"You have a better chance of getting accepted at Harvard than finding a job these days. That's the brutal reality of the current labor market. The no-hiring-no-firing environment, dubbed the Great Freeze, is driving job seekers up a wall. And the numbers paint an even darker picture, writes BI's Aki Ito. The average job opening last quarter received 242 applications, according to exclusive data from hiring-software provider Greenhouse. That means you have a 0.4% chance of getting the average job you apply for."
"On paper, that might seem like a dream scenario for employers. Instead, they're feeling just as overwhelmed as they need to sort through the influx of résumés. As Greenhouse CEO Daniel Chait put it to Aki: "Nobody's happy with the current situation." So what's to blame? Everyone's favorite scapegoat, artificial intelligence, is high on the list. The tech has supercharged job seekers' ability to blast themselves out to any job opportunity, essentially muddying the process for everyone."
Job openings attract exceptionally large applicant pools, with the average listing receiving 242 applications last quarter and yielding only a 0.4% chance of success. Acceptance rates at elite institutions like Harvard (3.6%) and selective programs like NASA's astronaut class (0.125%) offer context for the intensity of competition. Employers struggle to process surging résumés and feel overwhelmed. Artificial intelligence has amplified applicants' ability to mass-submit applications, further muddying hiring. The labor market has shifted into a no-hiring-no-firing 'Great Freeze,' prompting many workers to practice 'job hugging' and causing some individuals, including former executives, to leave jobs without regret.
Read at Business Insider
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