How to fight through the economic slump with a targeted approach to your job search
America’s booming job market collapsed overnight, with over 10 million workers applying for unemployment benefits in March alone.
“The magnitude and speed of collapse in activity that has followed (the lockdown) is unlike anything we’ve experienced in our lifetimes,” said Gita Gopinath, IMF’s (International Monetary Fund) Chief Economist. Based on this occurrence, the global economy will this year likely suffer the worst financial crisis since the Great Depression.
Job Market Statistics and Projections
This week the BLS (Bureau of Labor Statistics) reported that U.S. employers lost 701,000 jobs in March and that the unemployment rate rose to 4.4 percent (marking it the end of a 113-month growth streak since September 2010).
Based on trending information, economists forecast a 6 to 15 percent unemployment rate through 2021, which would make it the highest unemployment rate since World War II.
Mary Meeker, a former tech investment banker with over 10+ years in venture capital, released a 29-page report, published by Axios on April 17 on how the coronavirus is upending our modern lives and shaping economic activity.
In the 94 days since the first known COVID-19 cases outside China were reported, 1 in 5 Americans had lost working hours or jobs, and 73 percent of Americans have indicated their household income has been reduced.
Be Indispensable with Future-Forward Credentials
Get a leg up on the competition by acquiring the high demand skills valued by startups and multinationals alike.
Use this time of adversity to strengthen your knowledge and learn a new discipline. Invest in education, get a certification, or take a course.
You will never go wrong by developing next-gen skills in Information Technology, Information Systems, Programming, Cybersecurity, Biotechnology, Finance, Engineering, and Robotics.
Consider augmenting your skillset with a course in cloud computing, artificial intelligence, and analytical problem solving or take a course in UI/UX design, mobile development, blockchain development, IoT, virtual reality, video production, channel sales, digital marketing, analytics, data science, or cybersecurity.
Don’t forget to hone your soft skills in creativity, collaboration, adaptability, and persuasion to round out your ability to innovate and influence across the corporate ecosystem.
Consider a Fresh Start with a Recession-Proof Career
If anything has been made apparent over the past few months it is the importance and value of healthcare workers (doctors, nurses and medical personnel), first responders (police officers, firefighters, and emergency medical technicians), and supply chain specialists (truckers, delivery people and grocery store workers).
If you want a durable career alternative, consider other recession-proof jobs such as being a Counselor, Therapist, Senior Care & Hospice Worker, Dentist, Mental Health & Substance Abuse Worker, Social Worker, Corrections & Judiciary Worker, Funeral Worker, Public Utility Worker, IT Specialist, Pharmacists, Veterinarian, Auto Mechanic, Public Transit Worker, Plumber, Electrician, or Hairstylists.
Create a roadmap of the necessary education and credentials you need to get started and go for it!
Tell Your Career Story
Your online personal marketing materials are your digital first impression that will open doors to new opportunities.
A well-crafted resume, LinkedIn profile, elevator pitch, and cover letter that cover the basics (name, job history, education) and articulate your value in an engaging and relevant narrative will enchant your reader and inspire them to action.
Select a modern, ATS (applicant tracking system) compliant format to differentiate yourself from the competition!
Build a Powerful Network of Connectors
According to numerous career studies, 80 percent of people end up in their current positions thanks to who they know (not what they know).
The strength of your network and your willingness to tap into your database when job searching is the deciding factor as to how long you look for a job and what position secure.
If you are interested in landing a great job faster, contact admired influencers, mentors, and thought leaders. Arrange virtual coffee meetings to ask for career advice, job leads, or coaching.
In a world of endless “breaking news” reports, we have all learned to expect the unexpected. Think strategically, be flexible, hone your skills, connect with others and keep positive – and you will win the day.