5 Key components to navigating the constantly evolving and ever perilous employment market
In 2009 unemployment reached 10% nationally and entire regions of the country lost industries, which comprised the backbone of their economies for a century; the employment market was, in the very least, perilous. As we’ve all seen by now, there are no clear answers out there for the best way to successfully navigate a highly complex job market. What would arise from the ashes of that economy was anyone’s guess. I believe that there are certain trends, processes and best practices that the job seeker should learn, practice and execute, regardless of what happens in any economy if they hope to have any chance of being successful.
Lean & Mean Workforces: Gone are the days of gluttonous workforces. Companies are going to learn to accomplish the same, or more, production with fewer employees. These employees will all be elite athletes within their job function and possess a history of success. The more skills you possess and the more functions you execute, the more value you can present to a prospective employer.
Less is More: Do you buy one 100k racehorse knowing that he will win races or five 20k racehorses on the chance that one may win? Smart companies with forward thinking business plans will survive the current market by hiring fewer qualified people, and paying them very well. You need to start thinking of yourself as an unsigned free-agent, looking for the right team and situation that will provide you the best opportunity to succeed.
When it comes to hiring, the best companies plan their work and work their plan: Companies regularly put together multi-year plans that address financial growth and product development. They leave out the most important criterion, without which the company won’t see their plans come to fruition. It is imperative that companies make a plan on how they are going to hire.
Transferable Skills: When I first heard about “transferable skills” many years ago I thought this was a great idea, but how do you get employers outside your industry to believe that your skills can be a match to what they are looking for? A candidate must effectively learn how to market his/her skills to the potential employer not only on the resume, but through effective verbal communication.
A More Entrepreneurial Environment is Upon Us: More and more individuals are considering going into business for themselves. Whether it’s taking your prior knowledge and hanging up a shingle, to building a business around your knowledge, or maybe even investing in a franchise. Know your skills, your market, your competition, and what makes you unique and different.