STReBlog » Economic Data

What’s the job market really like right now?

Mon, 19 Apr 2010 04:16:57 +0000

I’ve gotten more questions recently from candidates wondering what the job market is like. Some say they’ve seen an increase in activity, others have been out of work for more than a year and are considering expanding their search to areas outside of Silicon Valley. As usual, there’s not a simple straightforward answer.

Let’s start with the good news. Intel, Google and AMD all had good earnings reports this week. And companies like Cisco, HP, and Intel have announced hiring plans. Most third party recruiters I’ve talked to are getting more job orders to work on, which means internal staffing teams need help finding talent. These are all signs of the hiring trend moving up and to the right.

The bad news is that the unemployment rate still remains high and there are a lot of very talented people who are still out of work. I read an article a couple of weeks ago that drilled down into the details behind the unemployment rate provided by the Bureau of Labor Statistics. The unemployment rate includes all types of workers, at all levels with different levels of education and was 9.7% in March 2010. If we just focus on management, professional and related types of workers the unemployment rate in March was 4.7%. And the unemployment rate in March for people with college degrees was 4.9%. This data is for the entire U.S. and I don’t have it broken down for Silicon Valley, but I have to believe the trend is consistent. The unemployment rate for professionals and managers is probably significantly lower than the 12.6% that was just reported in California.

So if you’ve been out of work for a while and are feeling frustrated and hopeless, it’s not as bad as it seems. I will continue to give the same advice. If you’re not working, and haven’t been working for over six months, go out and contract, or volunteer, and update your resume and LinkedIn profile. It will make a difference. And keep your network informed of your activities. I know you may feel like your communications may not be getting results, but there is more activity, more jobs, so your network will be able to help with leads now more than ever!

It’s a new decade; it’s a new ball game

Mon, 04 Jan 2010 02:41:49 +0000

Don’t know about you, but I’m glad to see us welcome in a new decade, change is good, and most people are ready for some positive momentum. I’ve been reading a lot about the positive economic indicators in the job market–if positive thinking can create jobs, there’s enough of it around to make it happen! Here’s a link to an article in the WSJ “Uptick in Executive Jobs Seen for 2010”, read it for yourself.
I’ve talked about the signs of improvement in the market in earlier posts, so let’s talk about what it means for candidates and clients. There are still too many candidates that are out of work despite their best efforts at networking, applying to company websites, and working with recruiters. If you’re one of them still on the sidelines, now is a good time to refresh your resume. I’m not talking a total overhaul, that’s probably not necessary. Reread the first page. Make sure you’re highlighting the contributions you made to the company in your last position, not just listing your responsibilities. Hiring managers are seeing too many resumes, make yours stand out by stressing the ways you’ve saved money, improved efficiency, or prepared a company for an IPO. Emphasis results, dollars saved, percent reduction in inventories, preparation of an S-1 that never got filed. They are all important.
And candidates, don’t forget, if you’ve done some consulting, even if it’s a short project, put it on your resume, it’s important. Perhaps you’ve worked with some colleagues on a pro bono basis to start a business, prepared a business plan to raise money, or volunteered for a non-profit. It makes your resume look fresh instead of stale.
Hiring managers need to be ready for the uptick as well. First and foremost, make sure you’re connected with your key employees to make sure they are engaged and motivated in their roles. Nothing makes people happier than contributing to a successful organization, so remind them how they are making a difference. And then, get a jump on top talent. “A” players are just beginning to consider jumping into the job market. Turn up your recruiting efforts a notch and get to these candidates before other employers do. It pays to be ahead of the curve. And carefully assess resumes, some of the candidates that are out of work are A players. You’ll benefit by finding those “needles in the haystack”. If you need help, call me, that’s our core competency!

The Landscape has Changed

Thu, 24 Sep 2009 05:42:27 +0000

The Landscape has Changed
I was struck last week by how many articles I read that were upbeat and positive about our economy. Everywhere I looked a vendor, partner, company, was reporting “slightly improved activity”. And this week Seagate raised its outlook for the current quarter as did Brocade. So what does this mean? Are we getting back to business as usual? I don’t think so, but the outlook is definitely improving.

An article in the NY Times a couple of weeks ago entitled “In Silicon Valley, the Jobs Picture Has Changed” talks about the industries that have been winners and losers since the dot com bust. Keep your eyes open for opportunities in new industries and be prepared to explain why your skills are transferable!

A Day of Good News

Thu, 06 Aug 2009 02:38:56 +0000

With the release of the 2 American journalists held in North Korea, it’s a day for good news, so let’s continue. In case you missed one of today’s top articles, there is certainly some good news on the job front. Almost half of workers who got laid off in the last 3 months have found jobs. And more good news, According to Careerbuilder, “Looking at workers who were laid off in the last 12 months and found new jobs, more than half (56 percent) reported they were able to negotiate comparable or higher pay for their new positions. Forty-four percent of workers took a pay cut, down from 49 percent in March.”

At STRe, we have seen a definite pickup in jobs that clients need help on, and pay has stayed fairly constant. This isn’t the time to look for a 10-15% increase when changing companies, but most companies aren’t expecting candidates to take pay cuts. The only area we’ve seen reductions in salaries has been in contracting. Both candidates and clients are putting pressure on rates for consulting positions. If you’ve been out of work for a while, hang in there, help is on the way.