Money Matters
Seeking a summer job?
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Employers are being more cautious in hiring new workers as a result of the economic uncertainty fueled by the plunge in the subprime mortgage market.
A survey of 126 American employers by New York consulting firm Mercer shows that one-third of companies may implement hiring freezes or downsize staffs as a result of the economic environment.
Hiring slowdown
“Some companies are taking a harder line on adding staff,” says Steve Gross, a leader of Mercer’s consulting business. For job seekers, “it will take longer to change employment right now.”
U.S. Labor Department figures show a slowdown in hiring. There were 4.6 million new non-farm hires in December, down from a recent peak of 5.1 million in July 2006.
For their part, employees are staying with their current employers, says Loretta Penn, senior vice president of Spherion Corp., a Fort Lauderdale, Florida, recruiting and staffing firm. “I don’t think we will see a lot of jumping.”
Employers are also waiting longer to make temporary hires full-time employees, says Fred Crandall, of Chicago-based Watson Wyatt Worldwide. “Every single organization I’m working with is testing for softness in the market,” he says.
Jobs for students
Some analysts think employers will hire more teens this summer, up to 1.7 million from 1.5 million a year ago. The reason: employers who traditionally have reached outside the country to hire seasonal workers are finding it harder to do so because of tougher labor rules.
Renee Ward, founder of the popular online career and recruitment site teens 4hire.org, recommends that teens “look for businesses that peak during the summer, such as pool companies, moving companies, real estate, vacation spots, and entertainment venues.” And be sure to check out sites like CoolWorks.com, SnagAJob.com, and GrooveJob.com.
Also, keep in mind that jobs aren’t always advertised, so visit potential employers in person, résumé in hand.
“Whatever you do, make sure you act professionally,” says James Stephenson, author of such books as 202 Ways to Make Big Bucks and Stop Mooching Off Your Parents.
There are still plenty of jobs to be found, according to career counselors. Many companies don’t hire far in advance; employers in industries such as advertising, publishing, and public relations tend to hire close to start dates. Career coaches and advisors suggest students get more creative in their job hunts, and expand their contact networks. Be specific: know exactly what you want, what type of company, what region, and what type of position.
Web sites that list summer jobs are reporting large increases in postings in a wide range of occupations. Most of the listings are in the retail and hospitality sectors—stores, theme parks, and restaurants—but there is also an increasing number of listings in less traditional areas, such as health care attendants, in-store product demonstrators, and event staffers at catering firms.
Meanwhile, work on your online résumé to build in job-specific keywords to get through the electronic filters used by a majority of human resource departments to whittle down a huge stack of candidates to a manageable level.
Job Web sites
Web sites for both seasonal and full-time job seekers:
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