For the past couple of years, the labor market has been very hot if you are a job seeker. There have been over two jobs vacant for everyone seeking a job for a while. It has never been a better time to be looking for work. Some people are getting concerned now that the economy appears to be shifting. The stock market has recently fallen about twenty percent and the real estate market is starting to cool significantly. News of layoffs is starting to appear in certain industries. With all of this in mind, it is natural to be a little concerned as an employee or job seeker. Unfortunately, like most things in the economy, things are cyclical, and we must try to get as comfortable as we can coping with things that are out of our control. If you are getting nervous about the job market here are three tips that may be helpful.
If you are considering changing jobs, prepare your resume and search for jobs now
While things may be changing, now is still a great time to look for a job. Being proactive in your job search is always the best course of action. Since it’s hard to say what the labor will look like over the next year, it is a great idea to get your resume updated and start applying now. Once you apply to many jobs, you will be able to gauge the response to your applications based on your unique qualifications and the industry you are in. If you get a job offer you are happy with and you weigh the pros and cons you will have a great option to make a change.
Realize layoffs are based on sector and industry
As the economy shifts, certain sectors and industries are more affected than others. Unfortunately, many people in the mortgage industry are being laid off. This is because, with rising interest rates, many people are no longer looking for mortgages or refinancing existing mortgages. Since this need shifted dramatically in a few months, there is an excess of loan officers, loan processors, and underwriters. Some tech workers are also getting laid off as the industry is slowing down a little from its previous highs. However, there is opportunity in other industries. For example, the travel sector has never been hotter as there is a lot of pent-up demand to travel since many people have been staying at home due to COVID-19 and are now venturing out of town. Airlines are desperate for flight attendants, pilots, and support staff. All these examples prove that there are still jobs available if you get laid off, you may just need to consider switching industries.
Practice self-care to manage stress and anxiety about the unknown
Having so much unknown about the economy and labor market will naturally produce stress and anxiety. Whenever you are stressed and anxious, taking care of yourself and doing activities to calm yourself and relax is imperative. I’d recommend finding what works for you. Some activities to consider are taking a walk or more vigorous exercise, calling a friend or family member, watching an uplifting tv show or movie, or practicing deep breathing exercises or yoga. What is important is that the activity can distract you from what is causing you such as stress and anxiety.
As the economy shifts, many people are getting nervous about the labor market. If this is affecting you, consider applying for jobs now, realize layoffs are based on sector and industry, and practice self-care to manage stress and anxiety. If you are still struggling, career counseling can help. Contact me today.