$100,000 Jobs – Adjustments and Stats

On Friday (11/28/08) Jeremy Caplan wrote an article for Time.com called The $100,000 Job Search: How the High-End Unemployed Cope. I would summarize the writing as a general observation piece and the different adjustments the six figure crowd are making. This entry for me is a simple recap of those adjustments and some stats I pulled from the article.

Adjustments:

  • With people retiring or leaving, many companies are still looking to fill positions. Positions that are of need are accountants, financial analysts, director of sales as well as other roles such as Master Black Belts. Training and education resources in these areas are at a premium right now.
  • Old fashion networking is in high gear right now, but so is internet networking through sites like Linkedin.com and theladders.com. One Fortune 500 company recently hired their CFO through Linkedin.com.
  • Recruiters are using scanning tools to get resumes close to what they need before they get the eyeball test. Resumes should accomodate for these tools. Putting specifics like “Sarbanes-Oxley” and “Basel II” are important, but so are functional descriptions like “Java Programming.” Also, video resumes are out.
  • Cover letters are changing from four paragraph summaries to quick emails.
  • There are professional resume writers who dim the chance of targeting jobs that the job seeker is underpaid and overqualified.
  • Knowing your environment is big during down times. Many people are not job hopping since they don’t know if they are jumping from the fryer and into the fire.

Stats:

  • More than 2,100 companies fired at least 50 people in October (2008)
  • Americans filing for unemployment benefits is nearing a 26 year high
  • In the high end job market, a normal year might see 4 millions hires. This year looks more like 3.2 million (still jobs out there)
  • Some high end fields like finance are seeing 50 or 60 resumes when in the past the recruiter would see 10 or 20.
  • Filling the open job used to take between 2 and 4 weeks, now can be done in a matter of days.
  • Unsolicited contacts to high end recruiting firms are up 50% over prior years.
  • Linkedin.com users have an average household income of $109,000.
  • Linkedin.com has 31 million users (November 2008).
  • Linkedin.com is seeing a million new members every two weeks (November 2008).
  • Linkedin.com has at least one top executive from the Fortune 500 as a member.
  • Theladders.com has 60,000 available positions (November 2008).

About benleeson
My name is Ben Leeson. I currently work for a large financial company in IT. I went to school at Marist College in Poughkeepsie, NY. I graduated with a B.S. in Business Administration concentrating in HR. Professor William Brown taught me and I enjoyed his classes; even acquiring an appreciation for just about all things HR. I didn’t pursue a job in that field after college but I’ve kept up with it. This blog will further my fascination with all things HR. I hope to grow my knowledge of the area through thoughtful writings and spirited feedback. I will attempt to have a fairly routine style so anyone reading can come to expect certain segments. Please excuse my incorrect grammar and occasional misspelling.

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