Hiring surges while major corporate layoffs mount. The labor market remains tight as the unemployment rate hits a five-decade low.
Mixed signals in the economy can make for confusing times for those seeking jobs in 2023. One note of good news is a ZipRecruiter survey in late January that found over half of those laid off in December or January have found jobs — and another quarter said they had job offers.
"In my eyes, we're kind of getting to what I would say as a new normal," said career coach Nancy Fraasch said. "We're coming on three years with the whole job market and the whole world kind of turned upside down. I think we're kind of stabilizing so there's a new normal coming in. We're still kind of figuring out what that is."
How did they do it? Career coaches and recruiters say knowing themselves, knowing technology and adjusting expectations all play a role if you're looking for a job this year. For example, while job candidates enjoyed greater leverage in terms of compensation and working conditions a year ago, they now may have to adjust those expectations as employers push back.
Candidates should know what they want in their next job and methodically build a professional network. Many jobs are still filled through connections. A difference these days may be that some of that networking is done online — especially LinkedIn, where candidates should present themselves and their aspirations strategically.
In a tight labor market, strong candidates in senior professional and executive levels still have options and employers will work not just to sign them but also retain them, said Lisa Brezonik, CEO of Salo, part of the Korn Ferry staffing consultancy. But concerns about inflation and a possible recession have employers tending to hold firm on pay and where employees work.
"People are definitely looking for autonomy and flexibility," Brezonik said. "But as much as companies are struggling to find good people, they do have limits. If a candidate asks for more than what's really realistic, they're not going to get the role."
So candidates need to make sure they do their homework and know what people in their industry are making to craft a competitive but fair counter to any pay offers.