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USA employment mess!
September 24th, 2008
The U.S. mess; Lehmann AIG and the broad employment market
The big shakeout in the American financial sector has a lot of side effects for the employment market. The Credit Crunch means new businesses are finding it hard to get capital. It also means that cost cutting is the new way of hiring.
Call it outsourcing by other means, but the result is going to be one thing: A net drop in payroll costs. Middle America is likely to get hit hard, paying for the financial sector’s mistakes.
Some big chains have dropped plans for opening hundreds of new stores. Others have closed chain stores, and that’s a reflection of the real response to the financial crisis.
For employees, job hunters, and entry level people, the outlook isn’t terrific. There’s no clear end to the financial situation, so playing safe is going to be the natural response of employers, until they disentangle themselves.
The employment market has also been experiencing ongoing job losses, which doesn’t just mean people losing jobs. It means restructuring where those jobs no longer exist.
Expansion no longer means lots more jobs in many industries. The modern workforce is a lot leaner, and in the current employment situation, America’s cheap and nasty job insurance environment, a lot meaner.
The basic defence against tough times in the job market is keeping your job options open, not being stuck with only one possible type of job.
That means you need a lot of transferable skills, preferably across a wide range. Fortunately there are now quite a few skills which can be used in any workplace:
IT Always in demand, even at base level. It’s an indispensable part of business and even if the wages aren’t great at lower levels, it pays bills.
Accountancy Every business on Earth has some form of accountancy.
Database/Systems Also part of the employment furniture, someone has to know how to operate these systems and make them actually functional.
(In some cases one person winds up doing all three. If you have this sort of experience, you can talk yourself into a job pretty easily by just pointing out you fill some pretty obvious possible gaps.)
People wondering what sort of extra skill sets take note:
These are the skills you can get pretty easily. If you intend to operate your own business later, they’re quite invaluable, and you won’t be wasting time or money getting the training.
That’s the bottom line in a really tough job market.
The economy is not stable, and the job market is contracting and getting hit severely. Don’t assume there will be an instant fix to this situation. So far the lack of ideas is the main symptom of the financial disease.
Job hunters are strongly advised to go defensive with their time and budgets.
Only go for jobs where you’re sure you’re not wasting your time.
Temp jobs, part time, downscale, whatever can keep you in the black and solvent is useful in this sort of economic environment.
Watch the pennies.
Spend some time looking at jobs you previously wouldn’t have considered.
A job that pays your bills is better than a hole in the bank account.
Stay mobile, able to use opportunities.
Survival is the name of the game.
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