The White-Collar Recession is Ending. Or is it?
A recent article by Chloe Berger in Forbes declared that “white-collar work is draped in …a dreary fog,” and it quoted Korn Ferry recruiter Mike Distefano who said, “change is afoot in the job market.”
It most certainly is.
Over the last several days, the stock market has been plunging, fears of recession are growing, and consumer confidence has been waning.
Forbes said the demand for middle- and top-third earners in 2023 dwindled to the lowest level in a decade. Worse, the article cited a report from Vanguard that said in 2024, hiring rates for those who make over $96,000 reached historic new lows.It is about to be getting worse.
The Forbes article noted that one-in-four people who lost their jobs last year were white collar professionals. It also said that “a whopping 40% of applicants said that they didn’t land a single job interview in all of 2024.”
Think about that. Qualified professionals who can’t even get an interview for a full year — in what was a pretty good economy. That is an amazing number. While thank goodness I can’t say this has happened to any of my clients, I have interviewed at least a few highly qualified attorneys who have gotten absolutely nowhere in their searches for a year or so.
One fellow – who used to make around $500,000 annually — told me he is thinking about selling his house and moving to a small apartment so that he can continue to make ends meet.
The fact is he is doing his job search in a traditional way. The traditional job search has gone the way of men’s white shoes and polyester leisure suits. Those days are gone. Over.
Winning a high-level job today requires a whole new approach, one using creativity, innovation, and yes, even daring. If your job search plan is to respond to classifieds, contact recruiters and network, your prognosis for success is very clouded.
While the Korn Ferry recruiter said there are signs that demand for white collar professionals may be awakening [Ed’s note: that was before this week’s economic news] , he warns it will still be challenging. He advises anybody, regardless of where they are in their careers, to stay one step ahead of the market, and to align their skills “to where the new jobs and demand might be. “
This, he noted, may be harder for those “already decades into their careers.” Indeed so. I work with clients from 35 to 65 (and up), who are well into their careers. Those over 40 face more challenges than their younger counterparts.
I agree with the Korn Ferry executive, but feel a key is developing skills that are not an extension to what you are currently doing (especially if the market is weak for your specialty) but instead are in areas that are more marketable in 2025. Figuring that out is another challenge, but one that is readily surmountable.
For example, if you are a litigator, but are good at training and developing younger attorneys, your skills in professional development may give you a plus in the marketplace. If you are successful in rainmaking, this talent may be more valuable in your quest for an in-house position than just your knowledge of the law.
The key to winning is to show employers you offer more bang for their buck than the people against whom you are competing. You need to establish your competitive edge
(For more on this topic, click here: https://www.careerstrategiesgroup.com/job-search-services/competitive-edge/. )
It is not your knowledge of the law that will get you your next job. Two things will do it. First, it is your knowledge of how to do a successful job search in 2025 — which is not necessarily how it was done in 2023 or 2024. Second, it is your ability to understand — and then to communicate – the skills that have made you good at what you do — that’s what you should be selling!
Do these two things and you will be a job search winner in 2025. If you need any help, get in touch!
[Author’s note: if you are facing a potential job loss, especially for civil service and JAG attorneys, I am preparing a free guide to how to get ready for a job campaign. I am not doing a slap-dash job but rather creating a document that will be insightful and helpful. To reserve your copy, email me at info@careerstrategiesgroup.com and put “Guide” in the subject line.]
If you want to read the Forbes article, here’s the link:https://fortune.com/2025/02/17/white-collar-recession-pummeling-office-workers-ending/