CTM #004 - Feb 2023 Jobs Report, Personal Branding Guide

February 2023 Jobs Report (2 min read) 

We’re still seeing extremely low unemployment numbers in the US, as the chart below indicates; in the range of 3.3 – 3.5% between February and January 2023. The last time the U.S. labor market was this strong was in 1969.

And just like today, back then the Federal Reserve was tightening monetary policy to stifle inflation; yet much of the wage increases were washed out by rising consumer prices. All that is to say, there’s still a lot to be hopeful about for job seekers this month. Review the chart below to ‘visually’ understand where the growth in the US is shifting, and where it’s migrating away from.

 *FYI: Credit for the chart goes to Visual Capitalist

So, where's the market headed? (2 min read)

The question you're likely asking next is whether today’s job market will stay resilient. According to Fitch Ratings, slowing aggregate demand in response to higher interest rates will begin to weigh on the U.S. labor market, and the 517,000 new jobs created in January—three times the level expected by analysts— won’t last long.

Eventually, both higher borrowing costs and elevated compensation costs could weigh on corporate profits. Given how unemployment serves as a lagging indicator, the material effects in the economy will likely appear before cracks begin to show in the U.S. labor market. Simply put, other leading indicators of a slow down, or a reduction in force will likely appear before we see unemployment numbers impacted.

As a job seeker, this means the next month (or two) may be the best time to job search inside of 2023. That may seem like a bold statement, but remember, we're in a time of "very low" unemployment, and there are already signs of things moving in the opposite direction.

According to BLS data published on March 8th, 2023; on the last business day of January, the number and rate of job openings decreased to 10.8 million (-410,000) and 6.5 percent, respectively. The largest decreases in job openings coming from construction (-240,000), accommodation and food services (-204,000), and finance and insurance (-100,000).

So, who's hiring?

A fair question we attempt to answer every month. The realistic answer is "tons of companies" across a number of industries...you simply need to get out there and search. In order to help with that effort we recommend using the following job boards:

1. JobScan's 'Ultimate Who's Still Hiring' List:

https://www.jobscan.co/companies-hiring

2. Levels 'Who's Hiring in Tech" List: 

https://www.levels.fyi/still-hiring/

Both of these lists are updated 'live' every day, so you can rely on the information being accurate. 

Personal Branding Tips (4 min read)

Every single interaction with a hiring team is an opportunity to show off strengths, skills, strong character traits, leadership abilities, problem-solving potential, and the ability to generate return on investment.

All traits that HM's desire. 

Personal Brands are part of how you market yourself, and how you want to be understood or represented in the market. They summarize who you are, what matters to you, and what you bring to the table; both personally and professionally.

The four components of a Personal Brand (that we research, and teach) are:

• Your Passions
• Your Skills & Strengths
• Your Value (or the ability to create it)
• Your Personality

 Personal branding strategies help keep your marketing story organized and consistent. Consistency is important to how you present yourself, and your own personal narrative, to an audience (or audiences).

 The first step towards effectively making that presentation is to create a Personal Branding Statement (PBS). The PBS is a modern-day elevator pitch candidates use to quickly and effectively summarize themselves in an effort to create further interest.

We use the PBS (or elements of it) across multiple materials like resumes, LinkedIn profiles, and networking messages.

Let's take a look at a GOOD vs. BAD PBS example that would be used at the top of a resume. 

Now that you understand the concept, we encourage everyone to try writing their own version. At a minimum, a PBS is comprised of 3 sentences.

Here's what you need to do to create your own: 

• Create 1 sentence describing what you’re passionate about. What motivates you to perform?
• Create 1-2 sentences describing what you’re really good at. The skills someone would want to hire you for. 
• Create 1-2 sentences discussing an example of when you combined Passions/Skills to create value and/or tangible results. We call this the hook, and the intent is to provide evidence to your audience/reader to read further (into a resume) or keep listening (as an interviewer).

As you write...

Don’t overthink the PBS structure; let it work for you and your audience. Your first draft can be very rough, and that's OK.

 Additionally, we are typically customizing the PBS to appeal directly to a specific hiring audience (company/job role), be prepared to tweak this structure frequently.

 Happy writing!