Recession Fears Hit Job-Hunting Execs
May 02, 2008
Edited by Jeremy Cohen
When the economy takes a nosedive, even the upper rungs of the career ladder start feeling a tad rickety. In other words, senior-level job seekers are starting to feel the impact of the recession.
According to a new nationwide survey by TheLadders.com, 74% of $100,000-plus job seekers said they have noticed a slowdown in interview opportunities. Nevertheless, 65% of those surveyed said they still expected to land a new job in six months or less.
This optimism is consistent with hiring trends among large American corporations, according to the report by TheLadders.com. While hiring in the financial and consumer discretionary sectors has clearly been impacted by the continued fall-out from the mortgage market collapse, the pharmaceutical and technology industries have seen sharp increases in executive-level hiring nationwide. Some of the top companies currently posting the most open positions are Abbott Laboratories, Cisco Systems, Expedia, Genzyme, Google, Johnson & Johnson, Microsoft and Sun Microsystems.
"One person's recession is another person's opportunity," says Marc Cenedella, president and CEO of TheLadders.com. "Some of the very best business innovations and companies have been conceived during periods of fiscal unrest. While we're clearly in the midst of a slowdown, job seekers in the current market must capitalize on the downturn as prime time to innovate and grow."
According to the report, the regional markets with the most favorable $100,000-plus climates were San Francisco, San Diego, Washington, D.C., Boston and New York. The ratio of job seekers to job postings sits at a favorable three-to-one in both San Francisco and San Diego, and four-to-one in Washington, D.C., Boston and New York.
Job markets attracting the highest number of job seekers from other parts of the country are New York, San Francisco, Boston, Chicago and Seattle. Tampa and Detroit continue to be among the tightest markets in the 20 DMAs.
Complete city-by-city data and survey results are available online at www.theladders.com/static/boom/.
Sales & Marketing Management Magazine
This article is brought to you by Sales & Marketing Management, the leading authority for executives in the sales and marketing field.
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