Waiting on a cold phone to ring or an inbox full of spam to let up, job-seekers are navigating a particularly trying hiring market.
In fact, a striking 72% of U.S. Adults say that “applying for jobs feels like sending a resume into a black box,” according to a survey of more than 2,000 respondents by the American Staffing Association and The Harris Poll.
“While The Great Resignation may have seen employers scrambling to hire qualified workers, the tables have turned and now many job seekers in The Great Pause are struggling to get hired at all,” American Staffing Association CEO Richard Wahlquist told Coins2Day.
Even so, almost half of the workforce (45%) reports to be likely to look for a job in the new year. Since 2022, more Americans are likely to be looking to make a career change or look for a different gig. A separate poll from The New York Federal Reserve found that the number of people applying for jobs has reached a 10-year-high.
But many of these job seekers are finding their options to be like the dating pool in NYC or the frozen foods selection at Trader Joes on a Sunday— a little bleak or picked through. And 2024 has been especially trying, as 40% of unemployed job seekers report that they haven’t had a single job interview this year.
Employers have leverage
While many employees might be looking for the door, they’re finding one shut in their faces. It’s in part, employers seeking to have leverage and a swing back from rosier years prior. “It was a job seekers’ market in 2022 and early 2023,” notes Wahlquist, adding that at one point there were multiple job openings for every job seeker. “Businesses didn’t want to lose out on top workers at a time when so much top talent was resigning, so they hired more workers than they needed,” he said.
Since then, many employers have paused hiring, a decision Wahlquist attributes to macroeconomic uncertainty, high interest rates, and geopolitical concerns. “As a result, job seekers are having a tougher time looking for work than they were just two years ago,” he said.
Still, Americans are staring down the barrel of a cold market and giving it their all. Most job seekers (42%) report applying to ten or more positions within the year. Gen Z is finding that nabbing an entry-level gig is especially trying.
A report from student job platform Handshake found as much, seeing the number of the graduating class feeling pessimistic about starting their careers rise from 49% to 57% in just one year. They’re responding to a new market.
Handshake notes that job creation on the platform “has trailed behind 2023 levels, consistent with national trends.” In turn, “the number of applications per job has been significantly higher than in any of the past five years,” which creates a frantic environment
AI too has transformed the hiring process, as many companies have turned to screening tools that turn away applicants that are not necessarily a match on paper but could be a fit. Job seekers have felt the impact, as 60% of Americans say the process of searching for a new role is too impersonal.
It’s not all bad news though. This year is almost over. “There may be light at the end of the tunnel for job seekers,” said Wahlquist, pointing to a recent trend of interest rate cuts that could point to better hiring conditions. “While it’s been a tough year for those looking for work, improving economic conditions can lead to brighter outlook for job seekers in the new year.”