Job ads are no longer an indicator of vacancies
Vacancies are going up
Traditionally analysts would look at how many job advertisements are listed to report vacancies in the work force, but increasingly job measures and vacancies aren’t matching up. New ANZ research has found that whilst vacancies are increasing, job advertisements are going down.
What Explains this Divergence?
We have all heard the term “It’s not what you know, it’s who you know.” This is becoming increasingly popular in today’s age as companies are finding traditional methods of seeking employees online less and less effective due to cost, competition and lack of skilled workers. In fact, 80% of jobs are not posted online and in industries such as audio or film it’s almost solely who you know.
There is only a 2% chance of scoring an interview online, as the average job post will usually attract over 250 applicants. Out of those five who are interviewed only one will get the job. By solely applying for jobs online you are missing out on a lot of opportunities, which is why forming networks and networking is so important.
According to ANZ senior economist Catherine Birch the ads-vacancy gap has been widening for a few years. “If employers are paying money on those ads and spending time going through applicants and interviewing them and not getting a suitable applicant then why would they keep doing the same thing?”
As more companies turn to social media sites such as LinkedIn and networking to find skilled workers, it would seem that the best way to find work is through creating networks. This can be done through sites such as LinkedIn, joining groups on Facebook or other social media sites and good old-fashioned face-to-face contact.
Pros and Cons of Job Boards
The reason businesses turn to posting online to look for workers is because it’s easy, immediate, they can reach a larger audience and it expedites the hiring process. Companies are turning to social media sites such as LinkedIn, Facebook or Twitter to post positions up for grabs.
Applying for work online is convenient, there is no need to print out dozens of resumes or even leave your house. It’s accessible, you can search for anything, anywhere; you are no longer bound to looking for work where you live. Being able to network online is also a great way to make connections with potential employers in other cities or even overseas.
Looking for work online can also be a good indicator of what sort of work is out there and what companies are hiring. However, when an employer is comparing 300 resumes it can be almost impossible to stand out. To create a high chance of success in securing a job there are several things you can do. This includes building a network, creating a professional online brand, networking at events or contacting companies directly to see if they are hiring.
There is nothing like face-to-face interaction to make a lasting impression. However, if networking is not your thing, building an online network is just as important and can be a great first step in your job search.