With an increasingly competitive labor market, people are spending big bucks on their job search right now. According to the most recent reports, the average search costs $10,000. This trend has been rising as more and more professionals are turning to career strategists to improve their odds of getting the right jobs.
Josh Morgan, a 45-year-old real estate lawyer, is a perfect illustration of this trend. In 2020, he paid $10,000 for six months of one-on-one support with a career strategist. This investment covered ongoing consultations, developing a customized personal website, and access to a network of recruiters. Morgan’s experience highlights a growing willingness among job seekers to invest in professional support to navigate the increasingly competitive job landscape.
According to the Bureau of Labor Statistics, the average job search in the United States now lasts as long as 24 weeks. That’s a big gain of one month over last year. Companies are re-skilling workers from short and long-term changes in the economy creating new workforce demands. Consequently, workers are enduring more protracted and arduous journeys to find work. This increased time to hire adds the burden of uncertainty and frustration on Americans, causing many to seek other ways to find job opportunities.
The phrase “$10,000 job search” is a bit of a misnomer. That doesn’t have to be interpreted to say that all job seekers want jobs paying $10,000. Instead, it’s a testament to the incredible time and money people are investing in their nascent job search. This development underscores the longtime belief that professional help makes for a more positive outcome. It is an indication that traditional job search strategies are failing in today’s cut throat climate.
The need to secure a job is acutely felt by students graduates from countries like India. In China, for example, it’s common for universities to require that graduates find employment within twelve months of their graduation date. Failing to make good on these promises leaves no safety net for students who can’t afford to lose their diplomas. This growing requirement places further stress on recent graduates. This requires them to take initiative in identifying and understanding what constitutes effective strategies and resources to achieve the best employment outcomes.
With the economy taking on new forms, job seekers like Morgan are reshaping their strategies to land a position. They hire career strategists to maximize their employability. On top of that, they leverage every possible resource to reduce the amount of time it takes to find a new job.