Guest
Upgrade the way you learn with Brilliant! To get started for FREE go to Join my newsletter for daily updates and get every video a day early - ----- Edited By: Andrew Gonzales Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images For sponsorship inquiries, please contact sponsors@ Sign up for my newsletter 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #career #business #jobs ----- Stop me if you’ve heard this one before. An entry level job paying eight dollars an hour with no benefits at an unremarkable company… Oh and they want you to have at least three years’ experience in a similar role and preferably a masters degree... Searching for a job is a difficult and time-consuming task. Most Americans do not have enough savings to survive for more than two weeks without going into debt which means it is also stressful. No matter how efficient the hiring process is made you are never going to have fun looking for a job and nothing can change that, but the corporate world has started to introduce a lot of obstacles that make the JOB of FINDING a JOB as painful as possible. It’s also simply bad business. Attracting the right talent is vital for business success. If businesses make their application process too difficult, they are going to filter out everybody but the most desperate candidates, which are rarely the BEST candidates. Companies that ask for multiple years of experience from applicants applying for entry level jobs also expose themselves to a similar risk. It might sound advantageous for the business to get an employee with years of experience that they can pay like a fresh graduate, but company management frequently overlook the reason that these applicants are looking for entry level jobs in a field they have been working in for years is that they are not that good at their job and they need to keep moving companies before their poor performance catches up with them. A recent study conducted by Portland State University and published by the Harvard Business Review found that overqualified candidates did not outperform the control group and that paying significantly under market rates for talent will cost most businesses more in other areas. Multiple rounds of interviews also take paid hours from HR, hiring managers and third-party recruiters. Recruiters work on a commission basis for successfully placed candidates, but if a company makes candidates go through multiple rounds of interviews the recruiters can ask for a higher fee or they will be incentivized to send their best recruits to companies that have a simple hiring process so they can get paid quickly and reliably. It’s bad business and good company managers know it but there are three reasons why they still do it anyway. The first reason is that it has become too easy to apply for a job. Online job boards make it easy for applicants to apply to hundreds of jobs every day based on convenient filters that let them search results by industry, seniority, experience and salary range. Companies have attempted to adapt to this by having landing pages where users can fill in their details into the company’s own database by manually completing an online form. These forms typically ask for information that should be included on any good resume, but it enters it in a way that can be read by a computer instead of being read by a hiring manager saving them the time of manually going through thousands of applications by hand to find the attributes they are looking for in a candidate. The back end of these forms will enable the hiring company search through candidates by a similar set of filters than the candidates themselves used to find the job posting, evening the arms race between the volume of applications and the people that check those applications. This practice has become so common that there are now AI tools like Zety, Job Scan, and Rezi that check resumes against job posts to make sure that they are appealing to the AI systems that check resumes before the hiring manager does. So, an AI will write a resume to satisfy another AI to stand out against thousands of other applications also written and checked by AI. So it’s time to learn How Money Works to find out why entry level jobs all of a sudden require three years’ experience and how you can take advantage of this to benefit your own career.
