Market conditions
The employment landscape for candidates has always been a moving target, but never more so than over the past several years. The job market in the mid 2010s was at least fairly clear: demand consistently outstripped supply by a wide margin. When the COVID pandemic first hit, things got muddier. The industry shed jobs, and many people – including engineers – were furloughed or made redundant. Postings vanished as the number of vacancies fell off a cliff. The demand for talented professionals rebounded fairly quickly, even as global uncertainty continued, and that trend continues to this day.
Today, the market is strong, but it’s complex. Usually, there’s either high demand on the employer side, or relatively plentiful supply of candidates. At the moment, it’s a combination of the two. There are still many people on the job market, a significant number of those since the onset of the pandemic. Unlike in a typical recession, however, vacancies exist and there is demand for high-performing talent. Compounding the normal dynamics of supply and demand is the so-called ‘Great Resignation’. Turnover rates are higher than usual, particularly amongst younger employees, as more people seek new jobs and in some cases even shift careers.
What to make of this complexity, then? In short, it’s critical for candidates to differentiate themselves. To land your next role and progress in your career, you must stand apart from the competition in a market that is ‘noisy’ and crowded.
Setting Yourself Apart
The first step is to sharpen your tools. In this market, your CV and cover letter must be top-notch to stand out. If you’re unsure, get some feedback from people around you. Friends and connections in hiring positions can help, and so can we. Connect with us at any time if you’d like some guidance and support in improving your documents.
When you’re applying for vacancies, it’s more important than ever to tailor your application to those specific roles. Read postings carefully for the skills the company is seeking, and take the time and effort to connect aspects of your experience and background to those specific skills. This can be done throughout your CV, of course, but your cover letters are a great opportunity to highlight those connections. We can’t stress this enough: there’s a lot of competition, so a ‘cookie-cutter’ application isn’t enough. Hiring managers and HR people are swamped with applications, so yours must stand out, making it as clear as possible why you should be interviewed and hired.
In today’s complex market, job postings can’t be the end of your search. Networking is critical. Whether you’re currently employed or not, it’s more important than ever to build and nurture your network of industry contacts. Of course, nothing is simple in the context of COVID, and networking is no exception. There are fewer opportunities for professionals to attend events and conferences, of course. This means using other tools at your disposal, such as LinkedIn and other networking sites. Industry associations have, in many cases, replaced in-person initiatives with virtual proxies. If you’re actively on the market – between jobs, for example – seek out these opportunities to get involved and connect with others. And, of course, don’t overlook the value of going ‘old school’. Email or pick up the phone, and just have conversations. Whether it’s an informal chat to catch up with a long-time colleague, or a more formal informational interview with a new connection, these conversations are a rich source of information that can lead you to your next opportunity.
There’s an important part of networking that is often overlooked. If you approach conversations thinking first about what’s in it for you, you’ll end up with less in the end. Instead, think about gathering information and learning, and about helping others. Networking is reciprocal, there’s give and take. Learning will give you insights and information you can pass on, and thinking about helping others gives you the opportunity to connect with even more new people.
In Closing …
Today’s market is a complicated one. To succeed, make sure your tools are as sharp as they can be, then find – and create – opportunities to put them to work for you. Finally, one of the best ways to set yourself apart is to be well-represented. To have an advocate at your side, helping to connect you with opportunities. That’s where we come in. If you’re on the market, get in touch with us and we would be happy to discuss current opportunities.