posted on 26 June 2016
from Challenger Gray and Christmas
As the economy and employment situation continue to improve, job seekers are finding better jobs and finding them more quickly. Now, after years of underemployment or being "stuck" in undesirable jobs, there is mounting evidence that, despite the risks and challenges, a growing number of Americans are seeking employment while employed.
The latest evidence of the employed job search comes from global outplacement consultancy Challenger, Gray & Christmas, which revealed that nearly 60 percent of callers to its annual job-search advice hotline were employed. That is up from 29 percent a year earlier and 32 percent in 2013.
This marks a tipping point in the employment market that denotes a shrinking labor pool that comes with an improving economy. The unemployment rate nationwide is at 4.7 percent, the lowest level since 2007. And, in many metropolitan areas the jobless rate is even lower. In fact, 110 metropolitan areas have an unemployment rate under 4.0 percent.
The falling unemployment rate means a shrinking labor pool from which employers can pluck new workers. So, these employers are compelled to seek out fresh candidates from among the employed.
They should have plenty to choose from, as millions of Americans are still in part-time jobs or in jobs for which they are overqualified. Thus, the increased desire to change jobs.
Even with conditions that are more conducive to job switching, looking for a new job while employed is no easy task. The primary challenge is that an effective job search is, in itself, a full-time job.
Activities such as updating the resume and looking online for opportunities can be done in the evening. However, the most critical steps involve meeting with people, either in interviews or in networking meetings. While some of these meetings can occur during non-business hours, most will take place during the work day.
This leaves the working job seeker limited options. He or she can use personal or sick leave to attend these meetings. However, if the job seeker is scheduling several meetings a week, which is the ideal scenario for a successful job search, PTO and/or sick leave could quickly run out.
Another option is to inform your manager that you are seeking another job.
John A. Challenger, chief executive officer of Challenger, Gray & Christmas advised:
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