If you read today’s headlines, including a recent report on Massachusetts’ unemployment rate, which rose slightly to 5.8 percent last month, along with comments from Fed chairman Janet Yellen, you might conclude it’s tough to find a job and employers are hesitant to add staff.
However, there’s more to the story than what hits the headlines. While the general unemployment rate may not be slowing quickly, for professionals and those with a college degree, the unemployment rate is closer to three percent. The Boston Globe reported earlier this month that “the state unemployment rate is near the six-year low … a pace not seen since the dot-com boom at the beginning of the century. Earlier this year, the state surpassed the all-time employment record reached just before the boom went bust in early 2001.’’
Recruiters are finding a market that has turned around and become heated for specific industries and positions. For example, the financial services sector, including finance and accounting roles more generally, are very hot right now. More companies in the financial services sector are adding jobs than they were six months ago. The market is moving faster in this sector; offers are coming quicker, candidates are receiving multiple offers, and good candidates are leaving the job search at a rapid rate.
What makes financial services a not just hot-right-now sector?
• The future looks bright: We’re already seeing businesses in this field ramp-up for next year. Job requisitions for 2015 are being approved and companies are preparing for additional hires.
• Opportunities are growth-driven: When recruiters receive a new job requisition, they always ask clients why the job is open. The response? New openings are the result of business growth, rather than attrition.
As we head toward the end of 2014, other hot markets include:
• Human Resources: Including corporate recruiting positions, technical training, and development professionals (with the skill to train on in-demand software)
• IT: Including engineers and developers (application and system software), network analysts, information security professionals, and mobile developers.
• Entry Level: Including those in marketing, sales, and customer service or call center.