A Gen Xer can't find a job after 1,000 applications despite years of 6-figure roles: 'It's like playing the lottery'
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Sean Tetpon, 55, has applied for more than 1,000 jobs in the past year without success.
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Tetpon, a former communications manager, was laid off in 2019 and again in 2023.
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He suspects ageism and intense competition in his industry are factors.
Sean Tetpon, 55, held six-figure positions for years as a communications manager for major companies. But with his now having unsuccessfully applied for more than 1,000 jobs over the past 12 months, he and his wife have had to cut every expense possible — and are considering bankruptcy.
Tetpon was financially stable for most of his adult life, working at various large companies, though he was laid off in 2019. In between job applications, he drove for Lyft and landed a job in 2021. But he was laid off again in 2023 and hasn’t landed anything since.
“When the job reports come out, and they paint this rosy picture, it’s not reflecting what’s happening in the white-collar job market over the past year,” Tetpon said. “There continue to be layoffs in corporate America, and as a result, I’m seeing, for the roles that I apply for, many highly qualified candidates out there all competing for a finite number of jobs.”
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Tetpon suspects his age and his industry’s intense competition have affected his ability to land a job. Still, he hasn’t given up hope and is staying positive in his job search.
“At first, it was disheartening because, like everyone else, I need employment to take care of my family and to pay my bills, but to run into over 1,000 people applying for the same job, I get nervous when there are 100 applicants for the same job,” Tetpon said. “But I applied for them anyway because you never know. It’s like playing the lottery.”
Enduring layoffs
Tetpon was the first in his family to get a four-year degree, graduating from the University of Idaho with a bachelor’s in public communications.
While in college, he got an internship at IBM, which he parlayed into a full-time role and an over 15-year career. He became a global communications manager, which paid him six figures. He then bounced to a few other companies in similar positions.
Despite a high salary, he said, he struggled financially for a few years, as one of his five children had a major heart defect, leading to “steep medical bills.”
Tetpon first experienced unemployment from 2019 to 2021, with his first layoff coming shortly before many companies paused hiring during the pandemic. To keep money coming in, he drove for Uber and Lyft and freelanced for corporate clients between “cumbersome” applications.
Tetpon secured a job in 2021 and switched to another position the following year. But then he was unexpectedly laid off in September of last year. He was given a basic severance package, which included a free option to work with a job-placement agency, which helped him improve his résumé and interview strategies.
“Each layoff, it’s been a little harder to bounce back because the job market started constricting again right around the time I was laid off,” Tetpon said.
Tetpon has submitted more than 1,000 job applications since that layoff. He estimates that it takes almost an hour to apply for a job.
“Job seeking initially has become a full-time job again — seven, eight hours a day applying for roles,” Tetpon said. “This came back to bite me mentally because it’s such a draining process.”
Of these applications, he’s had nearly 30 interviews, and he made it to the final round for three positions. He said he’d tried tailoring his résumé and cover letter to each position and emphasized characteristics of his portfolio that make him stand out.
Between job applications, Tetpon drives five days a week for Lyft, earning about $3,000 a month. He said he valued the flexibility of setting his own hours to prioritize interviews and applications. He’s looking to get back into retail work, even at minimum wage, in positions he enjoys, such as working at a record store.
The layoff has put his family’s financial situation in jeopardy. To make ends meet, he moved into his mother-in-law’s home. He and his wife, a full-time medical-technology student with little income, axed many subscriptions, bought the cheapest groceries for about $130 a week, and cut unnecessary spending. Tetpon still has student and credit debt, and he’s considered bankruptcy as an option. He says he has just 10% of what he’d originally saved left in his 401(k), and he fears he may have to work for the rest of his life.
“It’s scary because I’ve been preparing for retirement for a long time, but now that I’ve basically wiped out savings because of my layoff, I’m now wondering if I will be able to retire,” Tetpon said.
Why he hasn’t secured a job
Tetpon identified three reasons he suspects he hasn’t landed a job yet.
The first is how his field of corporate communication is highly competitive and prone to layoffs. He said even for smaller companies offering much less than what he earned, hundreds of people would apply, and he would be lucky to land an interview. He said he’d had little luck applying for in-person roles in metro Atlanta and had seen fewer remote opportunities.
Screenshots shared with BI reveal Tetpon applied for positions receiving nearly 4,000 applications just on LinkedIn, not counting people who applied directly.
Tetpon’s second reason was that many companies are nervous about the economy and the coming US elections and are being particularly selective about hiring decisions. He suspects employers are looking for the perfect candidate who fits every aspect of the job description instead of someone with 80% of the skills but with drive.
Part of this, he suspects, derives from ageism. While he hasn’t been able to prove it, he believes for some roles, companies will pass over his application because they want to hire younger talent.
“A lot of companies look at somebody like me with 25 years of experience in the six-figure range, and they have to weigh that against somebody much younger, maybe even recently out of college, who could come in at a much lower range,” Tetpon said.
Tetpon’s third reason is related to the mental struggle of applying to positions daily. Recently, he’s questioned whether he’s networking enough, applying to the right roles, or spending enough time on applications, which sometimes clouds his efforts.
Still, he said he’d seen employment struggles across the age spectrum. Some of his children are struggling to find their first role, and he’s seen an uptick in LinkedIn posts from people of all ages looking for work.
Tetpon said he learned to customize résumés for each position by including keywords in job descriptions so applications wouldn’t immediately get rejected. He’s also become more aggressive about networking, reaching out to his past colleagues, and having them send open roles or issue referrals.
Tetpon added that taking mental-health breaks is key to the job hunt, as job seekers are already “dealing with the psychology of losing a job and sense of purpose.” He believes he will land somewhere soon, noting his experience speaks for itself.
“I want to give job seekers some hope based on what I’ve learned over the past year because while it is tough out there, we can’t give up, and I certainly haven’t given up,” Tetpon said. “Eventually, the pendulum will swing, and they need to be ready to capitalize on that.”
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iA Clarington launches new global total return income fund, expanding sub-advisory relationship with Dan Janis and Agile Investment Management
TORONTO, Oct. 7, 2024 /CNW/ – IA Clarington Investments Inc. (“iA Clarington“) today announced the launch of the IA Clarington Agile Global Total Return Income Fund, sub-advised by Dan Janis, Chief Investment Officer, Agile Investment Management, LLC (“Agile”) and his team.
A flexible global fixed-income strategy driven by the time-tested approach that has made Mr. Janis an industry titan, the fund aims to deliver attractive income streams and long-term capital appreciation.
“Navigating the complexities of the global fixed-income markets requires an exceptionally high degree of skill, experience and expertise – exactly what Mr. Janis and his outstanding team of proven portfolio managers bring to this exciting new mandate,” said Kos Lazaridis, Senior Vice-President, Chief Product Officer & Head of Strategy, iA Clarington.
Employing an active approach that combines top-down, bottom-up and quantitative analysis, the fund offers investors a range of benefits, including:
- Enhanced diversification from a broad opportunity set
- Tactical flexibility to take advantage of opportunities
- Currency and duration management to help manage risk and add alpha potential
“This strategy brings together the best ideas of a handpicked team with complementary specialities. We are very excited about the opportunities in today’s market and look forward to capturing them for the benefit of Canadian investors,” said Mr. Janis.
Visit iaclarington.com/Agile to learn more about the Agile portfolio management team and the funds they sub-advise for iA Clarington.
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About IA Clarington Investments Inc.
A subsidiary of Industrial Alliance Insurance and Financial Services Inc. – Canada’s fourth-largest life and health insurance company – iA Clarington offers a wide range of investment products, including actively managed mutual funds, managed portfolio solutions, Active ETF Series and socially responsible investments. As of August 30, 2024, iA Clarington has over $20 billion in assets under management. Visit iaclarington.com for more information.
About Agile Investment Management, LLC
Agile Investment Management, LLC is a U.S.-based, SEC-registered boutique asset manager. Founded by Dan Janis and Kai Sotorp, Agile operates as an operator-owned partnership, specializing in global fixed-income investment management for institutional and retail clients.
Commissions, trailing commissions, management fees, brokerage fees and expenses all may be associated with mutual fund investments, including investments in exchange-traded series of mutual funds. The information presented herein may not encompass all risks associated with mutual funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
The iA Clarington Funds are managed by IA Clarington Investments Inc. iA Clarington and the iA Clarington logo, iA Wealth and the iA Wealth logo, and iA Global Asset Management, iAGAM and the iA Global Asset Management logo are trademarks of Industrial Alliance Insurance and Financial Services Inc. and are used under license. iA Global Asset Management and iAGAM are trademarks and tradenames under which Industrial Alliance Investment Management Inc. and its subsidiary iA Global Asset Management Inc. operate.
SOURCE IA Clarington Investments Inc.
View original content: http://www.newswire.ca/en/releases/archive/October2024/07/c7342.html
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Specialty Lighting Market Size to Surpass USD 14.44 Billion by 2033 | Straits Research
New York, United States, Oct. 07, 2024 (GLOBE NEWSWIRE) — Speciality lighting is created with specific shapes, bases, patterns, and other characteristics to perform specialised lighting tasks. Specialised lighting is used when standard lighting is insufficient due to size or function. Several businesses utilise customised lighting, including healthcare, retail, commerce, and entertainment. Various light sources are available for customised illumination, including incandescent, halogen, xenon, and LED. These bulbs and lamps are made with a specific shape, base design, and built-in characteristics to conduct certain lighting activities, including water disinfection, surgical suites, endoscopy operations, dental procedures, and follow spot lightings.
As the number of concerts and athletic events increases, the demand for specialised lighting increases. An estimated 800 music festivals are hosted annually in the United States, with one million attendees. Aside from the United States, the most popular countries for music concerts are Japan, India, South Korea, Canada, Germany, France, Italy, and the United Kingdom. As a result, the commencement of these massive events enables speciality lighting manufacturers to generate large annual profits. In addition to rising demand from television series production companies, opera productions, and the film business, the market is growing. It is also projected that technological advancements, such as the Internet of Things (IoT) and smart lighting solutions will boost the industry. The app-enabled smart light is frequently utilised in nightclubs and special events. However, the higher installation costs of new lighting alternatives impede their widespread use.
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Market Dynamics
Special conditions and the need for enhanced illumination
Market expansion is driven by the desire for enhanced illumination in the medical, entertainment, and other industries. The industry’s main growth engine is UV lamps for surface, air, and water disinfection. In addition, an increase in the number of global events, such as music concerts, and the expansion of the entertainment industry are driving an increase in the demand for specialised lighting solutions. The growth of events such as concert tours and sporting competitions raises the need for specialised lighting. In the United States, over 800 music festivals are conducted annually, attracting about one million attendees. Japan, India, South Korea, Canada, Germany, France, Italy, and the United Kingdom are some of the most popular countries outside the United States for music concerts. Therefore, the commencement of these significant events assists speciality lighting retailers in generating substantial annual profits. Growing demand from television series production firms, opera productions, and the film industry contributes to the expansion of the market.
Implementation of LED Lighting
LED lights resist vibrations and damage, whereas traditional lighting is constructed of glass and therefore susceptible to shattering. LED lights are installed on a circuit board and connected with soldered leads. As a result, LED lights have a longer lifespan than conventional ones. LED lighting fixtures generate brighter, higher-quality light, hence enhancing visibility. There is an improvement in quality due to the improved visibility of LED lights. Due to spectrum-tuning properties that permit modifications in the nature and quality of light for different events, the newest generation of LED lighting is more versatile. LED lights of the finest quality are 100% flicker-free and are used for flicker-free event recording, HD, and live-to-film.
Technological advancements
It is anticipated that technological developments, such as IoT and smart lighting solutions will also contribute to market growth. Clubs and events frequently employ the app-enabled intelligent light. The global market for light-emitting diodes (LEDs) is gaining momentum. Traditional lighting is encased in glass, making it susceptible to breakage and vibrations, whereas LED lighting is impervious to both. Due to the soldering and mounting of LED lights onto a circuit board, LED lights to have a longer lifespan than conventional lights. LED lighting increases visibility by producing brighter, higher-quality light. The overall quality is enhanced by the enhanced visibility provided by LED illumination. Due to its spectrum-tuning capabilities, the new generation of LED lighting is more adaptable, allowing for changes in the type and quality of light for various settings. Clear event videography requires high-quality LED lights that do not flicker. These lights are utilised for HD live video production.
Regional analysis of the Global Specialty Lighting Market
It was projected that North America would continue to lead the market throughout the forecast period with a share of over 35 % in 2021. This was the percentage of the market that North America held in 2021. Large lighting companies that provide services for various industries, such as horticulture, entertainment, water treatment, medical, seaports, and aquariums, are to blame for the expansion of the industry. In addition, the region’s rapidly expanding end-use industries, such as the entertainment industry, are contributing to the growth of product demand in the region. The United States and Canada both have well-developed healthcare systems, which is another factor that contributes to the rising need for surgical and examination lighting.
As a result of the expanding use of speciality lighting across various industries, Asia-Pacific is anticipated to have the highest CAGR for the projected period. The entertainment industry in India is one of the most dominant and highly chosen fields of work among market sellers as a direct result of the consistent demand in the entertainment sector. The rise of the regional market is also helped by the countries of China and Japan’s healthcare industries. In addition, the extensive use of the harbour’s lighting to illuminate the surrounding region, which improves both nighttime safety and productivity, helps the growth of the market.
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Key highlights
- In 2021, the LED lighting segment held a market share of almost 65 %.
- In 2021, the entertainment segment held a significant market share of over 42 %.
- In 2021, surgical lighting became the largest sector, accounting for almost 53 % of the global market share.
- In 2021, North America led the market with a share of over 35 % and was anticipated to continue to do so throughout the forecast period.
Competitive Players
- Advanced Specialty Lighting
- Brandon Medical
- CREE (IDEAL INDUSTRIES INC.)
- Getinge AB
- Herbert Waldmann
- Integra Lifesciences
- OSRAM GmbH
- Signify Holding
- Steris PLC
- USHIO
- Signify Holding (Signify, Netherlands)
- OSRAM Licht AG (OSRAM, Germany)
- Cree Inc. (CREE US)
- Ushio Inc. (USHIO, Japan)
- Advanced Specialty Lighting Inc. (Advanced Specialty Lighting US)
- Getinge AB (Getinge, Sweden)
- Herbert Waldmann GmbH & Co. KG (Waldmann, Germany)
- Brandon Medical Co Ltd (Brandon Medical, England)
- Integra LifeSciences Corporation (Integra LifeSciences, US)
- Steris PLC (Steris, US)
Recent Developments
- In January 2022, Thought leadership from Brandon Medical: Digital Hospitals.
- In May 2022, Breakthrough New CPY500 Series Canopy Luminaire Turns Fuel Islands into Customer-Preferred Destinations.
- In June 2022, Getinge’s new DPTE-EXO with Sleeveless DPTE-BetaBag takes aseptic transfer to a new level.
- In March 2022, Integra LifeSciences Launches NeuraGen 3D Nerve Guide Matrix.
Segmentation
- By Light Type
- LED
- Others
- By Application
- Entertainment
- Medical
- Purification
- Others
- By Medical Type
- Surgical
- Examination
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/specialty-lighting-market/segmentation
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