Published: 2024-05-29
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Topic
Status
The ratio of job openings to unemployed persons has decreased from 2:1 in March 2022 to 1.25:1 in 2024, indicating a tighter job market. The speaker notes that despite the same ratio as pre-pandemic 2019, the 2024 market feels different.
"back in March 2022 2 years ago there were two job openings for every unemployed person in America today which means that just over the last couple of years the job market has become a whole lot tighter but not just that let's compare it to pre pandemic numbers because if we go back to March 2019 the year before the pandemic back then we had again 1.25 job openings for every unemployed person in America today yet the job market today in 2024 feels a whole lot different than the job market in 2019"
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More than half (52%) of college graduates with a bachelor's degree are underemployed one year after graduation, working jobs that do not typically require a degree. This number decreases to 45% ten years after college.
"and according to the Wall Street Journal more than half of college grads in America today are underemployed what does that mean exactly that 52% of graduates with only a bachelor's degree end up underemployed a year after getting their diploma that is they working jobs that don't typically acquire a college degree and 10 years later after college the number drops to only 45%"
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Finding a good job in 2024 is considered more difficult than in 2022, and also more difficult than in 2019, despite the number of open jobs being similar to 2019.
"so finding a good job in 2024 is a lot more difficult than it was back in 2022 when there were more jobs out there and it's also more difficult back in 2019 when according to the data it was the same number of open jobs out there but people were not finding that same difficulty today"
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Many entry-level positions now require 3 to 5 years of prior experience.
"many entry-level jobs require 3 to 5 years of experience"
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Wage growth in the US is declining.
"wage growth has been falling across the United States"
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Companies are increasing layoffs to cut costs and boost productivity.
"companies have been ramping up layoffs to reduce their costs and increase productivity"
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Implementing three specific actions will significantly increase the chances of landing a dream job.
"if you do these three things you are going to Skyrocket your chances to Landing a good job and not just a good job your dream job but you got to understand how to do these three things"
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The first key to career success is understanding and demonstrating real skills.
"number one is you got to understand and how to demonstrate your real skills"
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The second key is understanding and demonstrating real experience.
"number two you got to understand and how to demonstrate real experience"
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The third key is submitting a genuine and well-crafted application.
"number three is you got to give a real application"
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Employers prefer candidates who already possess the necessary skills for the job rather than those who need to be trained on the job.
"employers don't want to pay you to learn on the job they want you to know how to do the job before you get there they want you to have the skills"
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If a degree doesn't provide the necessary skills for a desired career, individuals can acquire them through affordable online platforms.
"if your degree did not give you those skills if you have a general studies degree and that's not going to show you the skills to get this type of job you're going to have to do something about that and thankfully there are a lot of platforms on the internet that can help you now do something to get that skill for an affordable price"
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To gain experience without a job, consider free internships or independently pursuing projects like data analytics or project management to demonstrate passion and practical application of skills.
"now how do you get that experience if you don't got a job and there are a few ways you can do this you can consider going out and getting a free internship for a little while even if it's just for a little while that way you can show your initiative that you just wanted to go and apply your knowledge if you don't want to do that the other thing that you can do is you can go out and actually do it yourself maybe you start doing data analytics or some sort of project management for something that you can get involved with or for something that you can create just so you can demonstrate your passion and your experience that you've actually done it"
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Having demonstrable experience, even for entry-level roles, can elevate an application to the top 10% and potentially lead to positions beyond entry-level due to demonstrated hustle and initiative.
"if you want to get into the top 10% of applications you have to have experience even if it's for an entry-level job but now guess what when you have this experience and you can demonstrate that experience you'll be able to jump up and even go beyond the entry level LEL jobs because you're showing that hustle and that self-initiative and that drive"
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Shift from a high-volume (quantity) approach to a focused (quality) approach when applying for jobs, targeting fewer but more suitable positions with meticulously crafted applications.
"now we're doing a quality approach you're going to apply to less positions but they're going to be much more quality positions and much more quality applications"
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Ensure your resume is tailored and relevant to the specific position you are applying for.
"make sure your resume is aligned with what this position is"
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Thoroughly research a company by visiting their website, checking social media and LinkedIn, and learning about the interviewers before an interview. Knowing the company's name is crucial.
"before you get on research the company if you don't know what the company is look it up spend some time on their their website read about it on Google look at their social media look at their LinkedIn look at the people that are going to be interviewing you spend some time doing that and know the name of the company"
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Send a personalized thank-you email to the interviewer after an interview, referencing specific details from the conversation and reiterating your enthusiasm for the position.
"I want you to email the person that interviewed you thank them for their time make it customized and talk about what happened in the interview and why you're excited for that position"
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A genuine application demonstrates passion for the role and company, evidenced by personalized follow-ups, thorough research, and a desire to be part of the team.
"it is that that culture of somebody who actually cares who wants to give that customer service who wants to give that that personality that hey I care enough to send you an email I did my research about the company I'm showing passion on what you're doing and I want to be a part of this team that's what a real application is is is showing passion for the position and the company that you want to be a part of"
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