Here are my observations (somewhat anecdotal) but also confirmed by friends and associates in similar positions. Take from this what you will, but maybe will help someone.
- The response rate is down. Just 6/7 months ago, I typically got a 5% to 8% response rate on LinkedIn for both easy apply and application form-style jobs. Now I am seeing well under 5%. That means less than a single further response that isn't a “NO” is at a rate of less than 1 in 20! In reality, I suspect the number is closer to 3%. I still need to do the actual numbers. Of course, these are back-of-the-envelope numbers of me, and for you will be different.
- Massive ghosting, even in the process. Companies are dragging their feet. Already so far, multiple companies have just stalled in the process after the first, second and even third interviews.
- Moving the goalposts. Companies are putting more barriers in the way during the process; for example, one trend I have noticed is for more f2f interviews! And early too.
- Pushing and specifying the number of days in the office is a key part of the role. Most of what I am applying for is remote, but I see the rise of the “on-site” job, which means a daily commute once more. But even for hybrid roles, upfront is some “demand” for three days in the office, whereas before, it was more of an “open” discussion.
- Salaries are less, by a massive margin. Often 30 – 40% less, by my estimation. Companies are lowballing, and I think now they are fishing for those desperate enough. They want it all and do their best to get it at the lowest price.
- LinkedIn jobs are getting more than 200 applicants per job in many cases. I would call these middle-ranking jobs in terms of seniority but have their inbox stuffed with applicants. Previously I expected dozens, but not hundreds, in what is often just a few days.
- Direct applications garner no response. I emailed the companies I am interested in working for and sent a cover letter whether they have a role or not. I have sent out around 60/70 of these and have not had a single response – even a polite “NO”! 0% response rate. What about a simple reply!? Nada. What is worse is that I use mail opening software to see if they open, which they often do multiple times. Is ghosting the Norm now?
- As investment is down, many start-ups seem not to be hiring at all, so just overall, the “soft” VC money means that are very few jobs going at the moment. I see the same few companies – rather than fresh new companies each time I search. I
- Very few job vacancies on corporate job sites. Looking at Google UK jobs, there are 22 jobs, at one time, there was just one student vacancy a month or so back. Most roles are sales, for example.
- Companies are quite vindictive. I feel many are treating their candidates without respect, for example, asking for a huge amount of time without offering any commitment. For example, asking for a f2f early on, like the first interview, which would take a day of my time, to cancel appointments, travel in etc., but only an hour of theirs. No offer to even pay the transport costs. I see these subtle aspects as a way that the employer shows dominance from months before when they were keener to attract applicants. Now they are spoilt for choice.
- I have applied for over 300 roles in one month!
I'm probably exhausting the roles that I can apply for because I have already applied either directly or indirectly through consultants. But I thought I'd share my experiences. How do fix? Well, the way I see it:
- I'll take a more junior job now, but when (if) things improve I will dump it.
- I feel extremely Machiavellian about the whole process, and I think this will kill any inherent loyalty for employers. It's a numbers game.
- Staff retention impacted. Staff are only there because of their circumstances. At the first given moment they can get out, they will.
- We are teaching people there is no job security, and there never will be, and we should expect to apply for jobs continuously (unless lucky enough to be headhunted).