The economy is showing signs of recovery, but predictions are that unemployment will likely linger
According to articles published this week by the Associated Press (http://www.google.com/hostednews/ap/article/ALeqM5jdLS34SouNQrW8AdcTLijDbDZ7NAD9A07F6G0) and Washington Post http://www.washingtonpost.com/wp-dyn/content/article/2009/08/11/AR2009081100988.html), although our economy is finally showing signs of life, many predict that the return of jobs will be slow to follow. One reason is the large increase in productivity, which jumped in the second quarter to (a seasonally adjusted) 6.3% — far higher than the 2.6% average posted between 2000 and 2008. Much of the boost was attributed to companies slashing work hours to save cost and increase profitability, which will, as business recovers, allow the same employers to increase hours before investing in new hires.
As a result, many economists predict that the recession will be followed by a “jobless recovery,” similar to what followed the 2001 recession. Some forecasts don’t have the unemployment rate getting back to “normal” levels of around 5 percent until 2014.
All these predictions may turn out to be true, but as I’m an “eternal optimist”, 9.5% unemployment means that 90.5% are still gainfully employed. It is also true that businesses are still doing business, and they still need effective leadership. Hiring may be at a slower pace, and the skills and experience that are well rewarded are shifting in response to ever-mounting market pressures (for example, executives with strong turnaround experience are quite marketable in this climate), but make no mistake … there are great senior-level opportunities out there. Here are some ideas to help you compete effectively:
1) Stay active! Don’t succumb to the job-search melancholy that so often accompanies a long search. Remember, just because a company many not be actively adding executive hires doesn’t mean it’s not filling a pipeline or won’t act on an opportunity to replace a marginal business leader. Don’t be dissuaded from seeking opportunity behind doors that, to many, seem closed. The best companies always want the confidence of knowing they have the best possible people leading and managing their most critical projects.
2) Target your efforts precisely. Casting too wide a net will sap your energy, and will be ineffective in the long run. Companies are hiring specialists … make some decisions about what you’re selling and who your potential customers will be. It will be easier reaching your career destination when you know (and commit to) a specific direction.
3) Don’t appear desperate. People are attracted to confidence. Remember that the more you have going on, the less desperate you will feel, so keep your calendar full! Even during times when you don’t have interviews scheduled, be sure to continue networking … lunch meetings, phone calls offering information or assistance, informational interviews.
4) Be prepared! Opportunity can arise where and when you least expect it … be sure your marketing materials (resume, addenda, bio, cover letters) are ready, with a clear, concise, and value-driven message. They must distinguish your performance to earn the attention you deserve. Also, be ready to articulate in person where you fit, what you offer, and why what you can bring to the table is valuable and unique.
Do you have questions? Please call me, 800-876-5506. My team of experts is ready to help.
