The Job Market is Still a Buyer’s Market

A buyer’s market is when supply exceeds demand. This means that purchasers have an advantage over sellers and can negotiate lower prices. We usually hear this term applied to the housing market when the buyers have the advantage over sellers in the market and have their pick of choices at lower prices. Like the housing market, the term buyer’s market can also apply to the job market and right now the job market is still a buyer’s market.

This means that employers have their pick of the best of the best to choose from. And they don’t have to pay top dollar for them. With the rate of unemployment to remain high for quite a while, it’s still a buyers market out there for employers. Many employers are simply overwhelmed by the shear number of resumes they get. Some employers can get up to 1,000 resumes, making it impossible to read all of them. If they are using automated screening systems they may be missing out on some very good, qualified candidates. These systems are initially only screening for certain keywords. If you don’t happen to have those keywords you may never even get the chance to get pass the front door.

Since employers know they hold the upper hand, they will often write up a complete fantasy description that no normal person would fill. I’ve seen job descriptions that almost seemed like a joke. “Looking for super model with a Phd, 30 years experience, must be proficient in advanced computer skills, highly organized, and provide 3 pages of referrals for receptionist position.” Okay, so that wasn’t a real job description. But I have seen ones that are pretty close.

As long as the job market is a buyer’s job market, job seekers must work harder at standing out and staying up to date on as many relevant skills as possible. Actively networking in person will help you skip over some of their initial automated systems and get them to see you face to face as a human being before tossing you out based just on keywords.