Thursday, May 8, 2008

Quarterly Job Market Update

Last quarter my update was more or less status quo when compared to the previous quarter in regards to employment opportunities in the Bay Area. Most people I talk with were asking about a recession which translates to companies thinking there are more people available and people thinking few companies are hiring. At that time we did not see any effects on employment from the overall economic condition. The layoffs in the Homebuilding, Mortgage, Real Estate and Airline industries has increased the unemployment rate but has had no material effect on the candidate pool for CPA's, MBA's, IT and HR professionals.

Three months ago Alchemy had the same number of opportunities available compared to the previous six months. But the number of jobs we have available now compared to my last blog entry have come down slightly (less than 5%). We see slower growth across the board although some companies are growing quickly. The companies that are growing more quickly and have a market presence may be seeing more candidate applications now than at anytime in the previous 6 months. If you are trying to get into one of these high flyer's your are in a very competitive situation. The slower growth businesses are focused on more critical hires and may try to reduce costs and get by with what they have in an attempt to increase profits or to prepare for what might happen with the economy in the coming months. Don't be surprised if these companies are highly selective as they are not typically in a rush to make a decision. This will likely change once the capital markets become less volatile and the economy has an over all sense of stability. The need for additional human capital will be more evident and the number of qualified people will likely not change.

There are many good jobs available, if you are in the market and know you want to move now is a good time. Corporate hiring typically slows down from the beginning of July to early September. The slow down is due people not being available to interview and managers waiting until their vacations are over before bringing in new people to the team. If you wait you may find that there may be fewer options and the options you have will not come to offer stage for weeks after your initial interview.

I hope this helps, please reach me if you like to talk about your current situation.

Bryon McDougall