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(New York, NY) — On paper, the U.S. labor market is doing okay, the unemployment was at 4.4% in September, but for millions of Americans, especially recent college grads the job market is frustratingly bad right now. Economic uncertainty and the growth of AI has companies both large and small trying to figure out what kind of workers they will need in the coming months and years. The employed also seem to be staying at jobs they might otherwise leave in a different economic time.
Human resources experts say adding to the job search frustration is the growth in “ghost jobs” – positions advertised but never intended to be filled. Before the pandemic, over 80% of job postings resulted in a hire within six months; that figure has plummeted to a mere 41%. Companies use the ads to gather data, or simply appear healthy to investors. Job seekers, in turn, waste countless hours on applications that are never to be seen by anyone. Even for legitimate roles, the hiring process has slowed to a crawl. The average time to bring on a new worker rose to 44.5 days in 2023, and that trend continues.
AI Gatekeepers rule the day for most human resource offices. Over 80% of U.S. companies use Applicant Tracking Systems (ATS), and only about one in four resumes makes it past the initial algorithmic filter to a real live human reviewer. This forces job seekers into a game of keyword optimization rather than showcasing genuine potential.
Human resources experts also point to a new entry-level void. AI is now in many places taking on the tasks employed in jobs that college grads would land right out of school. Administrative & Data Entry Roles are the most vulnerable jobs because AI can tackle many of the tasks involved in getting those work assignments done.
Job coaches say the rules have suddenly changed for grads and others looking for employment. Experts say those looking for work should spend only 20% of their time on online applications and dedicate the remaining 80% to networking. They say networking is everything now when it comes to landing a gig. It’s no longer optional, it’s now the primary way to find a job.
The hottest jobs right now are AI ethicists, prompt engineers, and human-AI collaboration specialists. Blue collar jobs are sizzling too. There are not enough workers in the labor market to install home heating and AC, do woodworking or set up electrical systems. Companies are willing to train novices to do the hands on work and will reward them with oversized salaries.
