Wednesday, February 4, 2009

Job Market Update Q1, 2009

Back in November I wrote that we had seen a trend of a steady decrease in new jobs for 10 to 12 month period and then in September/October we had seen a significant drop in new search activity. We needed a number of things to take place to turn the job market around. They were:

1. Better than expected holiday season and better than expected Q4 corporate earnings resulting in more confidence that the worst may be over.
2. With better than expected results in Q4 a change in the volatility in the capital markets will need to take place if it hasn't already.
3. Companies who have been able to stay profitable will need to have the confidence that business will continue to do well and the investment in human capital will not result in layoffs 6 to 9 months down the road.

Well.......I don't think any of that happened in December and January. So where are we now? Hopefully near the bottom of a hiring down turn. We don't expect the job market to get much better over the next three months. It may stay down until the end of summer. We are optimistic that by the end of this calendar year it will improve and 2010 will be a good time to look for your ideal job.

We believe that a significant increase in hiring will not take place until corporate America has the confidence that the economy will start growing. For now, when a company has made the decision to open up a hiring requisition most if not all hiring managers will be patient, they are looking to hire the best and will not feel the pressure of losing someone to a competitor.

I have no secrets to ensure your success in finding a job. I recommend each job seeker to work hard, be flexible and be reasonable and express interest if you are interested. Talk with our Career Services people to help you with interview techniques and how to market yourself.

I will update you all in three months with some positive news........I hope.

Happy hunting!

Bryon McDougall