Finance at your Fingertips by Moses Ayiku, MBA OP/ED
As of February 2021, the U.S. unemployment rate stood at 6.2% while the number of unemployed was about 10 million. Prior to the pandemic, our unemployment rate was 3.5% and the number of unemployed was about 5.7 million. Clearly, there is pressure in the labor market as many people continue to look for job opportunities.
For the average job seeker, options available to find a job include using contacts, friends, family, newspapers and internet job boards. The pandemic has made the job search that much more difficult. However, it is important for job seekers to be aware of some of the unfortunate practices that may harm them as they seek job opportunities.
In recent years, several companies have started a trend of advertising jobs which are far from the usual. In fact, some of these jobs could actually take money out of a job seekers pocket. One common trick of some of these businesses is to advertise that they are looking for consultants. The descriptions of the job are usually vague and when you read the compensation offers, they usually hint at some strings. For the average person, who has bills coming in regularly, the last thing you need is to waste time with such vague and at times complicated job options.
In simple terms, the job market is an inefficient one. It is increasingly becoming time consuming and expensive for both job seekers and employers to find each other. The middlemen have increased in number via numerous websites for example and the internet has become a staple in the job search efforts of 9 out of 10 job seekers. Yet the fact remains that the internet is only matching 5-10% of those seeking jobs. Up to 90% of all available jobs are filled through contacts and other sources apart from the internet!
Newspapers have continued to be a diminishing source of jobs. It is a symptom of the way the internet is replacing the print media. With the pandemic, Career fairs have been moved online. Even in the best of times, many of the jobs being offered at some of these events are not what job seekers are looking for.
Some insurance companies for example, attend these fairs and offer sales positions based on 100% commission. Many sales companies have developed a strategy of referring to their sales positions as consulting roles and client related positions. If you are not interested in sales, then you may want to read carefully and avoid wasting time on such opportunities. If you need a stable and regular check, then this type of opportunity is not for you.
Job seekers need to protect themselves by asking more questions and being more vigilant about the type of opportunities that they follow. If the compensation is not clearly stated, if key information is not provided from the onset, then be suspicious and cautious about such opportunities. It can be frustrating looking for a job, however, with the abundance of caution, one can make the journey a little better!
A key weapon all job seekers can utilize is to use the internet and verify the details of any business entity that wants to interview you or has a position that you are interested in.
While it may seem like as waste of time, it makes sense to read and find out what others have experienced with that company and whether the company has a track record of fraudulent dealings. This can save you time and money in the long run.
