There are two sides to the job market right now. On one side — low unemployment, “Now Hiring” signs everywhere you walk, and news headline after headline declaring that the job market is “strong” and “hot.” (The economists are thirsty.)
On the other side — layoffs in industries like media and tech, fake job postings from companies wanting to project growth without actually hiring anybody, and candidates getting ghosted after applying to dozens of positions.
WTF is going on?
If you’re confused, you’re not alone. The economy has been sending mixed signals for months, but there are some signs right now that the job market is slowing down. Fewer people are quitting their jobs each month compared to last year, and the number of people claiming unemployment benefits for more than a week has also steadily ticked up, according to research from the Federal Reserve and the Bureau of Labor Statistics.
All of this means that job seekers should make the most of the opportunities they have, but be prepared for the worst. We don’t know when the needle will move from “worker empowerment” all the way over to “recession and layoffs.” That’s why you have to make sure your job application stands out from the crowd, no matter the market. But how?
LISTEN: Why A Linear Career Path Is Dead, And What To Do Instead
Certified Professional Coach Eliana Goldstein, founder of Eliana Goldstein Coaching, sits down with us to break down all the strategies she teaches her clients so they can advance at their current companies, find more fulfilling opportunities, or transition into completely new careers — all while bumping up their paychecks. Eliana’s clients see their salaries grow an average of 20% after using her services.
Eliana talks about her own career journey, and how she was able to go from feeling burnt out in a corporate job to becoming her own boss. Then she digs into why job searching is so complicated right now, even though the market looks great on the surface. Tune in to hear how the pandemic has continued to disrupt the hiring process, and why recent layoffs in white-collar industries might mean you’re facing much stiffer competition.
You might be wondering if now is the right time to change jobs, given the instability we’ve seen over the last few months. Eliana shares the three biggest signs that it’s time for you to move on, and how you can transition without jeopardizing your career or your finances. (A good rule of thumb, Jean and Eliana agree, is to never quit your job without having another one lined up.)
Ready to dive into your job search? Eliana walks through best practices for every step of the application process, from why you should start networking at your dream company before a position is even open to how you can revise your resume and cover letter to wow hiring managers. Plus, we discuss why it’s actually a bad idea to find jobs on online job boards, and a great idea to apply for jobs where you don’t meet 100% of the qualifications.
In Mailbag, we hear from a listener whose employer accidentally disclosed her Social Security number. Another listener wants to know how to get a hold on her high-interest credit card debt. In our money tip of the week: how to split finances in a relationship.
For more of Eliana’s great career advice, check out her online course The Career Upgrade. Use the code “HerMoney” at checkout for $100 off!
LOOKING FOR A NEW JOB? THESE HERMONEY EPISODES WILL WALK YOU THROUGH IT. (YOU GOT THIS!)
- How To Get Hired And Earn More
- How To Build Up Your Soft Skills (which all employers are looking for these days!)
- How To Know When It’s Time To Quit (+ how to plan your resignation)
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This podcast is proudly supported by Edelman Financial Engines. Let our modern wealth management advice raise your financial potential. Get the full story at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416