The current career climate

Jobseekers

BY SANAM SHARMA

In my earlier article (Indian Link Jan-1 2012,)

I focussed on resume writing and interview skills for job seeking candidates. However, another important aspect of job hunting is to be savvy about current trends and the status of the labour market. The economy of any nation is a significant factor in contributing to the state of the employment market in that nation. A fragile economy dampens employer confidence in creating and hiring for new roles, as businesses position themselves to contain costs. Often, recruitment and labour costs are the first ones to be looked at in a financial crunch.

To put it all in perspective, based on recent IMF predictions and all the media commentary around the state of the global economy, Australia (like most other developed economies) is facing a bumpy economic ride within the immediate future. Job cuts by large manufacturers such as the recent announcements by Toyota, offer some insight into the harshness of current times. And this crisis looks like it will linger on for some time in the future.

The Australian economy by all indications is currently a two-tiered one. The booming mining sector may offer a healthy look in relation to the rest of the struggling economy. Several key industries and sectors are facing dire financial circumstances in the wake of severe global economic turbulence. It is very critical to be aware of the industries/sectors within the economy that are feeling the economic crunch and may seek to reduce their workforces, or are unlikely to offer attractive roles in the current climate. Manufacturing, retail, banking, to name a few, are the industrial sectors most affected from an employment perspective within the current state of the economy. Add a soaring Australian Dollar to the mix and the recovery forecast for these sectors seems utterly clouded. Government policies such as the muchdebated “Carbon Tax” may arguably contribute to an enhanced economic stress within these sectors as well.

So what does this mean for job seekers in the current climate?

Job vacancies are likely to dry up in the short to medium term future, especially in the struggling sectors within the economy. As struggling employers realign themselves for long-term viability and profitability, job security and vacancies are likely to diminish. Further, as businesses cut jobs to harness their costs, the labour market will become increasingly saturated with “experienced” job seekers, thereby increasing the competition for jobs on offer.

Job seekers interested in mining industry careers will have to be prepared for relocation towards Western Australia or away from most of the main capital cities. This may pose some challenges for young migrants with young families. Sustaining a family/work balance in these jobs may be a concern too, as the work locations may often be geographically apart and may require fly in/fly out arrangements which may lead to extended periods away from home.

Once again, a well-constructed resume and a polished interview technique may offer job seekers an edge over their competitors in a crowded job market. Professionals should also contemplate diversifying their skills through additional training and experience. This will offer wider options if the going gets tough within a role or a company.

As you browse through job listings and vacancies, spend time researching the credentials of potential employers. Sift through their annual reports and websites to obtain information about their current financial standing, and also about their future plans and strategies. In addition to assisting you with your decision to apply for quality roles, company research will also prepare you better for potential interview questions during the recruitment process.

Professional networking websites such as “Linkedin” offer a great platform to connect with professional contemporaries, so expand your networks and promote yourself through these “informal” networking channels. A lot of recruiters are busy browsing through Linkedin profiles in search of quality job candidates.

The world today is faced with momentous economic challenges, and future economic portrayals continue to be discouraging. Business shake-ups in such a climate are inevitable and securing a job (especially your first one), can be an uphill task. So be creative in your networking, weigh up your personal circumstances, try and keep your financial debts as low as you can, and persevere. Carefully pick the sectors and employers while planning your careers. As history tells us, it may be tough, but it will turn around.

Professional networking websites such as “Linkedin” offer a great platform to connect with professional contemporaries, your networks and promote yourself through these “informal” networking