Springtime has always been a smart time to seek out a new job. It’s the season of rebirth and hope. There’s a lot to look forward to and after a rough year, we’re about to see a seismic shift in the job market…
Last month’s job report showed that nearly one million Americans were hired. Wall Street professionals are predicting positive things for the U.S. economy. Goldman Sachs, the legendary investment bank, in a recent report said that its anticipates a hiring boom. Feeling optimistic, leading corporations, such as Google, Facebook, Microsoft, Uber and Amazon, have told their workers to start returning to the office.
The experts point to the rapid deployment of vaccines, a declining number of Covid-19 cases, less hospitalization for those who catch the virus, the benefits of multitrillion-dollar financial stimulus injected into the economy and states loosening up on restrictions and allowing businesses to operate as the drivers of continued growth.
Although there were needs to hire in 2020, according to a study conducted by white-collar social media platform LinkedIn, people were not aggressively looking for a new job. Their Workforce Confidence Index survey of 5,520 members in late January found that people were reluctant to leave their position for another one. They were “sheltering in their job,” afraid to take the risk of switching jobs during such uncertain times. The prevailing sentiment, according to the survey, was that professionals—even if they didn’t like their current jobs—were willing to wait a little longer until things start to look more stable before they’d consider looking for a new opportunity.
It’s about to change. The largest human resources membership organization, the Society of Human Resource Management (SHRM), predicts a resurgence in hiring, as “the tide is about to turn.”
According to SHRM, “More than half of employees surveyed in North America plan to look for a new job in 2021.” This is based upon research that shows that “a quarter of workers plan to quit their jobs outright once the Covid-19 pandemic subsides and recruiting efforts ramp up.” As people tightly held onto their jobs, the “quit rates reached their lowest level in nine years.” The human resources group says that “voluntary job-leaving will increase significantly in 2021, as employees resume job searches they put off for the past year.”
Many people in the U.S. have not fared well during the pandemic. There are, however, a large number of Americans who worked from home, didn’t go away on vacations, stopped attending and frequenting movies, restaurants, sporting events, concerts and bars. They saved a good chunk of their incomes. This means that there is a large amount of cash on the sidelines.
We are inching closer to a much better time. There is light at the end of the long, dark tunnel. People are eager to start living their lives again. There may be a roaring 1920s feel in the air. Many Americans want to make up for lost time. They have money in their pockets and can’t wait to go outside and spend it.
The American consumer accounts for the lion’s share of spending. As they frequent bars, clubs, Broadway shows, take plane trips, go out to dinner and engage in other activities, businesses will benefit. The restaurants, hotels and airlines will need to quickly hire—and so will all sorts of companies. There will be a race to staff up quickly and get the best talent before their competition does.
In the meantime, you should start preparing yourself for a rapid increase in hiring. Update your résumé and LinkedIn profile. Get in touch with recruiters who specialize in your field. Tap into your network and let them know you’re open to a new role. Find decision makers at the companies you’d love to work for and introduce yourself to them.
Practice your elevator pitch. Join online job-related networking and career advice meetups. As companies are calling for a certain percentage of workers to return to the office, upgrade your wardrobe from your Covid-19 sweatpants. So much has changed over the last year. Don’t take anything for granted. Before the interview, do your homework. Find out as much as you can about the company, its culture and people.
We are so close to the dawn of a new and exciting post-outbreak era. We’ll likely see a wave of new jobs created. There should be rapid, aggressive hiring to meet all of the new pent-up demand. You want to be ready for when this happens.
Source: Forbes | Jack Kelly