Good morning!
The labor market is cooling. It’s cooling so quickly, in fact, that global markets are in a tizzy over it, with plenty of hand wringing from investors about whether or not the Fed waited too long to raise interest rates.
But workers are faced with a different problem: It’s tougher to get a job than it was a few years ago. The Great Resignation is well and truly over, and with employers now in the more powerful position, a litany of social media posts offer up horror stories about people applying to more than a thousand roles or year-long job searches.
My colleague Emma Burleigh spoke with a dozen top recruiters and CHROs to get their take on what they’re looking for from candidates right now. As it turns out, some things change—but most things remain the same.
Showcasing or learning new AI skills, for instance, is something that today’s candidates can do to distinguish themselves. “In today’s fast-paced technological landscape, it is crucial for candidates to show their ability to meet future demands and capitalize on emerging technologies such as GenAI,” Yolanda Seals-Coffield, the U.S. chief people and inclusion officer for PwC, tells Fortune.
Building a personal brand is also a big bonus for people and hiring managers. Carmen Amara, the CPO for Yelp, recommends that job seekers focus on their social media presence to promote themselves to prospective employers. “Be intentional about growing your personal brand. Having an online presence that reflects your point of view and expertise can help you stand out from the crowd,” she says.
But there are some constants that remain true for job seekers, no matter the year of the job market. Hiring managers are looking for candidates who understand the company they’re applying to, and although networking never really went out of style, it’s more important than ever.
Above all, though, the CHROs and recruiters who spoke with Fortune say it’s critical for candidates to stay resilient and persevere through the ups and downs of the job hiring process. Unfortunately some companies have taken to ghosting their candidates, and more than half of applicants say that recruiters have asked them discriminatory questions in job interviews, according to a 2024 report from Greenhouse.
After a few years of scrambling, hiring managers now have the upper hand. But with great power comes great responsibility, and it’s important for CHROs to remember how tough the job search is, and the role they can play in making it better.
You can read more job advice from top CHROs here.
Azure Gilman
azure.gilman@fortune.com
PS: Do you have thoughts on today’s job market and hiring practices? Please get in touch!
Today’s edition was curated by Emma Burleigh.
Around the Table
A round-up of the most important HR headlines.
Around 13,500 hotel workers across U.S. cities will vote this week on whether they should strike, in an effort to secure higher wages and job cut protection. The Guardian
Labor market experts say that July’s weak jobs report may have scared employers off from implementing condensed work weeks, remote schedules, and increased hiring. Business Insider
Some large South Korean companies are telling their executives to work longer hours, sometimes up to six days per week, pressuring junior employees to follow suit. New York Times
Watercooler
Everything you need to know from Fortune.
Twitter transplants. X sent an internal memo to staff informing them the company would be moving its headquarters from San Francisco to its San Jose and Palo Alto offices. —Kali Hays
Lawsuit territory. An ICAP broker is suing her employer and Citigroup alleging they failed to protect her from harassment. —Ava Benny-Morrison, Sridhar Natarajan, Bloomberg
Game changer. Vice President Kamala Harris’s new running mate Tim Walz is ardently pro-labor, having previously passed progressive worker protection bills. —Seamus Webster