Beyond.com Reveals Declining Industries Impacted by Pending Recession
Quarterly Trends Report indicates why candidates are experiencing increased pressure in today’s job market
PHILADELPHIA, Pa. – May 1, 2008 - Beyond.com, Inc., the world’s largest network of specialty career communities, today released its First Quarter 2008 Career Trend Analysis and Industry Outlook Reports. Although the top industries for online job postings (IT, Sales and Healthcare) remain strong, the report clearly indicates both job seekers and employers are beginning to feel the impact of the failing economy.
A recent Beyond.com poll of more than 4,500 professionals found that over 49 percent feel that their job could be impacted by the pending economic recession. As a result of these insecurities, there has been a rapid increase in the number of professionals looking for jobs. Over the past quarter, online resume postings to the Beyond.com Network have increased substantially — by more than 50 percent. This trend is causing market saturation due to the overflow of candidates in relation to the number of jobs available, making it more difficult than ever for job seekers to land a job.
The state of the economy is not only affecting the competitiveness of the job market, but it is also causing a decline in jobs across many industries. In Q1 2008, the industries that experienced the largest percentage decrease in online job postings include Management & Business (-1.47%), Travel/Hospitality & Restaurant (-1.01%), and Accounting & Finance (-0.55%), although other industries also showed signs of slowing down.
As expected, Travel & Hospitality is one of the first industries to feel the repercussions of an economic downturn. In periods of economic turmoil, many consumers devote a larger portion of their discretionary income to necessary items, leaving less money to spend on vacations, retail and entertainment, resulting in fewer jobs in the hospitality industry.
The looming recession is also causing many companies to tighten their HR budgets, making it harder for job seekers to find a job, especially those with little to no experience such as recent college graduates. Rather than hiring multiple candidates that require additional training, many companies are choosing to hire one standout candidate instead.
“Our nation’s economic condition is a concern for many professionals, including those currently employed and actively looking for a new job,” says Rich Milgram CEO of Beyond.com, Inc. “With an overwhelming amount of professionals rushing to find a new job due to insecurities or recent graduation, and many industries declining as a result of the economy, it is more important than ever for professionals to network, find ways to stand out from other candidates and take initiative to prove themselves to employers to ensure future job security.”
The complete Career Trend Analysis Report and Industry Outlook Reports are available by visiting www.Beyond.com/Media.
About Beyond.com, Inc.
Beyond.com, Inc. is the world’s largest network of online niche career communities, powering more than 15,000 geographic and industry-specific sites. We are dedicated to helping business professionals, corporations and vertical communities connect with each other by providing relevant career search services, networking tools and portal software solutions. The Beyond.com Network attracts a niche audience of job seekers, professionals and corporations and delivers quality, targeted results through a multitude of online media and advertising models, including: recruitment advertising, email marketing, banner advertising and other lead generation vehicles.
Beyond.com is named to Inc. Magazine’s prestigious ‘Inc. 500’ list of the fastest growing private companies in 2007 and is a Safeguard Scientifics (NYSE: SFE) partner company. www.Beyond.com
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Media Contacts:
Tara Gerard
Marketing & Communications Associate
Beyond.com, Inc.
610-878-2800
TaraG@Beyond.com
Jeffrey Dillow
Account Manager
PAN Communications
978-474-1900
Beyond@Pancomm.com
