavily on passive job search tactics like applying to job boards, sending out resumes, and hoping for offers to come through. Instead, establishing a relationship with a recruiter is going to be a more effective place to start.
When you work with a recruiter, you can gain access to job boards that aren’t available to the public. They can be your advocate in the job market and help prepare you for an interview so you can demonstrate you’re serious about getting hired.
Working with a recruiter can be particularly advantageous, considering most employers are looking for serious, informed candidates. They aren’t just searching for any warm body. In the same way, working with a recruiter is a top indicator that you mean business and aren’t just looking for any old job. You’re looking for the job that’s right for you.
Next Steps to Getting Hired
The good news is that the economy is holding steady. The market is still highly active, and employers in Northeastern Ohio are hiring more aggressively than ever.
If you’re looking for your next role in manufacturing, the skilled trades, or other technical fields, we can help. Contact Vector Technical today. We can be your advocate in the hot job market.