The Economics of the Job Market

The Supply and Demand of the Job Market
Owning an executive search firm for the past few years, I have seen that compensation packages for any professional at any level follows the basic economic principals - the inverse relationship between supply and demand.
However, in this scenario, supply must be defined. The supply of candidates is the actual number of people whom you are seriously competing with when sending in your resume and actively pursuing a particular job or group of similar jobs.
These actual contenders are intelligent, proven professionals that are being actively recruited by multiple companies for similar roles within a similar industry. They have good, stable resumes and worked at good companies where they were successful and highly respected.

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For instance, somebody who is on the job market and has been working at big banks is not considered "Supply" if you are in software and wish to work for a start-up.
Who Are the Most Sought After Candidates?
The candidates who are consistently learning, energetic and have true career aspirations are the highest paid professionals as the supply of them is quite low while the demand for people who don't need to be trained for months is exceedingly high.
Sometimes, demand gets too high because companies always want what other companies want. It's an insecure, indirect professional reference check of sorts.
What Are The Most Effective Ways To Increase Your Demand and Compensation?
Increasing your demand on the job market to get a higher offer at your next company, there are certain implementations that work and some that do not.
Getting An MBA? More likely than not, getting a MBA will not increase your value or worth. It is what you learn at the university that is helpful. The degree can not be used to justify higher pay. Employers decide what you are worth.
I have seen MBAs from the best universities not even get past the resume screening process. Taking the highest offer because it's the highest offer is one of the worst things one can do to their future demand.
It is a surefire way to set yourself up to become bored with a job and a company, thus leaving and creating a bad mark on your resume.
Instead of giving a few years of your life to the company with the highest offer, consider the firm, their products and your interest in the people whom you will call your new team members.
If you like your job, you're eventually going to make the money that you forfeited by declining the leading offer. Happy employees make money because they work hard and keep learning.
Unchallenging and repetitive work, regardless of the monetary sum wired to your bank account bi-weekly, is painful.
Can You Kill Your Demand During Negotiations?
The answer is absolutely. Future companies will base your demand or what you are worth via what former companies paid you in the past.
"I was making $110,000, but I'm willing to go lower for the right job."
This is a big mistake as employers see this as a cry for help. It appears to be a willingness to settle because you just want a job. Who ever wanted to actively date the person sitting on the bleachers at each high school dance that you attended.
Companies want employees who are desired by other companies. To give another analogy: would you buy from a salesman who dropped the price of a product before you even said a word?
A high base salary at your previous job is impressive. For the time being, use those numbers to your advantage.
After the interviewing process, let the company come in with a lower offer or go higher because they budgeted correctly.
Your actions and thoughts when seeking a new job, should revolve around the aforementioned principals.

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College Admissions

For college-bound high school juniors and their parents, this is an exciting time -- a time when they're trying to find that educational environment that can provide that cornerstone to their future success.

When it comes to the college admissions process, much of the focus and concern lately, on the part of the families I've had the pleasure to meet with, has been primarily about the paying for college. College is essential, but it's also expensive! In today's economy, resources to pay the college bill - for parents as well as the colleges - have been shrinking due to losses on investments.
And, you have to consider that a lot of the states are also experiencing budget deficits. They are cutting the funding to the public colleges, including community colleges. For out-of-state students at public universities, the increases will likely be much higher for you as the schools try to keep expenses lower for in-state students.

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In spite of these possibilities, many of parents I'm meeting are automatically jumping to the conclusion that the public universities or "state schools", will be the cheapest options for their student.

With rising college costs, the misconception by many families has been that the public university is the cheapest option. Many popular public universities already have acceptance rates well below 50%, which means it's a lot more difficult to get in these days then it was just three or four years ago.

Now, add the current economic crisis. Even more families are having that initial gut reaction that the public university will be cheaper so they won't even look at or consider private colleges that might actually offer them more money to help pay the college bill. As more families apply to the public colleges, the competition to get IN will get tougher. Squeezed by budget cuts and shoestring budgets, community colleges may not be able to accommodate the onslaught of incoming students that may result if the economy goes through a long-term lag. There's some speculation in come states that community colleges may have to start introducing certain standards and benchmarks for admission!
What is your student's plan to stand out against the increased competition? Hundreds if not thousands of the students will have great grades and good SATs or ACTs. What, besides grades and activities will help your student stand out among all those other applicants to get one of those coveted spots in the freshman class?

Students need to present themselves in a clear, concise way to the colleges. A clear, concise message will help them stand out from the competition. Why will a college want you on their campus? Why should they choose you over the other great students who also applied? Once you have a message, you need to systematically deliver that message. You need a marketing plan.

Your Assignment (Should You Choose To Accept It):

Get clear on what you offer a college besides good grades from high school. Begin to develop your plan to get the attention of the college admissions officer by gathering information on your career goals, how and why you are pursuing them. Then begin crafting YOUR MESSAGE to the schools.

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