How is the Job Outlook for 2009?

Shweta — Thu, 04 Dec 2008 06:14:00 +0000

According to CNNMoney.com,
“the prediction that this recession may end around the middle of 2009 is not unreasonable, but even if accurate it disguises the critical question: What kind of a recovery is likely to follow? The answer is: probably a gradual one, unlike the more typical (but not universal) pattern of the economy coming out of most past recessions roaring ahead, propelled by pent-up consumer demand.
The healing process of a deeply wounded banking system, that has already led to nearly $1 trillion of write-downs, will act as a weight around the neck of any economic recovery in the latter part of 2009. Banks will likely continue the slow process of recapitalization and cleaning up the mountains of toxic assets on their balance sheets for a period longer than just the next few quarters.
That task will become even more challenging in the months ahead, as the recession itself will tend to generate an additional amount of toxic assets in their portfolios, impairing their ability to resume a more normal pace of lending. So, even though the economy may technically emerge from the recession in the second half of 2009, the recovery may initially become more of an issue of semantics rather than a robust turnaround in economic activity.”

With such a prediction around, it is more likely that the job market would be pretty much under freeze most of the next year. The nations’ unemployment rate is on the rise and some of the states are more affected than others (those predominantly relying on manufacturing and other areas which are seeing major job cuts); there would be only few regions which would not be affected by this major recession which leaves a deeper mark because of the fall of the major financial institutions. Already many companies have gone through major layoffs and cut back in their spending for the year, it would not be a shock to see many more coming in the year 2009.

With a sluggish economy, hiring freeze and forecast of more job losses, what should you do if you are someone looking for a job (you could be a fresh graduate, someone reentering the workforce, or someone who has recently been in a layoff)?

It is right that there are many layoffs around and hiring is tougher than ever before, but many government plans would soon be underway to ensure employment increases to boost economy, it would be wise to research and analyze where the funds are being invested – renewable energy sector, solar energy, green-tech, bio-medical or research and development – the world is not going to stop for this recession. If jobs are being slashed in some areas there are others which will be thriving, so be ready for change and the first step is to be well-informed.

If you are searching for a job in the US, I would strongly suggest that you read The Occupational Outlook Handbook, developed by the US department of Labor. It is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives.
If you are not in the US, it is well worth some time spent on research to find out if your country has a similar publication on careers and jobs informing you on the training and education needed to get a job, earnings estimate, expected job prospects, what workers do on the job and the working conditions for a particular job sector.

Job fairs are still going, although you will see longer lines and less smiling faces but at least you will get some first hand info of the scenario in your region.Once you have done the ground work and research on the present situation it is time to act and some more tips on how to go on further are at How to Find a Job when there are none around.

Please also share your tips by adding them in the comments to this post on how to find a job during a recession.

How to Find a Job when there are none around

Shweta — Sat, 25 Oct 2008 06:26:00 +0000

If you cannot see something it does not mean it is not there; it only means that you have to try harder and perhaps with a different vision to find the unseen.
If you were in a layoff as a result of the economic downturn; then you will benefit from these tips on how to find a job when there is a hiring freeze everywhere and the companies are getting our of business left and right.

Network to Penetrate the Unpublished Job Market

Where all to look for jobs, when there are none being advertised? The answer is: Do your research and the answer shall come to you.

Read newspapers, trade magazines, journals, BLS website (this is the US Bureau of Labor Statistics and would be different statistics if you are not in US). What are the current industry trends? Where all is the funding money being channeled? These could towards the new solar development companies or other green-tech; there might be many unadvertised jobs here and all you have to do is first find out which ones could be the ones to apply for and how.

Research and find out which companies are showing good profits and sales increase in the tough economy; they could be the ones looking for hiring new employees since money is not a constraint with them.

Research to find which companies are launching new products and there is a possibility that the project teams could be expanding.

There could be some jobs that are recession proof, perhaps there could be the right job for you where you can channel or re-package your skills. (Read more at: Best Jobs to have during Recession)

Once you are ready with your research the next action step is finding the right contact to approach the position internally. Do not be put off if you do not see any advertised jobs on their online job boards. Some internal positions are not advertised and you can very well approach these jobs by smart networking.

Training for a new Job and Skill

May non-profit vocational training center and job placement centers offer training sessions for jobs like JobTrain which serves hundreds of youth (ages 14-21) each year in both in-school and out of school programs. Trainees also learn to improve their communication skills, to understand the importance of punctuality and working hard, and to build self-respect and self-sufficiency. JobTrain youth can spend summers working and gaining real-world experience, or can earn high school credit in non-traditional courses. This is very important for the youth especially since just out of college you may not land a job immediately during an economic downturn.

Use your Current Skills to Freelance

It won’t bring in the same money that you might be getting as a full-time job but when paying your bills and taking care of a family are the priorities then any additional income is welcome. Also make sure that you spend say about 40 percent of your “work” time in freelancing and rest of the time in networking with friends and ex-colleagues on any possible job openings leads and enhancing your skills.

Part-time or Weekend Work

You or your spouse can work a few hours during the weekend to make some extra dough – not a bad idea in a recession. Well, it could be as simple as helping in advertising for a local pizza place to showing your web savvies online by either learning a new skill (there is tons of information online and self help courses that you can learn from) or teaching others and charging them for it – Ok that means have your website or blog (Note: you may not monetize this option in a short time, it needs time and careful nurturing and advertising.. but yet again, it is good to begin something that and then evaluate the options on the returns and your interest in taking it to different heights).

Be Ready to Relocate

Many good corporate jobs are moving overseas, there have been many reports during the last few months where companies in India and China have offered good positions to those laid off from Lehman and others affected from the Wall Street roller coaster debacles. Asian economies are growing and many companies are eager to absorb these globally experienced professionals.
An international experience would only enhance your portfolio and there is always a possibility to return to your native land when the going gets good.

CAREERBRIGHT » jobs in recession