Here it is! The job market...........NOT GOOD!
Anyone surprised? The good news is the worst is behind us, we will see better days before the end of 2009. Through the summer of 2009 we may not see any significant jump in job growth, the best case is a small increase to current activities in Q3 early Q4. Once we see a jump we anticipate that a steady increase of activity will continue through next year and hopefully beyond.
The recession started Q4 2007, approximately 18 months ago, at that time the West Coast was not effected like the East Coast. We had seen a steady decrease in jobs from Q1 2008 with a significant decrease in jobs last September. The West Coast (Bay Area) should recover before other areas of the country because we are/were better prepared for the down turn plus receive more venture money than anywhere else in the world (approximately 1/3 of all VC money) see SJ Mercury Article ( http://www.mercurynews.com/ci_12211096?IADID=Search-www.mercurynews.com-www.mercurynews.com ) and (http://www.pwcmoneytree.com/)
Who will be hiring? Most companies are selectively hiring now, but once there is a clear path to growth all will open requisitions that have been on hold. Industries to target can be the ones who received the most investments in 2008:
Software $4.9 Billion
Clean Energy $4.65 Billion
Biotechnology $4.5 Billion
Medical Devices/Equipment $3.46 Billion
These 4 industry segments represent more than 61% of all investments by venture capitalist in 2008 (http://www.pwcmoneytree.com/)
Not to sound like a broken record but jobs that are technical are always the ones that are in demand. Jobs that are not core to the business or drive government/industry compliance are going to be hired later as they are not must have positions.
If you are a hiring manager and want to take advantage of the abundance of great people the time to move is now through August. Once the market turns the competition for talent will increase greatly with no warning signs. If you are a job seeker you need to work hard at networking with people you know to get in front of the right hiring manager. Effort is as important as the wording on your resume - both are keys for success in your job search.
Please contact me if you have any questions, happy hunting!
Bryon McDougall
bryon@alchemysearch.com
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