Think Outside the Numbers: Employment Statistics Shouldn’t Influence Your Job Search
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Every day, there’s a constant stream of data about employment, layoffs, and other workforce metrics.
It’s easy to get caught up in this flurry of data.
How much attention should be paid to this news flow?
Here are a few key things to keep in mind:
First and foremost, you’re only looking for one job. Broad statistics, like an unemployment rate of 3.4%, are meaningless. They don’t dictate you do anything differently than under a 5% or 7% environment. You still need to devote your best effort to your search. That means focusing on industries and roles that play to your strengths and interests, ensuring your resume and LinkedIn profile are in great shape, setting and making the most of informational meetings, and crushing it in interviews.
Layoff announcements don’t tell the full story. Layoff indicators have some informational value, but under the covers, there’s often some hiring at companies undergoing a net reduction in headcount. Companies may have found that they are heavy on certain roles, like marketing, but are starved for engineering talent. Don’t count out companies that are shedding people overall if you’re in an in-demand area like cybersecurity. Or they may be thinning the management ranks but need more foot soldiers.
Focus on some of the less publicized indicators. Some of the best indicators of opportunity can be discovered in LinkedIn data. For example, the Insights tab of a company page shows the company’s hiring trend over time. It makes it crystal clear who’s growing and who’s retrenching. Another good indicator is who’s getting funded. While venture funding clearly has slowed, it’s worth considering those companies that are still raising money. They may have stronger business prospects than some of the fluffier concept companies of the last wave. And they're better prepared to pay and retain their workforce than those running on fumes.
Dig deeper to understand the microtrends underlying the economy. Unlike headline employment statistics, trends in growth and shrinkage among subsectors of the job market may be useful in making your career plans. Megatrends like AI may make certain roles more or less important in the future. For example, there’s a strong chance that copywriting jobs may shrink with the advent of ChatGPT and similar tools. IBM has already announced plans to pause hiring for roles it expects to be displaced by AI, including back-office and non-customer-facing jobs. In addition, geographic migration trends are taking place. Many firms are relocating their operations or creating satellite offices in lower-cost cities, so if it’s likely that you’ll be fully in-person or hybrid, consider where jobs are moving if you are open to relocation.
TL;DR:
Don’t let statistics broadly influence your approach to job search.
Don’t get complacent when the unemployment rate is low, nor freeze into inaction when it is high.
Pay attention to trends in industry, role, and geographic demand.
Nurture your personal network at all times, and remember that steady, high effort in job search will ultimately be rewarded.
Do you or someone you know need help determining what kinds of roles and companies would be great work situations? Conducting an effective job search without endlessly applying online? I coach and advise people 1:1 and in hybrid 1:1/small group settings. Learn more about my career coaching and sign up for a free 30-minute Career Solutions Call.