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Seek training, be flexible, and get hired in the fast-moving working world of the future.
The current recession, expected to be the worst economic crisis since the Great Depression, will surely put to rest those old concerns about looming labor shortages, right? Probably not. In fact, immigration, globalization, outsourcing, and other trends affecting employment and the workplace will evolve over the next five, 10, and 20 years to change the workplace completely, and well-trained and flexible workers will be at a premium.
More than 5 million layoffs have been announced in the United States since the beginning of 2008. Economists are projecting that U.S. unemployment may top out at 10.5% or over 11% by the middle of 2010.
At Challenger, Gray & Christmas, we look at official unemployment, but we also track job-cut announcements. These provide an indication of where the job market is going in the short term.
We observed in April that the rate of layoffs, while still high, was slowing. The global economy was not entering a roaring recovery, but we were hearing faint signals that the worst of the worst was over. On the one hand, manufacturing jobs in the United States continued to vanish. On the other hand, the layoff rate in the financial sector seemed to have stabilized.
At our firm, we talk to human-resources people around the country on a casual, anecdotal basis; the people we’re speaking with are taking whatever measures they can to avoid making further layoffs. They don’t want to be short-staffed in the event of a turnaround. The current cycle will surely go down in history as the worst in most people’s memory. Fortunately, the future of work looks completely different.
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