High Unemployment

There is a pile of economic information and unemployment metrics all over the internet, news stations and radio. The information can be overwhelming and a little depressing. Two articles that stand out for me both tell the readers that high unemployment may be around for sometime.

In Joshua Cooper Ramo’s article, Jobless in America: Is Double-Digit Unemployment Here to Stay?, Joshua asks the question, “Will double-digit unemployment persist even after we emerge from this recession?”. In other words are we looking at another jobless recovery? Joshua also mentions that “From December 2007 to August 2009, the economy jettisoned nearly 7 million jobs, according to the Bureau of Labor Statistics.” In addition he writes, “The funding for job creation in the American Recovery and Reinvestment Act was based on an assumed 8.9% unemployment rate. Now 15% is a realistic possibility.”

Tom Raum’s article, Higher jobless rates could be new normal, Tom states similar fears. He writes, “…the unemployment rate is currently at a 26-year high of 9.8 percent — and likely to top 10 percent soon and stay there a while”.

In the last recession, we learned that a recovery would not necessarily bring with it new jobs. We learned the term “jobless recovery”. And much of what I read points to this recession as a jobless recovery too. I would estimate that 20% of people I personally know that lost jobs in the last recession switched careers because of the lack of jobs in their profession. So without government assistance, how do you find a job and where are the jobs?

The answer to the first part of the question is easy. You must have…

• A better than average résumé: If you are still using the same résumé you used in your last job search and just keep updating it with every new job, then I bet your résumé is not your best effort. Start over.
• A strong network: It is key to know people across multiple industries and to let these people know you are in the job market. A network that is not used is useless.
• Practiced and polished interviewing skills: You need to practice and you need to anticipate questions and practice your answers.
• Outstanding soft skills: Be professional but smile and be personal too.
• Expert technical skills needed for the job: If you are a SOX expert and apply for a GAAP position then you may get over looked. The same goes for a COBOL expert applying for a J2EE position. Apply to jobs that are reasonable fits to your background and experience.
• Reasonable salary expectations: There are plenty of resources out there who will do the job for less. So do not demand high salaries in a recession and take what is offered.

The answer to the second part of the question is harder. Jobs will be found in the following areas…

• Temporary or contract positions: These positions may increase before permanent jobs are created. It has been a year since the economy hit a wall and companies that have survived have work that has piled up and needs to be done. (We are currently seeing this trend with our clients.)
• Replacement positions: As companies become leaner they may decide some resources are not performing as required and will look to replace those resources. In addition some resources may flee a company for greener pastures creating a vacancy.
• Government positions: The federal government created the American Recovery and Reinvestment Act to create jobs and stimulate the economy. Some of these jobs will be with the federal government but some of the money will be sent to the states and it will be the states responsibility to use the funding to create jobs for needed projects.
• Too many laid-off: There are companies that have laid-off too many and offered to many “packages” to their staff to leave. These companies are running leaner than planned and these companies may be in need to start filling positions soon. Target some of the companies with the biggest layoffs in your area.
• New positions: There will be companies creating new positions. Some of these positions will be in healthcare, collections, small business and start ups. Some new positions will result from companies that have realized they have “survived”, are cash flow positive and ready to add staff. The best ways to find these jobs is through your network and know about the job before it is posted.

In any case, no one is going to hand you a job. So you must be active in the process. Although higher unemployment rates may be around for a few years, you can still find a job but you will have to work harder. With that in mind job seekers need to be better prepared and come up with a competitive advantages to others in the job market. If you are not getting interviews, take a look at your résumé first and then ask yourself are you applying for jobs that meet your skills.

Sources and Suggested Reading:

• Joshua Cooper Ramo’s article, Jobless in America: Is Double-Digit Unemployment Here to Stay? - www.time.com/time/business/article/0,8599,1921439-1,00.html
• Tom Raum’s article, Higher jobless rates could be new normal - news.yahoo.com/s/ap/20091019/ap_on_bi_ge/us_vanishing_jobs

If you like what you are reading and want to read more, check out my eBook at www.blackholesresumesjobs.com/

For my free Résumé Template go to www.blackholesresumesjobs.com/Downloads.html

If you are an IT professional and want to send me your résumé, please feel free to email your résumé to me at chas.bollow@triad-corp.com.

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