Today’s Job Market is constantly evolving to accommodate new technology, new industries and new workers. Many of the common career search methods that were effective even 10 years ago have been updated and transformed due to social networking, greater reliance on email and digital applications. More graduates are entering the job market. Many recent college graduates may feel like they are working to catch up with an ever changing job market, hiring managers and recruiters must also be aware of shifting trends and methods when searching for new entry level employees. Despite the prevalence of online job applications, potential employees still like to know that there is a real person working behind a corporate website.
The job market is a huge market and can get very competitive at times. It is starting to become more reliant on technology, so the job market will require advanced computer skills. Usually only about thirty percent of all jobs in the market are publicized through the traditional channels. The remaining seventy percent of the job market are never made public. Vacant jobs are usually filled through people networking. In reality, most of the best jobs are never advertised. In general, employers don’t like to advertise. Advertising vacant jobs, going through resumes, arranging and conducting interviews causes a lot of extra work and oftentimes, employers simply do not need to advertise job opening. This scenario reveals the circumstances behind the hidden job market.
Some economists have concluded that this persistently high unemployment is due to structural frictions than to weak demand for workers associated with severe recession. Generally, such structural frictions arise from mismatches between workers and employees.
A common example of a mismatch occurs when employers are looking for skills that are different from those that available workers offer. Another type of mismatch occurs when jobs are available in geographic regions with few qualified job seekers. Recent college graduates for the most part don’t experience skill and geographic constraints because they tend to be highly educated. Thus, if structural unemployment was the principle accounting for labor market weakness in this downturn, then the job market for recent college graduates would be relatively stronger than in a mainly cyclical downturn. The weakness of the labor market for college graduates is reflected not only in the unemployment rate for this group, but also in their part time employment and earnings. The national job market for college graduates should rebound slightly next year as many large corporations end hiring freezes and small, fast growth companies continue helping reshape the company.