'New Normal' In Job Market? Power of Active Career Management and Physicians Beware of Transactional Recruiting
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A ‘New Normal’ in the Job Market?
Last week’s robust job numbers were staggeringly impressive, yet layoffs across several sectors continue even as interest rates stabilize—at least for the moment.
While the Federal Reserve has not raised rates at its last two meetings, the U.S. debt remains a matter of considerable concern and is contributing to the economic uncertainty.
Last year, the once mighty, seemingly recession-proof tech industry, laid off more than 250,000 workers. Google announced recently that smaller layoffs would continue throughout the current year. Healthcare, once another recession-proof industry, has reported a steady stream of layoffs, primarily in non-clinical roles. Retail, communications, publishing, and logistics continue to adjust their head counts. Earlier last week, UPS announced it would lay off 12,000 workers, primarily in non-union roles. FedEx may adjust its employee count in the future as both carriers report lower volume. Throughout the year, reports surfaced that both companies were furloughing pilots – a boon for US airlines – as post-COVID volumes continued to lag.
Economic indicators suggest the U.S. has the strongest economy in the world. Unemployment is relatively low, yet consumer dissatisfaction is significant, primarily driven by food costs, many economists suggest.
Job seekers in management and executive roles report that competition for positions is significant and that time-to-hire is extending, from six to eight months to eight to more than 12 months even while the broader employment market continues to show strength.
There are a variety of reasons for these challenges, including reports that the executive and management hiring markets have contracted over the past two years. Artificial intelligence with increased use of automation in the recruiting process is certainly another factor.
A temporary anomaly or is this a new trend? Only time, the full impact evolution of AI-powered technology in talent acquisition, and the psychology of American consumers will provide any clarity.
Active Career Management Now an Essential Strategy
Imagine embarking on a family vacation without a ticket or a destination in mind. Would you dare to launch a business armed only with blind faith in success and reliance on luck? Investors would not tolerate such uncertainty. So why should you gamble with your career amidst an unpredictable, fast-evolving economy?
The parallels are striking. The notion that your career has thrived so far, and thus needs no adjustment, defies reason. Today's "career economy" is undergoing seismic shifts, driven by three key factors:
Automation and AI: Machines, not humans, are increasingly wielding power in candidate selection, reshaping the hiring landscape.
Dwindling Executive Opportunities: The pool of management roles is shrinking due to industry consolidation, demanding top-tier talent.
The Power of Networks: In a job market where many roles are never publicly advertised, strategic networking is your lifeline. It opens doors that algorithms and corporate gatekeepers cannot.
In this era, Active Career Management is imperative. It demands:
A Written Career Blueprint: Just as a business maps its journey, your career needs clear goals and values to guide your path.
Strategic Branding: Hoping to catch a recruiter's eye will not cut it. You must stand out in a sea of competitors by showcasing exceptional skills and achievements.
Networking 3.0: Blend modern tools like LinkedIn with traditional face-to-face connections to forge meaningful relationships aligned with your career objectives.
Consistent Engagement: Regular interaction with your network fosters trust and opens doors that would otherwise remain closed.
In a landscape shaped by uncertainty, treating your career as anything less than a strategic endeavor is a gamble you cannot afford to take.
YourCAREER Question Time Livestream Debuts
Do you have questions about your career? Or maybe your job search?
We have answers for you.
YourCAREER Community has launched a new feature, YourCAREER Questions.
It debuted at 11 AM on Friday, Feb. 2. It will live stream at 11 AM CT each Friday. Feedback from our first session was positive.
Viewers can submit their questions in advance to info@JohnGSelf.Com or they can drop them in the chat box on YouTube, LinkedIn, or Facebook YourCareer Community page, we will not use your name unless you specifically provide permission in your submission email, or the chat DM to John during the stream.
“We are bringing this back as a separate live stream. Our members asked us to separate general career questions from a specific subject matter lecture. As we grow our membership, we will vary the frequency based on the input we receive. Initially, this will be made available to non-members as well as our YourCareer Community family,” John Self explained.
YourCAREER Questions will be available for replay on our flagship YouTube channel: GuidingYourCareer John G Self.
Physicians Beware: Transactional Recruiting Can Lead to Career Setbacks
When a recruiter reaches out to you, remember: their priority is not usually your career happiness. Their main goal is to fill their client's order, keeping the client satisfied and their own pockets lined with c1ash.
In many physician placement firms, recruiters face intense pressure to perform. Some resort to high-pressure tactics, which often lead to unfavorable outcomes for you. Others may be more subtle but remain vigilant. How can a recruiter determine if a job is right for you without visiting the site or understanding the organization's culture? Unlike executive recruiters, most physician recruiters do not conduct due diligence site visits. They make placements in communities they have never seen, for clients they have never met personally.
This transactional approach often lands physicians in toxic employment situations where financial concerns overshadow everything else. Your satisfaction becomes optional; if you have an issue, tough luck. You work for them, and non-compete clauses may bind you.
A bad placement immediately following your residency can lead to adverse financial and reputational consequences.
Physicians, it is time to stop being exploited by the system! With the increasing demand for doctors, you hold more leverage in the recruiting process. It is time to use it.
Let us clarify there are two types of physician recruiters—retained and contingency. Retained recruiters work like consultants, while contingency recruiters only get paid upon placement.
During a recruiting call, it is usually the candidate who gets screened. But do not hesitate to screen the recruiter too. Ask questions like:
How long have you been a physician recruiter? How many placements have you made in the last year?
Have you visited the client's site and met key stakeholders?
How many placements have you made for this client?
How many of those placements are still with the client?
What is their physician and employee turnover rate?
What are the terms of your placement guarantee?
If you are considering a hospital-based practice, delve into the relationship dynamics:
When is the group's contract up for renewal? Will it likely be renewed?
Have there been service issues or turnover?
Does the medical staff trust the quality of care?
If the recruiter or employer balks at your questions, they are not the right fit. Move on. You have one life and one career.
Is it any wonder that more physicians are talking about forming unions or challenging non-compete clauses? What should have been a mutually beneficial relationship is souring in many markets.
For physicians, it is time to take charge.