Job-Seekers Find the Market ‘Challenging to Break Through’ — And It’s Due to One Factor
The latest government data shows a “low-hire, low-fire” environment where employed workers enjoy security while unemployed workers struggle to find new roles.
Key Takeaways
- The latest data from the U.S. Bureau of Labor Statistics shows that job openings are down to their second-lowest level in five years.
- Meanwhile, LinkedIn conducted its latest global survey of more than 19,000 consumers and 6,500 HR professionals.
- The survey revealed that most recruiters are having a more difficult time finding qualified candidates, even though applications per role have doubled since spring 2022.
U.S. job-seekers face a market where finding work feels harder than ever, as openings drop to one of the lowest levels in five years.
The latest government data, released on Wednesday by the U.S. Bureau of Labor Statistics, shows that businesses and government agencies had 7.1 million job openings at the end of November, down from 7.4 million in October and the second-lowest level in five years.
Layoffs also declined, producing a “low-hire, low-fire” environment where employed workers enjoy security while unemployed workers struggle to find new roles.
Related: AI Is Dramatically Decreasing Entry-Level Hiring at Big Tech Companies
The latest data available shows solid economic growth, which surpassed 4% at an annual rate in the July to September quarter, according to ABC News. This growth makes the weak inclination for hiring more striking.
Recruiters are overwhelmed but still can’t find talent
LinkedIn’s global survey of more than 19,000 consumers and over 6,500 HR professionals, released on Wednesday, reveals a profound gap in perception. Two-thirds of recruiters say it has become more difficult to find qualified candidates, even though applications per role have roughly doubled since spring 2022.
Recruiters say they cannot find the people they need, while candidates feel unprepared and mistrustful of AI-driven hiring, creating a widening divide between both sides of the labor market.
“The people I know who are job-seeking today say it feels challenging to break through,” Teuila Hanson, LinkedIn’s chief people officer, told Fortune. “They’re navigating fierce competition, uncertain about which roles they qualify for and wondering whether their AI skills measure up.”
Related: LinkedIn’s AI Writing Tool Isn’t as ‘Popular’ as the CEO Thought It Would Be
The data arrives as a sizable number of people seek out work. More than half of people worldwide plan to look for new work this year, while about four in five job-seekers feel unprepared for the job market, per the survey. Nearly half of job-seekers worry about how to stand out and feel unsure about which jobs they’re qualified for.
AI now shapes both sides of the hiring process, from AI-powered interviews to automated job-matching tools. “Those willing to experiment gain a real edge,” Hanson told Fortune.
Yet candidates barely trust AI. A Greenhouse study released in November surveyed over 1,200 job-seekers and discovered that only 8% of candidates think AI screening makes hiring fairer. About half say they trust the hiring process less than a year earlier, with 42% of that group directly blaming AI as the cause of their distrust.
Despite this skepticism, a majority of candidates, nearly three in four, are using AI to job hunt and create cover letters and resumes. Companies have implemented AI filters, so nearly half of job-seekers now apply for more jobs to get past them.
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Key Takeaways
- The latest data from the U.S. Bureau of Labor Statistics shows that job openings are down to their second-lowest level in five years.
- Meanwhile, LinkedIn conducted its latest global survey of more than 19,000 consumers and 6,500 HR professionals.
- The survey revealed that most recruiters are having a more difficult time finding qualified candidates, even though applications per role have doubled since spring 2022.
U.S. job-seekers face a market where finding work feels harder than ever, as openings drop to one of the lowest levels in five years.
The latest government data, released on Wednesday by the U.S. Bureau of Labor Statistics, shows that businesses and government agencies had 7.1 million job openings at the end of November, down from 7.4 million in October and the second-lowest level in five years.
