FYI Candidates – July 2008
Consumer Gloom…Doom for Employment Seekers?
By Orrick Nepomuceno, CPC
Vice President, Dick Wray Executive Search
The housing market is looking up and Paulson is predicting an economic growth spurt before the end of 2008. So, why is the market not reacting positively? According to a recent article in BusinessWeek, “The housing market may be loosening up a bit, but the consumer mood is the darkest it has been since the Carter Administration, according to two economic reports released May 16.”
The article, titled “The Economy: Housing Hope, Consumer Gloom,” which was released in mid-May, went on to say that the reports on consumer sentiment managed to sum-up what is really occurring in the minds of the masses. “The headline index fell to 59.5—its weakest level since June, 1980...” said contributing writers from BusinessWeek, Standard & Poor's, and Action Economics staff. “The current economic conditions index fell to 71.7, from 77.0 previously. The economic outlook index fell to 51.7, from 53.3.” What the numbers tell us is that it doesn’t appear as though consumers believe they have the power to spend their way out of an impending recession.
So, what does this mean for job seekers? Will this downward economic trend continue to hamper your search? The bottom line is that unemployment is still at a near-historically low level at 4%. This is positive because it means that mass layoffs are not yet occurring. What is also means, unfortunately, is that many employers are in the middle of hiring freezes as they wait to see what the market will do. And, those who will be make hiring decisions are going to be very particular about the process and their decision.
It is therefore imperative you keep these tips in mind:
- Write cover letters; only 10% of candidates will follow this advice, which means in doing so, you will differentiate yourself
- Pay attention to the job description; don’t waste your own time or the interviewer’s by applying for jobs that are out of your reach
- Demonstrate your strengths; employers want to know how your experience and talents align with the job they are seeking to fill; include metrics and make sure to match up your experience with key tasks and responsibilities provided in the job description
- Have patience; while it’s important to show persistence, passion and desire, it’s not a good idea to have too much follow-up, especially if you’ve been told you’ll be contacted
Orrick Nepomuceno, CPC is a Vice President at Dick Wray Executive Search and author of Hitchhiker In the Corner Office: Avoiding The Top-10 Potholes So Your Emloyees Don’t Hit The Road. With nearly 20 years of experience in the restaurant, foodservice and hopitality industries, Orrick consults executives and companies in recruiting, hiring and retaining human capital for their organizations. You can read more of Orrick’s articles at his blog – RestaruantAndFoodserviceBlog.com