The New Norm – High Jobless Rates
by Joe Turner Monday, November 08, 2010
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Yesterday’s AP article from Tom Raum only highlights more reasons why the current high jobless rates might well be the norm for the next several years. Many economists believe the recession has technically ended and the nation’s GDP may show a modest uptick in the next few years. Yet almost everyone acknowledges that the unemployment rate, already at 9.8%, may actually top 10% by year’s end.
Don’t look for help from the usual sources of growth for a quick recovery as in the past. The two biggest industries that have provided relief from previous recessions, auto and construction, have been hard hit and won’t be providing much, if any, growth this time around. Other negative factors come into play as well making this recession “different this time”. As a result, many anticipate a long and drawn out jobs recovery. Also, any proposals for remedies in this area are still a big question mark. The government, after initiating the huge stimulus packages and spending on two long drawn-out wars, is in a poor position to thrown major money at any jobs development programs.
The competition for what few jobs that are posted has become fierce. In the Phoenix area where I write this, AMEX, a big employer here, recently announced 2 mid-level manager jobs at around the $40-50K salary range. According to an insider, there was a whopping response – 17,000 resumes!
That’s insane, but that’s the reality of today’s job market.
Will Job Search be Never Ending?
I wish I could say wonderful things about job search relief being just around the corner but I feel there will only be more of the same in the coming months. Unfortunately, the length of unemployment keeps getting longer with fewer job openings. While it is common to hear of unemployment stretching to a year, today I spoke with a job hunter on the phone who told me he’s been out of work for 34 months. That’s almost 3 years! And this guy has skills, having worked as an engineer for most of his life.
The tried and true job search methods are no longer working. I wish it were as simple as checking out TwitterJobSearch or the job boards such as Monster, but your success rate on the Internet is not increasing even though these resources are expanding. Remember, the number of your competitors is growing and they see and access all the same postings.
To win even a job interview, you’ll need to dig deeper and become even more resourceful to position yourself over your competition. Find out what keeps hiring managers up at nights and promote yourself as a solution to that big problem. Think in terms of ROI (Return on Investment). It’s always going to be close to money, either saving it or making more of it. Also, stop selling your skills and start demonstrating how you can be a problem solver for employers now. Check out my free resume writing workshops and call into one of them. That’s your first step.
Don’t look for help from the usual sources of growth for a quick recovery as in the past. The two biggest industries that have provided relief from previous recessions, auto and construction, have been hard hit and won’t be providing much, if any, growth this time around. Other negative factors come into play as well making this recession “different this time”. As a result, many anticipate a long and drawn out jobs recovery. Also, any proposals for remedies in this area are still a big question mark. The government, after initiating the huge stimulus packages and spending on two long drawn-out wars, is in a poor position to thrown major money at any jobs development programs.
The competition for what few jobs that are posted has become fierce. In the Phoenix area where I write this, AMEX, a big employer here, recently announced 2 mid-level manager jobs at around the $40-50K salary range. According to an insider, there was a whopping response – 17,000 resumes!
That’s insane, but that’s the reality of today’s job market.
Will Job Search be Never Ending?
I wish I could say wonderful things about job search relief being just around the corner but I feel there will only be more of the same in the coming months. Unfortunately, the length of unemployment keeps getting longer with fewer job openings. While it is common to hear of unemployment stretching to a year, today I spoke with a job hunter on the phone who told me he’s been out of work for 34 months. That’s almost 3 years! And this guy has skills, having worked as an engineer for most of his life.
The tried and true job search methods are no longer working. I wish it were as simple as checking out TwitterJobSearch or the job boards such as Monster, but your success rate on the Internet is not increasing even though these resources are expanding. Remember, the number of your competitors is growing and they see and access all the same postings.
To win even a job interview, you’ll need to dig deeper and become even more resourceful to position yourself over your competition. Find out what keeps hiring managers up at nights and promote yourself as a solution to that big problem. Think in terms of ROI (Return on Investment). It’s always going to be close to money, either saving it or making more of it. Also, stop selling your skills and start demonstrating how you can be a problem solver for employers now. Check out my free resume writing workshops and call into one of them. That’s your first step.
