108. How long does it take to find a new job?
If you're thinking about joining other professionals in the "Great Resignation," then this episode is for you. There are some data and information that you can find online that will guide you in making the best decisions for you. And that's what we're going to discuss.
In Australia, we have 108 labor markets with different results regarding the duration in weeks of frictional unemployment (the time between jobs when the professional is actively job hunting).
It's not ideal for my clients as it has no information about sector or industry job search. But the geographic location is still a good benchmark to use. You can infer the size of the demand for your profession and executive-level based on your knowledge of your region. For example, an IT program manager job searching in Singapore, New York, Sydney, or Christchurch will encounter different market sizes. As I have clients in all of the cities above, I must understand every important job market for my clients and listeners. But you need to only care about your area of interest.
I adopt the rule-of-thumb to double the average you have found and plan to be unemployed for that long. For example, in Sydney today, the average is 13 weeks of job search. If you are an IT program manager based in Sydney, plan to search for 26 weeks.
If you hire out coaching to support your search, such as the coaching that I provide, the return on your investment should be to reduce the search duration by 1-2 months at least. After all, you're hiring out someone who claims to help you with your search by introducing you to the information you don't have about the recruitment process.
Long-term unemployment is now the highest it's ever been in Australia, which is happening in many other countries. This is not surprising since the pandemic and lockdowns prolonged instability, which means strategic roles are not yet well-defined for executives. Many searches are taking too long because employers have bigger fish to fry or are unsure how to cement their new business model.
The job seeker needs to manage the three main issues eroding their chances of employment:
- Financial hardship: Now is not the time to be shy about asking for help. Vulnerability is ok in 2021. Ask for help, access welfare, and save.
- Skill loss: Job hunting is a job, And it's not just about looking for work and applying online. Keep learning and keep informed.
- The recency of experience is eroded: Find opportunities to use your skills.
Easier said than done, you may say. And this is why working with a coach helps! When working with a client, we can brainstorm ideas, and I can recommend the best actions that are more likely to give positive results.
If you want to learn more about making smoother, more successful career transitions in 2022, enroll now in the RESET YOUR CAREER workshop & action plan.
I look forward to seeing you there!
Links mentioned in this episode:
- Gareth Hutchens from the ABC has written a series of articles helping job seekers understand unemployment data: my favorites are Why are millions of unemployed people excluded from our monthly 'unemployment' data? , Why doesn't the unemployment rate make sense? and Forget the unemployment rate. Job seekers need better numbers.
- Here is another interesting article: Long-term unemployment now worse than after 1991 recession by Caitlin Fitzsimmons in the Sydney Morning Herald.
- And finally, the table I spoke about with the duration of job search for each of the 108 Australian Labour Markets: How many weeks does it take to find a job near you? Search this table and see by Gareth Hutchens from the ABC..
- Click here to download the transcript of this episode.