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#YourCareer : 5 Recession Proof Jobs Revealed (And The List Might Surprise You). Great REad!

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American families are struggling with inflation. As three-quarters of middle-income Americans struggle to support their cost of living, 78% are worried about losing their jobs, while 25% say they’ve been laid off or know someone who has been. Crippling recession and job uncertainty have forced Americans to act, with 40% actively planning a career change, seeking more security and a higher salary.

“Today, the job market moves faster than a Tesla in a ludicrous mode, leaving many bystanders gasping for air,” according to Roman Peskin, co-founder and CEO of ELVTR, an online education platform.

The team at ELVTR surveyed 21,500 Americans looking to change or enhance their careers to discover the top five recession-proof professions, helping workers recession-proof their careers and add value to their job search.

Top 5 Recession-Proof Professions

Here are the top 5 professions that, according to ELVTR, are in high demand—each paying up to around $100,000 a year. This list might surprise you:

1. Product Management

In a world driven by technology, there’s no shortage of innovation or demand for talent in the IT sector, but companies aren’t just seeking technologists. They also require those with product management skills to ensure the success of their products. According to Glassdoor, there are 17,725 current openings in the product management field. IT product managers can expect a respectable salary and opportunities to progress. Offering a pathway into the lucrative tech industry that doesn’t require the ability to code. Average salary, Glassdoor: $96,496 per year

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, LLc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, UK, & Mexico!  

We here at FSC want to thank each of corporate partners in the opportunity in serving & moving each of their transitioning employee(s) rapidly toward employment !

Article continued …

2. DEI (Diversity, Equity, and Inclusion) Management

According to LinkedIn, the number of ‘head of diversity’ professionals has more than doubled since 2015 with companies such as Electronic Arts, Deloitte and Amazon among those hiring. Shown to boost productivity, employee retention and morale, and with 75% of job seekers evaluating a company’s diversity when considering a job offer, investment in DEI management positions will only increase. By mastering skills such as communication, issue identification and conflict management, candidates can secure a career in this growing field. Besides offering a lucrative career choice, such roles are perfect for those hoping to leave a positive mark on our workplaces and society. Average salary, Glassdoor: $89,804 per year

3. Game Production

The gaming industry grew by 26% between 2019 and 2021 and will continue on this trajectory despite the recession, according to PwC, as consumers seek low-cost entertainment. With gaming a favorite hobby among young consumers, this ranks as the most desirable industry among job-seekers as new professionals seek a career doing what they love most. To beat the competition, candidates will need to master scarcely available skills. This is not just an opportunity for those with coding knowledge and experience. To meet demand, the industry will need to recruit a diverse range of skills—from UX/UI to sound engineering, programming to script writing. Average salary, Glassdoor: $87,024 per year

4. Creative Direction

With sector job prospects projected to grow 11% this decade, faster than the U.S. job market average, there is an evident need for art direction skills. A decline is unlikely despite the economic situation as people continue to seek entertainment during tough times and businesses increase their advertising efforts to maintain recognition and loyalty. Opposing the ‘starving artist’ stereotype, art direction roles enable creative types to showcase their creativity with the guarantee of reward. Average salary, Glassdoor: $72,694 per year

5. Data Analysis

With an ever-growing amount of data available to businesses, professionals with analysis skills to transform this into valuable insight are in high demand. According to LinkedIn, data science vacancies have been growing by 37% annually in the U.S. With roles spread across almost all industries, those competent in data analysis have the freedom to pick a role and sector that appeals to them such as banking, healthcare, retail or tech. Also requiring above-average computer literacy and mathematical skills, this is by no means an easy profession, but the rewards are equal to the requirements with even entry-level analysts commanding above-average salaries. Average salary, Glassdoor: $63,731 per year

A Final Word On The Future Of Work

After decades of wage stagnation, the workforce is finally seeking more, Peskin told me. He explained that close to a quarter of employees are considering their options and scrambling to expand their expertise, but so too are thousands of others. “‘Skills inflation’ hits, the supply of candidates increases, and the number of available roles plummets,” he said. “Ultimately, mastering mass market skills are unlikely to improve a job seeker’s prospects. Instead, employees should focus on acquiring skills that are less common among today’s workforce, yet no less valuable and desirable to employers.”

Most of the jobs from the list above didn’t exist 20 years ago, according to Peskin, yet today they enjoy a steady demand despite a slowdown in the economy. “According to our recent research, 40% of people with a college degree don’t believe their profession will be in demand ten years from now,” he concluded. “Lifetime learning is no longer a fancy concept but quite literally a survival mechanism. Learn new skills or get eaten. That’s the deal.”

 

Forbes.com | October 26, 2022 | Bryan Robinson, Ph.D.

#BestofFSCBlog : Over 8K Reads! 5 Ways To Manage Your Career Ahead Of A Recession. Chances are You’re feeling some Concern about the Economy and the Job Market.

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If you’re an employee, chances are you’re feeling some concern about the economy and the job market. And your concerns are reasonable, given the number of companies taking action to lay off workers or freeze hiring.

But while it’s easy to let your anxiety take center stage, you can respond proactively and also protect your current position with some pragmatic choices.

Concerns Are Justified

As you consider how to react to the current context, it’s helpful to be clear about what’s going on and focus on the facts. According to a study by the Conference Board, 41% of respondents believe we’re already in a recession, and 33% believe we will be in a recession in the next six months.

Much of this belief is based on organizations which are tightening their belts. For example, 36% of people say their companies are restricting hiring to critical roles, and 22% say hiring has been frozen entirely. Another 19% report their company has taken steps to restructure, and 13% say their organization is laying people off.

A study of 4,500 people by FlexJobs reinforces concerns with 25% of people saying they’ve been laid off or know someone who has. And 18% of people have had an offer rescinded or know someone who has. According to the Conference Board research, concerns about job loss are concentrated among Millennials with 64% expressing worry compared with 46% of Gen X and 26% of Baby Boomers.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, LLc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, UK, & Mexico!  

We here at FSC want to thank each of our corporate partners for the opportunity in serving & moving each of their transitioning employee(s) rapidly toward employment!

Article continued …

Taking Action

While it’s best to stay calm, it’s also smart to know what’s happening around you so you can respond constructively.

Focus on Your Finances

Choices about your career are closely tied to your finances and the degree to which you feel financially secure and financially flexible. Whether you’re facing a potential layoff or a job change, these experiences are woven closely with your financial position. Many people are fearful. The Conference Board found 60% are worried about a decline in the stock market. This was especially true for Baby Boomers, 71% of whom are concerned compared with 59% of Gen X and 43% of Millennials. In addition, people are also anxious about losing their jobs (42%) and the loss of health benefits (14%).

By making some changes in your investments, spending and budgeting, you can shore up your position for a shifting job market. In the Conference Board research, 66% of respondents plan to respond to economic slowdown by curtailing their spending or delaying bigger purchases (54%) like cars or houses. Many (32%) are planning to increase savings or shift their investment portfolios (19%) to reduce risk. All of these are strategies you could consider.

The bottom line: More financial freedom also gives you greater career confidence—knowing you can survive if your job is eliminated or if you want to jump to another opportunity.

Focus on Your Choices

Another key step you can take is to evaluate where you are in your career—and whether you want to dig into your current role or make a change.

In the FlexJobs study, inflation was a factor for 80% of people who reported it’s impacting their career decisions. And 73% of people said the biggest concern affecting career choices was a recession. According to the Conference Board study, 40% of Baby Boomers say they’ll delay retirement if there is a recession.

Given these factors, there are three ways you can think of your choices:

  • Consider how much you’d like to make a change, knowing the job market is tightening. Focus on two questions: What’s satisfying or dissatisfying in your current role? How important or impactful are those elements for you? For example, if you lack a sense of meaning in your work, and if this is having a significant effect on your motivation and happiness, it may be wise to make plans for a job search. On the other hand, if the organizational communication is sub-par, but it doesn’t have a huge effect on your day-to-day experience, your best bet may be to stay where you are.

 

  • Consider whether something better is available. In a tighter job market, you may also have less power than you had in the past—in terms of demanding pay, benefits or even remote work. In the FlexJobs survey, 44% of people thought it would be harder to find a remote job in the coming year. They’re probably right. Greater numbers of employers are seeking to bring people back to the office at the same time more people are looking for jobs—and people are increasingly willing to take jobs that require time in the office.

 

  • Also, consider how much effort you’d like to put into a job search. In the FlexJobs survey, 62% of people didn’t feel very confident about their ability to find another job, given the market. In addition, 43% said it took them more time to find a new job than in their previous searches. Know that if you choose to make a change, there will be a fair amount of effort you’ll need to spend on searching for a new role. Factor this into your decision making.

 

Focus on Performance

Another way to respond to potential headwinds in your job security or career options is to perform brilliantly and bring your best. When times are tough, it’s easy to become anxious or distracted. Don’t lose your attention, and avoid getting pulled into the rumor mill. Employers value those who keep a cool head and maintain engagement, even when things are challenging.

Focus on doing great work. Focus on your customers (internal or external). Focus on your team and your colleagues, and delivering great outcomes to them. When you can maintain your motivation, it will enhance your value and your job security.

Focus on Your Network

Another smart investment of your time and energy through tough times is in your network. You may be facing concerns, but so are your friends and co-workers. Tune in, ask questions, listen and demonstrate empathy. When you focus on the community and how you can support others, it will add to your own happiness and fulfillment, and will be a benefit to the team.

In addition, renew connections in your network. When you invest in your relationships on an ongoing basis, people are more likely to be present if you need their help in testing the waters for a new opportunity or seeking a new role.

Focus on the Future

You can also manage your concerns and reduce your worry by focusing on the long view. Remind yourself there are always ebbs and flows in the economy and in any role—and you have the skills and talents to get through successfully. Focus on what you can learn as you face challenges and overcome them.

Ironically, when things are significantly disrupted, the situation can be especially rich for new possibilities. You may find yourself with severance or outplacement support to find the new job you’ve been wanting anyway. Or the company restructure may position you perfectly to take on a new role which is the perfect next step.

Resilience is about three things: knowing what’s happening, making sense of it and then responding or improvising. Stay informed, evaluate how the situation is affecting you and then be proactive with your response. Every tough situation you encounter builds your capability and your adaptability. Resilience is a muscle you can build, and focusing on your own ability to get through will help.

In Sum

You may face challenges, but you can be proactive and protective. Shore up your finances and evaluate your current role. Ensure you’re adding value to the company and community. And overall, stay optimistic. Give yourself permission for a down day now and then, but then get back up and look forward—to all that will be coming over the horizon.

Forbes.com | August 23, 2022

#BestofFSCBlog : Over 12K Reads! Instead Of Worrying About A Recession/Job Loss, Do This Instead. Great REad!

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It doesn’t matter if the United States is in a recession or not. The Federal Reserve Bank chair Jerome Powell, U.S. Treasury Secretary Janet Yellen and President Joe Biden have all weighed in: America is not in a recession, and is headed for a more robust economy.

The current administration needs to make Americans feel confident that although the U.S. may be mired in a bad situation, the country is headed in a more positive direction. The longtime, standardly held definition of a recession is two consecutive quarters of contracting growth. If the Fed, treasury secretary and president all offered a present and future of lower expectations, including continued high inflation, a recession and job losses, businesses would pick up on their lead and engage in massive cost-cutting initiatives to remain solvent.

The current climate is far different than past recessions. Usually, recessions have high unemployment rates. The U.S. is at full employment with a record-low unemployment rate of 3.6%. Businesses are begging for workers. There are over 11 million jobs open.

Also, consumers are spending despite the higher prices. In a recession, it’s reasonable to expect families to curtail their expenditures. Instead, restaurants, bars, airports, hotels and in-person events are packed.

Why It Doesn’t Matter

It’s the job of Wall Street experts, economists and politicians to prognosticate stubbornly high inflation, a possible recession and layoffs. Tune them out, as it doesn’t matter. You don’t have control over these global macro events. The one thing you have is the ability to manage and drive your own career.

It would be naive to think that the litany of woes, such as supply chain disruptions, inflation eating into your paycheck and savings, an endless war in Eastern Europe, constant political in-fighting and a steady flow of announced downsizing, won’t impact your job and career. Despite all the obstacles, you need to block out the noise and look out for yourself.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, LLc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, UK, & Mexico!  

We here at FSC want to thank each of corporate partners in the opportunity in serving & moving each of their transitioning employee(s) rapidly toward employment !

Article continued …

What You Need To Do Now

Tune out the negative and take a good, hard look at your job, career and the company you work for. Research the financials of your organization. Search online for any developments that could negatively impact your company’s products and services. Request a meeting with your boss. Ask them to share what is going on with the organization. Delve into questions about the possibility of layoffs, hiring freezes and allowing attrition without replacements. You want to know the company’s financial shape and whether or not it can withstand the current challenging environment.

If you sense that your future within the company won’t be too rosy, take immediate action. Put together a résumé and complete your LinkedIn profile. If you’re not sure what to do, reach out to professional career coaches and résumé writers who can do it for you.

Get In Touch With Recruiters

Contact recruiters for assistance. Not all headhunters are the same. Some are contingent, meaning they only get paid by the company if they make a placement. Retained recruiters primarily focus on C-suite and top executives. Staffing firms generally deal with contract and gig workers. You need to know the differences, so you won’t get offended if a retained recruiter ignores your reach out. You’ll have a better outcome if you find a search professional who focuses on your specialization. The recruiter will intuitively understand what you do, without needing a lengthy explanation. Inquire if the search agent has long-standing contacts with hiring managers, human resources and internal, in-house talent acquisition professionals. Good recruiters will have insider knowledge about the people, corporate culture, the type of applicants they tend to hire, salary ranges, bonus expectations and future internal-growth potential. Experienced headhunters have negotiated salaries for years, and can relieve you of this unpleasant exchange.

Seek Out Job Leads Through Your Network

One of the best ways to find hidden jobs that aren’t posted online is through networking. The term “networking” tends to have a negative connotation for many people. Put this aside. You want to tap into the people you know and trust for job leads.

Make a list of friends, family, neighbors, folks from groups and organizations you’re involved with, colleagues, former co-workers, college alumni and others who could potentially help you. Let them know the type of job you desire, a target list of companies you want to work with and the approximate compensation and title you’re interested in.

Asking for a favor can be awkward. Depending upon the closeness of the relationship, make a phone or video call, invite the person for a coffee, drinks or dinner or simply just send an email. Be honest and direct about your intentions. Keep in mind that it’s less uncomfortable than being unemployed or stuck on a sinking ship without options.

Engage On Social Media To Gain Attention

Another act that requires you to get out of your comfort zone is getting involved with social media. Depending upon your job and career, seek out relevant social media platforms. LinkedIn is an excellent way to start if you are a mid to senior-level, white-collar professional. Send invitations to people who may have access to the jobs you desire. Respond to posts from leaders in your space to attract notice. Write your own content to stand out as an expert. For those in between jobs, it’s acceptable to place the #opentowork banner on your profile. However, this one act isn’t enough. Explain why you are seeking a new role and concisely share the responsibilities you held at your last couple of jobs. Be sure to indicate what you want to do next. By doing this, recruiters, HR and others can understand what you’ve done and what you are now looking for.

TikTok and Instagram are go-to sites if you are young and starting your career or work in a creative field. Twitter is a valuable medium to share your expertise and wisdom, attract an audience and let them know about your search efforts. Join job-seeking groups on Facebook. Let your connections know that you are embarking upon a job search and need their advice, guidance and access to leads.

Stay Positive And Manifest Your Bright New Future

The goal is not to let yourself get overwhelmed by all the dire events. It’s easy to succumb to the never-ending barrage of negative news. To combat the doom and gloom, make a practice of staying positive. It won’t be easy. Throughout the day, think of something that worked out well. Have gratitude for all the good things in your life. Beat back ruminations over past failures. Have several mantras to repeat internally when you need a pick-me-up. Try manifesting getting the job you want. On the more concrete side, enroll in online courses that could provide the knowledge, skills and credentials that may help you stand out against other job applicants.

Forbes.com Author: Jack Kelly – Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Forbes.com | July 29, 2022

#YourCareer : We’re Seeing Wage Deflation, White-Collar Layoffs And Pay Cuts. A MUst REad for ALL!

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The U.S. Department of Labor reported 1.5 million people filed for unemployment benefits last week. This was the 13th consecutive week that the U.S. witnessed over one million in new claims. Roughly 45.7 million people have now filed for unemployment since mid-March.

“wave of more higher-end unemployment” hitting white-collar workers making more than $100,000 per year, as employers increasingly question the value these employees bring“

Unfortunately, the frighteningly large numbers, along with other data, show that we’re still going through tough times. The first wave of Covid-19, entering into a new unknown phase, looks like we’ll face continued white-collar layoffs, pressure on middle management, pay cuts and wage deflation.

The figures from this and prior weeks illustrate persistent job losses with insufficient new hiring to compensate for the massive amount of unemployment. Daniel Zhao, senior economist at Glassdoor, wrote, “As we distance ourselves further from the historically high initial claims seen this spring, the tens of millions that remain unemployed are an increasingly important signal of labor market weakness.” Zhao added, “The flattening of continuing claims indicates that there isn’t enough hiring to overcome these continuing layoffs.”

The first wave of layoffs were highly concentrated in sectors, including restaurants, travel, leisure, hotels, retail, gig-economy and low-wage jobs. Now, it seems white-collar jobs have been impacted too.

Guy Berger, Ph.D.,  the principal economist at LinkedIn, prepared the LinkedIn Hiring Rate (LHR), which offers a snapshot of the job market. Berger indicates that we haven’t seen a meaningful pickup in new U.S. job starts. He reports that hiring is still down more than 30% below last year. Many of the job gains are due to workers returning to their previous employers—rather than people starting newly created jobs. The economist contends, “It will take a long time before the labor market returns to pre-COVID levels.”

“Obviously, I think these people will take another job with a pay cut.” He continued, “If you’re making $100,000 and you’re staring at the abyss of no income and you have de minimus savings, especially if you have a family to feed, I think that $75,000 similar job would look pretty attractive even as an interim step.”

According to Jed Kolko, chief economist at the Indeed Hiring Lab (which is part of Indeed.com, the large job aggregation site), his study concluded that the current trend in job postings was 34% lower than in 2019. This was an improvement compared to when new listings turned down about 45% from the same time last year. White-collar roles, such as software development postings, are 36.3% below last year’s trend. Banking and financing job postings are down 51.3%.

The recent monthly jobs reports have been dreadful. The May jobs report looked surprisingly strong. However, when a glaring, misleading error in the may jobs report was noticed, it showed that the U.S. may actually be at 20% unemployment. Delving into the footnotes of the numbers, the jobs report has been inaccurate for the last two months. The Bureau of Labor Statistics admitted that its household survey takers mistakenly counted about 4.9 million people as employed, although they were unemployed. Had the mistake been corrected, the unemployment rate would have risen to 16.1% in May. The corrected April figure would have been more than 19.5% rather than 14.7%.

Investment management DoubleLine CEO and billionaire Jeffrey Gundlach warned of white-collar layoffs saying, “COVID-19 reveals who’s ‘swimming naked.’” This relates to a famous Warren Buffet adage, “When the tide goes out, you find out who is swimming naked.”

In this instance, Gundlich contends that as people worked from home, he got a sense of what his employees were really doing. Gundlich particularly paid attention to who in his organization consistently responded the quickest. They were the workers below middle management. He believes that they are the ones who are doing the actual work.

Gundlach was pleasantly surprised that junior workers rose to the occasion and was disturbed by the disappearance of mid-level management. He complained, “I wonder where they’ve gone. I’m starting to wonder if I really need them.” Gundlach said that he checked with peers who felt the same way.

This test led Gundlach to predict that there will be a “wave of more higher-end unemployment” hitting white-collar workers making more than $100,000 per year, as employers increasingly question the value these employees bring. We’ve already witnessed the “juniorization” of the workplace—a movement by senior executives to carve out middle management in cost-saving measures. In cost-cutting measures, middle-manager roles were eliminated in reorganizations. The managers’ more junior staff then reports directly to a higher-level executive, thereby saving the company money.

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

Matthew Klein of Barron’s points out that the latest jobs report for May is showing signs of the virus’ impact hitting higher-end jobs—calling it a white-collar recession. It was reported that employment has dropped 5% in professional services, management, finance, insurance, real estate, media and tech. People working in advertising, radio, television and newspapers saw a decline of about 10%.

Many jobs were saved that otherwise would have been lost due to a new growing trend. A large number of companies have elected to cut the pay of some—or all—of their workers instead of enacting massive layoffs and furloughs. These corporations run the gamut, spanning many different sizes and all across industry sectors, including HCA Healthcare, Aon, ESPN, Tesla, the Chicago Cubs, Vice Media, BuzzFeed and others. A recent study by the Conference Board found that 537 public companies cut their top manager’s pay from the start of the Covid-19 pandemic.

Jack Dorsey, the dual CEO of Twitter and Square, announced that he’d allow his employees to continue working from home “forever.” Facebook’s Mark Zuckerberg and other CEOs followed up with their own decisions to allow people to work remotely on a permanent basis.

While this sounds noble and magnanimous, there’s an underlying threat to workers. Here’s the Facebook catch: employees will have to tell their boss if they move to a different location. According to Zuckerberg, those who flee to lower-cost cities “may have their compensation adjusted based on their new locations.” He ominously added, “We’ll adjust salary to your location at that point. There’ll be severe ramifications for people who are not honest about this.”

Zuckerberg can now scout for talent all over the country and world. This could be the worst trend for workers, as CEOs arbitrage the best and cheapest job seekers globally. Facebook will source job applicants who possess all of the right skills and experience and live in lower-cost places and pay them less money than they’d receive working in San Francisco.

To make matters worse, we’ve seen a slew of layoffs. Just this week, HSBC and AT&T announced thousands of job cuts. Iconic American companies, such as Hertz, J.C. Penney, Pier 1, Neiman Marcus, J. Crew and others have filed for bankruptcy protection, which will cause more job losses.

These events will cause a “short-term deflationary” impact on white-collar workers. Gundlach said, “If a $100,000 white-collar worker gets laid off, I think that they just stare in the mirror in the morning, with just fear in their eyes, looking at their own eyes because what are you going to do?” he said. “A lot of people don’t have any savings, not enough savings. If a certain swath of the employment population has a significant layoff in the echo of the pandemic, which I think is coming, then they’re probably going to be looking for a job and there won’t be many openings relative to the unemployment pool with that type of a skillset.”

Gundlach added, “Obviously, I think these people will take another job with a pay cut.” He continued, “If you’re making $100,000 and you’re staring at the abyss of no income and you have de minimus savings, especially if you have a family to feed, I think that $75,000 similar job would look pretty attractive even as an interim step.”

Sadly, all of the evidence points toward wage deflation and middle-management, white-collar layoffs and pay cuts.

 

Forbes.com | June 18, 2020 | Jack Kelly – Senior Contributor  Careers I write actionable interview, career and salary advice.