What does this mean?  Precious little in the way of increased hiring.  People hanging on to the jobs they've got rather than jumping to new ones for a few more dollars.

What's that mean to you?  Fewer opportunities and much stiffer competition.  Just like the timeless focus on profitability has made its return, so has the traditional balance of power between employer and jobseeker.  Sorry ... you're on the short end.

Employment B2B

That's B2B in the sense of back to basics.  Traditionally, there have been fewer jobs than there are applicants.  Ever since I got into labor market economics twenty-some odd years ago, pundits identified "full employment" as an unemployment rate of about 4%.  If you check the current stats, you'll see that we're still hovering around that figure, even given recent layoff numbers. 

The problem we're facing is much like the problem facing Wall Street investors - inappropriate expectations.  Just like it's unrealistic to expect 15-20% annual rates of return in the market over time, it's naive to expect that tech workers will always be able to demand double-digit increases and find three new jobs waiting within a few days.

An average rule-of-thumb used to be one month of job search for every $10K in salary expected.  Yes, that meant $100K = about 10 months.  And remember, that's an average.  It wasn't uncommon for people to be looking for a year and a half.  Those of you who've never lived through those times are probably reeling in disbelief.  Of course, those of you who experienced it and didn't learn from it are condemned to repeat it.

So what we do is RESPOND to the job search basics:

Research
Energy
Study
Patience
Organization
Networking
Determination

Research

The best thing you can do for yourself is to research the job market in your occupation and in your local area.  Know who the major employers are, what their hiring patterns and practices are, and how you could conceivably add value to their missions.  Read local newspapers and business periodicals, annual reports, investment websites, whatever you can find to learn as much as you can about companies with growing, or at least stable positions. 

Make sure to identify the sources of this information, to determine whether it's likely to be biased.  You're looking for honesty, not hype.  Start your own database of local company information.  If you're really an entrepreneurial type, maybe you can make a few bucks selling your stuff to other job seekers you know. 

Energy

Save yours, you'll need it.  It's probable that you'll be in job search mode for a while this time.  Everybody starts a job hunt with zeal and the best of intentions.  It's kind of like dieting - great for a few days and then it gets old.  So easy to slide backwards into bad habits, like procrastination and reprioritization.  Save that game of Quake for your reward after you make those 5 job calls. 

This is especially important if you're still employed while you're looking.  You need to give your current employer the benefit of the hours he/she is paying you for ... and you need to make effective use of your available time.  Pay attention to your personal energy cycle - are you a morning or night person - and be sure to set aside time during your peak effectiveness.

Study

Business strategists say that it's the smart companies that invest in R&D during economic downturns so they're poised to spring ahead of the competition in the rebound.  This works for the job seeker too.  It's exactly the right time to get some additional training. 

Whether you take an online course, pursue an additional certification or go back for that degree, investments in you are no-brainers. Savvy recruiters will never question the wisdom of getting additional training, especially if it's in emerging technologies.  In fact, demonstrating that you're willing to learn and grow on your own time is a plus for most potential employers.  It shows that you're a take-charge person who is likely to be a major contributor.

Patience

Patience is the flip side of Energy.  You need both in equal amounts to maintain your balance during job search.  This means not checking your email/voicemail every hour and not expecting a callback within two days.  Those days are finished for now, remember?

You may call within a couple of days to insure that your resume or application was received.  But after that, you have to let it be for a while.  If you haven't heard back within 2 weeks, another call is okay.  Don't, under any circumstances, pepper a potential employer with calls or emails.  It won't be appreciated and you'll hurt your chances. 

Organization

This is the most important factor in job search.  You need to keep good records so that you don't waste valuable time and keep yourself on track.  I covered this topic pretty completely in a previous column, so check out The Career Project Manager (April, 2000) for some specific advice.

Networking

Networking is underrated.  It often seems superficial and a waste of time - but it pays off on a straight-line basis.  Conventional wisdom says that about 90% of jobs are located through personal contacts and I don't have any evidence to the contrary.  So, if you want to build a job search equation, you should probably invest half your time in networking.

Well, at least a good chunk of your time.  Reach out to friends, neighbors, relatives, old colleagues, contacts of colleagues - you get the message.  Don't be shy about this.  True, it may make you uncomfortable, but holding back will absolutely extend the time you have to spend looking.

Get out to association meetings (check JobCircle's calendar of events), open houses, job fairs to make contacts.  Don't overlook normal community venues either - PTO meetings, religious services, neighborhood groups - anywhere you're likely to run into acquaintances and their acquaintances.  New people, new possibilities.  Be prepared and take your resume along.

Determination

Job search is a string of "no's" followed by a "yes."  There's no way to predict how long that string will be, so determination is critical to job search success.  You have to focus on the fact that you'll be victorious - eventually.  Use your friends for support - a job search buddy can be particularly effective, especially if he/she isn't competing with you for the same position. 

Expect that you'll be depressed from time to time.  Rejection is painful and it's easy to decide that you're a failure or that no one will ever want you.  It's okay to wallow in it for 15 minutes - but then shove it away.  Negative thought saps your energy and warps your perception.  Be strong and you'll ultimately be successful.

More

Though the press is full of sad stories, I've only had a few letters from folks who've lost their jobs due to the recent downturn.  I'd love to think that the local situation is exaggerated - but that's probably overly optimistic.  Has it happened to you or anyone you know?  Write to me at jamie@jobcircle.com.

Enjoy this article?  Read more of JobCircle.com's Career Coach articles.

Jamie Fabian spent more than 15 years as a human resources executive before changing careers to become a senior project manager for a growing IT consulting company.  Now in management consulting for a large Pharma company, Jamie would like to be seen as a hybrid of Tom Peters, Tom Jackson, and Tom Wolfe, but spends too much time working, driving carpool and watching mindless TV to write more than this column.  You can contact Jamie with questions and comments at jamie@jobcircle.com.