Starting to see the light
What seems like ten years was only three short years ago. We are experiencing the beginning of the worst recession in our economy that many of us will ever see in our lifetimes. In the early 80’s I was told it was just as bad with the loss of a lot of jobs. Being a recent college graduate during that time, my experiences were quite different and I viewed employment differently. The impact of not having a job at 22 was quite different from not having a job at 50, married with a family and a mortgage.
If I remember correctly, the 1980s represented a period in which the United States was transitioning from an age of factories to an age of high technology. Growing up in Birmingham, we knew that labor-intensive factory jobs would always be in demand. Having a college education secured us well-paying white-collar and blue-collar jobs. Like most American cities, smokestacks defined our work ethic and our American pride in the production of goods. Believe it or not, it felt like everyone who wanted to work was working. I know we can’t relive the past, but it was a great feeling when there were jobs available if you were qualified and wanted to work. Those days are long gone and only represent fond memories and great pride.
Unemployment today has the same impact on families as it did in the 1980s with several exceptions. The cause of this economic downturn was not due to technology and changing times. Rather it was the result of corporate greed and mismanagement of our financial systems. The devastation that resulted from this ineptitude affected loans, housing, savings, health care, and retirement. This resulted in a job source that resembled the Great Depression. There were blue-collar, white-collar, and corporate top managers unemployed for the first time in their careers. But Americans stand proud and are hardworking and resilient; we will recover and be stronger and wiser in the future as a result of this experience.
Well the sun is starting to shine again with the US economy. It was just reported that the unemployment rate is now at 8.8% and continuing to improve. More jobs were created in the last two months during this period than during any period since 1983. That is something those of us who were present during that period can appreciate. I remain bullish on four job sectors: education, government, technology, and health care. If you are looking for employment opportunities, these sectors should be considered first. Smaller companies lead job creation in March with 102k jobs, medium-sized companies 82k and large companies 17k. The backbone of our country continues to be small business start-ups, and in difficult times, you will see more people take the risk of starting their own business. For employment opportunities, start looking at smaller companies where you can bring a wealth of experience to help these companies grow.
One reality we will have to accept is that companies are really looking at how they run their businesses. The goal is to be [lean and mean and profitable] and that means expecting more from us for a day’s pay. Higher-paid professionals may find it more difficult to find a job that pays what you earned two years ago. It does not mean that you will not find such a job, but you will realize that the competition will be tougher this time. I know that there are some companies that will not hire some candidates due to the fact that they are overqualified. Did you know? Forget about those companies and don’t waste a minute trying to rationalize their thinking. At the end of the day, you’re better off not working for them anyway. There are companies that will value your experience and welcome you as an employee to help your business grow. I’m excited about this turnaround and see nothing but positives in the future.