Is anyone else getting nervous? I’ve been feeling a small but steady drumbeat for about a year now, pulsing out the signals of a tightening job market. Of course, that could just be indigestion, but what if?
Depending on where you’ve been focusing your attention, you might not be seeing the same warning signs or you might be interpreting them differently.
For example, we’re still experiencing labor shortages, at least in certain roles and sectors. But that’s a kind of signal too: When employers can’t find staff, they can’t expand. And if they can’t expand, they may instead contract — cut workers, that is — to make the profits they need.
Already this past year we’ve heard of cuts in the tech sector after aggressive hiring the previous year. We’ve also seen seemingly unshakable retail giants such as Walmart and Target pull back on some urban stores, while this last week brought news of a med-tech leader, Medtronic, launching global layoffs.
Uh-oh.
If that weren’t enough, interest rates have played their part as well, with established companies less likely to seek funding for new initiatives and new companies unable to find financial backers at all. Meanwhile, the increased emphasis on wage hikes to counter the impact of inflation has made employers slower to add staff — even when they need the workers.
To be sure, we’re not in a crisis; for that matter, we may never be. But those signals just keep coming and I’m getting a little more nervous for job seekers with each passing week. It’s almost time — if not past time — to batten the hatches, just in case.
If I haven’t scared you into a fetal position under the dining room table, here’s what I’d like you to consider doing:
• Spend less. I know, I know. If we all stop spending, the economy will really dive. But it’s not likely that everyone will do that, so go ahead and cut back. Just for a little while, hold off on non-critical purchases. Where possible, borrow or rent the item you were going to buy, or just delay or cancel the purchase. Then put that money into savings or toward debt.
• Get a job. I make that sound so simple, but it actually is. Even if you’re strategically holding out for a position in your field, consider this: If you take a part-time job in a more open field (hospitality and customer service are two with robust hiring), you’ll have extra money while you wait. And if the wait is longer than you expected, you’ll have a financial lifeline.
• Pick up a second job. OK, now I just sound desperate. But there’s nothing like a second source of income to ease the anxiety of a darkening economy. Even the addition of a few hours can provide psychological security — not to mention extra money for saving or paying down debt.
• Get serious at work. Not that you’re not serious now, but if you’re working now you could still be viewing things through a worker-empowerment lens when a please-the-boss lens might be more appropriate. Yep, I’m voting for obsequiousness, at least in its milder form. Think about ways to add value in this job, or to increase your own value in preparation for a different job.
• Scoop up those employee benefits. If you’re not already overloaded with these suggestions, look for employee benefits you’re not using such as tuition reimbursement or matching contributions to a retirement fund. If you’re heading into a potential layoff, it might be nice to take a new certificate or completed degree with you.
• Prepare for a layoff. There, I said it. You could get laid off and if you do, you’ll want to be ready. Résumé, LinkedIn profile, debt paydown, savings — you know the drill. And if you don’t, checking in with a career counselor will give you the steps you need. A good place to start is with the no-charge services offered by each state. To find them, go to the Department of Labor’s flagship site, https://www.careeronestop.org.
• Breathe. Breathe. OK, that tip’s more for me than you. We’re probably fine. I’m not usually a big worrier, but sometimes I have trouble trusting streaks of good luck, and that’s what these past few years have been, employment-wise. Do me a favor? Take at least one of these suggestions to heart and give yourself a head start, just in case. It’s always nicer to be ahead of the game or at least on par if things shift on us.
Amy Lindgren owns a career consulting firm in St. Paul. She can be reached at [email protected].
