What Kind of Job Market Is It?

The Sky is Falling-Chicken Little

There are problems out there. Inflation, gas prices, housing depreciation, etc.  Any rational human being can see this, but behind the headlines there is still some very good news, particularly on the job front heading into the second half of 2008.

The unemployment rate is still at a very manageable number, and has held relatively steady even amid the recent economic downturn. Yes, there are sectors that have been ravaged, such as real estate, banking, some parts of financial services.  Overall, however, there are still some areas that are healthy, if not robust, such as healthcare, biotech(not big pharma however), e-commerce, interactive media, some parts of CPG.

Baby boomers are still retiring and there aren’t enough Gen x ers to replace them in middle/senior management ranks. 

Our biggest challenge right now is finding candidates who can relocate. With the housing market where it is, candidates are having a tough time selling their houses to move for a job.  Coupling with that the fear of being “last in/first out”, I would say it is an almost 50/50 balance between a “candidate driven market” and a “client driven market.”

The biggest thing holding hiring back right now is fear on both sides.  Clients fear making any hire right now due to budgetary restraints, even if they a) have the budget and b) need to fill the position.  Candidates fear the things mentioned above, so while there are countless companies/candidates looking to hire/change jobs, there is something out there holding both sides back.

What is my take? If you are a client looking to hire, you might get a terrific candidate right now.  If you are a candidate, particularly one who can relocate, and you have the right background, you might be able to find your dream job.

In short, there are areas that have taken a huge hit, but the overall job market is in much better shape than the media would have you believe.