Day: April 19, 2015

I have had a number of conversations with job-seekers this week, mostly candidates for a current search.  These people are all interested in my opinion as to where the job market is headed.  What little I can offer mirrors what I have heard from the most prominent business and economic experts I follow and from the Government labor reports.  It would appear that the economy is slowing.  Europe and China are weak which affects our global corporations.  The Dollar is strong which is great for buying foreign products, but makes our goods and services more expensive overseas.  The price of oil is way off its 2014 levels putting more discretionary funds in the consumer’s pockets which is most welcomed.  On the other hand it puts pressure on the Oil Industry, especially those employing new technology to bring oil out of shale formations.  My understanding of the current oil dynamic is that the Saudi’s are trying to regain discipline in the Oil Market by maintaining a high level of supply.  They are also trying to slow down the resurgent U.S. oil boom.  Notwithstanding Saudi machinations, if the demand for oil was stronger they probably would’t be so focused on disciplining the market.  Oil prices have been moving up a tad in recent weeks so economic activity may not be about to fall off a cliff.

On the other hand, this year seems to be very similar to the first quarter of 2014 both impacted by severe winters that dampened economic activity.  In 2014 my business was a bit slow in the first half, and then I did a full-years’ worth of business in the second half of 2014.  Who knows, 2015 could be a repeat of 2014.  Another data point which I find interesting is that the Consulting side of our business remains strong.  We have a number of active engagements in process and new projects in the pipeline.  Our clients have issues that need to be addressed; however, they are not interested in adding additional headcount.

What does all this mean for job-seekers?  At this time I see employers working to strengthen the quality of their teams.  They may not be adding to total headcount, but they are working to ensure that they have the right people in position.  “Aces in their places,” is a term you may have heard before.  As the economy slows, market share battles will intensify.  If one wants a world-class product they had better have a world-class team.  Upgrading the quality of the workforce will create opportunities for existing employees, and for those looking for a new opportunity.  If you are looking for a new job, you must be positioned as a viable talent upgrade.  You must ensure that your skills are on the cutting edge.

If you are currently employed I would advise that you look long and hard for opportunities inside your company.  Most companies would prefer to promote from within wherever possible as it is less risky and builds morale.  If you need to upgrade your skills, work on those issues and ensure that it is known within your company.  If you are between jobs you must have a clear understanding as to your skill set gaps.  Close those gaps immediately!  Additionally, seek out project work or short term assignments as a part of your job search strategy.  You will become more of an insider by working on a contract basis leading to job opportunities.

In closing, my best advice is to assume that the job market is tightening and behave accordingly.  Behave like an underdog.  Ensure that your skills are current, especially your networking skills.