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#YourCareer : The Split-Screen Job Market: Low Unemployment, High Turnover, Plenty Of Openings—And More Layoff Headlines. Great REad!

June 11, 2022/in First Sun Blog/by First Sun Team

Becky Frankiewicz recently returned from hobnobbing at Davos with other top business leaders, and the president of ManpowerGroup North America couldn’t help but notice a disconnect while she was there. On stage: Plenty of chatter about the prospect of a recession, and what that could look like for jobs and the economy. But in at least 15 different conversations with C-level executives she had while at the global meetup of titans, just one said they were pulling back on hiring.

“The data isn’t necessarily matching the narrative,” Frankiewicz tells Forbes. “We’re seeing a bit of a diverging job landscape, yet the labor market as a whole is still very tight.”

Every day seems to bring a tale of two job markets. On the one hand, data, like Friday’s better-than-expected jobs number, shows a labor market where unemployment remains low and the economy continues adding jobs, even beating economists’ forecasts. Earlier this week, the Labor Department reported that job openings slipped but hiring demand remained strong, while the turnover rate stayed high.

Yet on the other hand, the news cycle seems to bring near-daily stories of hiring freezes and layoffs, particularly in the technology sector and among startups. Tesla’s Elon Musk, Reuters reported Friday, wants to cut jobs and pause hiring amid what he reportedly called a “super bad feeling” about the economy. Other big tech companies, like Meta and Microsoft, have said they will slow hiring in certain parts of their business. Uber CEO Dara Khosrowshahi said in early May it would treat hiring “as a privilege.”

Meanwhile, job cuts tracked by the aggregator site Layoffs.fyi found that at least 15,000 tech workers lost their jobs in May, with cuts at companies like Bolt (25% of its workforce), Klarna (10%) and Carvana (12%), as well as many smaller startups shedding workers.

Headhunters say they’re seeing a drastic shift in how people are responding to inquiries in recent weeks, especially in sectors or at job levels where stock equity plays a role.

“Even a month ago we were going through hoops, doing everything we could to get people to respond to us—multiple messages on LinkedIn platforms, multiple social media platforms, text messaging,” says Jeff Christian, CEO of the executive search firm Christian & Timbers. “Now we’re seeing a 70% increase in response rates. People are curious. And they’re afraid.”

Higher interest rates, geopolitical turmoil and a continued global pandemic—combined with a punishing stock market—have made investors pump the brakes, leading more venture-backed companies to slow or cut hiring. In May, Forbes reported that an internal poll of Andreessen Horowitz’s portfolio companies showed that more than half were pulling back on 2022 hiring.

“It’s about companies not being able to access funding or at least get the valuations that they’re hoping to achieve—that’s very much the driver for some of these layoffs and hiring freezes,” says Glassdoor economist Daniel Zhao. He’s seeing similar trends in mortgage-related jobs in financial services, which are also dependent on interest rates.

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

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But he says that while there is clearly a lot of concern about the economy, the headlines about job cuts are “not really showing up yet in the data as a wave of layoffs that would be comparable to past perceptions or downturns.” Overall, he says, the “holistic picture is still one where employer demand is extremely high and there aren’t enough workers to fill those jobs.”

Zhao says it’s common at an inflection point in the economy, like where we find ourselves now, to see stories that suggest two directions. At such times of change, “it’s always a little bit difficult to square the anecdotes that you hear with the data as it moves in real time.”

Still, he thinks some things are different about the current economic intersection. All of the focus on the “Great Resignation” over the past year or so, as well as the difficult time many industries have had finding workers, could influence what they do going forward. “I wouldn’t be surprised to see employers continue to focus on trying to retain and attract workers, even if there is a moderate downturn,” he says.

Brian Kropp, Gartner’s vice president of research, points to other disconnects he’s noticing. “In the past, revenue and staffing moved almost perfectly together,” he says. “Three months from now this could be different, but at least right now, the relationship between revenue and hiring is just not as consistent and highly correlated as it’s been before.”

That could be due to the backlog many companies already have when it comes to staffing unfilled roles, as well as the increased churn Kropp thinks companies will see as hybrid work allows people to switch jobs more frequently. “The labor market for places that aren’t impacted by concerns about interest rates or concerns about stock equity—that labor market? It’s still red-hot, going a thousand miles an hour.”

Just like many companies have learned lessons that “just-in-time” supply chains couldn’t withstand the havoc of a global pandemic, they’re also learning the same lean approach can hurt them when it comes to talent. Frankiewicz says many employers—especially those with the resources to hire more workers—have adjusted to more of a “just-in-case” philosophy when it comes to their workforces to try to avoid understaffing. At a time when more workers aren’t even showing up to their shifts, says Frankiewicz, it’s “not just in case I can’t find the talent, [but] just in case I can’t fill the shifts.”

Recent data from ManpowerGroup shows talent shortages reaching the highest levels in 16 years, and Frankiewicz said in an email about Friday’s jobs report that “the tension is palpable, yet the reality is optimistic.”

She wonders how the current market could impact a downturn. “We’ve never faced an entry into a recession like what we’re facing now” with such a tight labor market, Frankiewicz says, saying two key differences are a structural change in the number of workers in the economy, citing lower birth rates, and the demand for technology skills not only in tech firms, but across all sectors. “It’s why we’re having this conversation—because there is no playbook.”

Forbes.com | June 3, 2022 | Jena McGregor

#JobSearch : What to do if Suddenly Unemployed. Here are Some Things you Can do Right Way.

April 6, 2021/in First Sun Blog/by First Sun Team

When I was laid off from my sales job in my early 20’s, I was shattered. It was a blessing but back then, I was terrified. I was living alone, paycheck to paycheck, and didn’t know anything about unemployment as I had been working since I was 15. I didn’t have savings, because I didn’t make much money and, you know, 𝘴𝘩𝘰𝘦𝘴.

Today’s job seekers have such a wealth of resources available at their fingertips. Here are some things you can do right away:

FINANCES
✅ Apply for unemployment benefits. The sooner you do this, the sooner you’ll receive a check.
✅ Ask about health insurance. Will the company extend it? Check out healthcare dot gov for coverage.
✅ Look at your savings. Spend slowly, only pay monthly minimums. Ask for a loan, if possible.
✅ Talk to your lenders. Many will give you a two or three-month grace period before having to make a payment again.

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

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 !

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RELATIONSHIPS

✅ 𝗔𝘀𝗸 𝗳𝗼𝗿 𝗿𝗲𝗳𝗲𝗿𝗲𝗻𝗰𝗲𝘀. Ask for a reference from your boss or co-workers before you leave. Not only will this help you while job searching, you’ll feel better as well.
✅ Reconnect with your network. Before you start sending out resumes, optimize your LinkedIn profile so your connections will know what you are up to when you reach out to them.

PLANNING

✅ Create or revise your career plan. Whether this came as a surprise or not, take time to develop your career plan. Ask yourself questions about what you want to do next. Do you want to stay in your current industry or try something new?

✅ Reward yourself when you reach milestones. When you’ve written a couple versions of your resume or cover letter, treat yourself to a nice dinner. When you’ve made the phone calls or reached out to your target companies, take a break and enjoy something you like to do.

ATTITUDE

✅ 𝗦𝘁𝗮𝘆 𝗽𝗼𝘀𝗶𝘁𝗶𝘃𝗲. Remember, this is only temporary. You’ll be working again before you know it.

✅ Don’t feel sorry for yourself. Continually talking about it can create a rut that can be difficult to get out of. Take a day to reflect on the situation, then move forward.

If you find yourself unemployed, take a breath! Just remember, most people who want jobs have them. You will eventually have a job. So, think through your finances, your network, our plan, and keep a positive attitude. But keep taking steps forward. And if you need professional help with your career documents or coaching, don’t be afraid to ask for it.

FSC Career Blog Author: Erin Kennedy, MCD, CMRW, CPRW, CERW, CEMC, is a Certified Professional Resume Writer/Career Consultant, and the President of Professional Resume Services, named one of Forbes “Top 100 Career Websites”. Considered an influencer, she is consistently listed as a “Top Career Expert to Follow” on Twitter and LinkedIn.

FSC Career Blog – April 6, 2021

#CareerAdvice : #Unemployed – How to Handle the Tumultuous Days of #Unemployment …Being #Unemployed Can be Tough, But it’s Also an Opportunity to Find Work you Truly Love.

August 4, 2018/in First Sun Blog/by First Sun Team

Picture this: you’re on a hike, almost at the top of the mountain. It’s so close. You’re ready. You know that feeling? The feeling of accomplishment and that burst of adrenaline that pushes you that much further? Of course, when you get to the top of the mountain, it seems like the hard part is over. You realize you still have to hike all the way down, but that’s easy enough, right?

Wrong. It never is. You still have to get down the mountain. This picture, this hike, this mountain—this is the reality of unemployment. I know because I’m living it. Much like the hike, some parts of it are tough, some are exhilarating, and some are even exciting!

I’ve had days where I wake up feeling like I want to conquer the world. And then, there are some when I wake up feeling like the world is conquering me. Though it’s easy to get down on myself during this process, I’ve trained my mind to think of this period as a positive learning experience, and an opportunity to find the work that’s perfect for me.

For you too, there will undoubtedly be many ups and downs on your unemployment journey—but it’s important to think of the experience as the stepping stone to your next big venture. And honestly, unemployment is a full-time job in and of itself, requiring a lot of effort poured into job searching, applying, interviewing, networking, and more.

Here are my favorite tips for staying positive and using your “in-between-jobs” time wisely:

PLAN YOUR DAY

Pretend you’re at work. Whether it’s writing out a to-do list or making a list of goals for the week, having something in writing will take away that sense of scatteredness you may feel when wading through your job hunt.

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TRACK YOUR APPLICATIONS

Keep an Excel sheet of all the jobs you have applied to—maybe even the ones you want to apply to. Beyond tracking just the title of the jobs, make sure to record what date you applied, so you know when to follow up. You could even include the contact information of the person you’re reaching out to, for optimal organization.

PHYSICAL ACTIVITY IS KEY

Exercise for at least 30 minutes a day. You will feel so much better you did. Exercising can clear your mind and help you really focus on what needs to get done. Even if it’s just a walk around your block, that small amount of exercise can make a huge difference.

SCHEDULE BREAKS

It’s important to take small breaks from the job hunt throughout the day so you don’t get too overwhelmed. By allowing your brain to focus on something that isn’t job-related for even just a small chunk of time, you’ll be able to recharge and return to it with more clarity and stamina.

GET A GOOD NIGHT’S SLEEP

It can be very easy to sleep in and go to bed late when you are unemployed. Remember that job hunting is a full-time job—you have to get adequate rest to achieve your goals. Develop a sleep routine that works for you so you can get the most done throughout the day.

PRACTICE CONFIDENCE

The worst thing you can do when you are unemployed is to lose your self-esteem. Just remember that you will find another job—it may just take some time. Having a positive mentality throughout this time is essential to achieving your goals!

On any given day, you will be going up and down that mountain. You will have days where you doubt your ability to find your next paycheck. And then there will be days where you feel like you will take over the world with your job-hunting abilities. Whatever kind of day you’re having, remember that this is a stage of your life that will change you for the better—if you let it—and transform into an unforgettable experience later on. Use this time wisely to focus on building your skills and reflect on what you really want in work and life.

Although there are many hurdles that accompany unemployment, finding work that you truly love is well worth it in the end.

How to Handle the Tumultuous Days of Unemployment

What’s your journey been like? Have you climbed the “unemployment mountain”?

CareerContessa.com | Photos Marie McGrory | February 22, 2018

Your #Career : Hit the Ground Running- Your Guide to Surviving the First Months of #Unemployment …It can take on Average Six Weeks to Eight Months to Find a #NewJob . Here’s the Best Way to Spend that #JobHunting Time.

May 18, 2018/in First Sun Blog/by First Sun Team

At some point in your career, it’s likely you’ll face unemployment: whether it takes you awhile to find a job after graduation or you are the victim of a round of corporate layoffs. Workplace expert Amy Cooper Hakim says today’s global marketplace makes many positions disposable. “Organizations aren’t as committed to their employees, and employees aren’t as committed to their organizations. As such, long-standing tenure within organizations is much less common,” she says.

Bottom line? The busier you keep yourself during this period–from applying and side-hustling to keeping a go-get-’em mindset–the more likely you’ll pull out of the unemployment bracket and into your new office.

So when you’re out high and dry–and anxiously eyeing your savings account–what’s the best approach to job searching? Career branding expert Wendi Weiner says recent data suggest it takes at least six weeks–and up to eight months–to earn an offer letter, making what you do during this idle time vital. Marrying a sharp focus with tenacious hustling and a picky attitude is the best way to approach your career pursuits as you set a three-month goal for yourself. Here’s your expert-approved guide through the process:

WEEK ONE

Though you could be struggling with nerves, the first seven days also mean mornings sleeping in and catching up on the latest Netflix obsession. Hakim says not to give yourself too much of a hard time over this sluggish session, since it can actually do wonders for your psyche: “Allow yourself the chance to mourn your old job and to make peace with the change. This clarity of mind can help you to determine next steps, career wise, too,” she says.

You shouldn’t be completely unproductive though. “Research companies of interest and create a spreadsheet,” Weiner says. “Begin to research who are the key players at the companies, the positions available, and the target positions you are seeking.”

Don’t have the appetite to start networking in person yet? You can still set yourself up for future elbow-rubbing by updating all of your career documents and profiles, Weiner adds. From your LinkedIn profile to your resume and cover letter template, this will make the application process that much more seamless once you’re ready to put yourself out there. Don’t forget about recommendations, either—now is the time to reconnect with a former boss, a trusted mentor, or a colleague who will happily sing your praises, Hakim reminds.

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ONE MONTH IN

Check yourself: By now you should have at least secured a few in-person interviews, attended networking lunches or functions, and sent out plenty of job applications. If you’re not getting yourself out there, you’re falling behind, according to the experts. Nearly 70% of all jobs are won via networking. This is the time when you should be shouting from the rooftops that you’re competitive, desired, and available for the right opportunity. “Your goal is to be noticed and recognized as a thought leader. Ask connections to introduce you to key players in your field. Ask others if they know of a job or of a person who might be able to help. Without being pushy or presumptuous, we get what we need when we ask for it,” Hakim explains.

Don’t forget to take copious notes about your experiences, whether face-to-face or digitally. This helps you concentrate on progress and pave the way for your next follow-up or interaction. “Have a column for notes/feedback so that you aren’t duplicating your efforts. You don’t want to haphazardly contact the same person or same company twice with that first email communication,” Weiner warns. “You also want to chart when you are receiving/sending responses to companies so that you are being proactive.”

SIX WEEKS IN

If you’ve been following your homework diligently, Weiner predicts you’re in the middle of second and third rounds of interviews, with an offer formulating on the horizon. Even if you think you’re this close to securing a job, it’s important as ever to remain active. You want to ensure your network continues to sprout, just in case you’re passed over for an opportunity you think you have in the bag. “Consider attending networking events, professional conferences, and events in your industry and niche so that you are building a strong network of connectivity with others,” she says.

During this time, you might start to lose your steam–especially if receive a few rejections–so don’t forget to prioritize your health, too. Weiner says job seekers should commit to one healthy habit a day–from healthy meals and exercise to soaking up vitamin D outside and creating a budget–to keep a positive attitude. After all, showing up cranky to an interview won’t bode well for your chances.

TWO MONTHS IN

Are you still showering daily? How much coffee are you drinking? How about booze? When unemployed folk reach the two-month mark, it’s normal–and expected–to feel frustrated with the process. As tough as it is to push through your growing insecurity in your abilities, Weiner says your tenacity will win in the long run.

To help you get through the many rejection levels and ghosters, she suggests setting up a daily schedule to keep your mind occupied–instead of spiraling. “Spend a few hours in the morning researching jobs, and spend the afternoon reaching out to the major contacts at those jobs. Continue being proactive, but also stick to a schedule. If you are staring at your computer all day waiting for the phone to ring, you will find yourself continuing to stress. Head to the gym for a daily workout, or go to the park,” she says.

Another effective way to boost your morale, according to Monster.com career expert Vicki Salemi, is to reach out to trusted colleagues or friends who have also faced unemployment for an extended period. Use their experience to compare notes, find holes you might be missing, and, of course, remind you of how super-talented and stellar you are.

AFTER THREE MONTHS

Sure, months fly by quickly when you’re busy pulling late-nighters for a new client or waking up early to catch a business-class red-eye to London–but when you’re unemployed? Each day feels endless and deafening. Twelve weeks into unemployment and you’re understandably fed up. Instead of accepting defeat, challenge yourself to approach your job search with strategy–and flexibility.

Hakim says many people have too narrow of a pool in the beginning: Are there other geographical areas you’re open to? Roles that might also work for your skill set? A lateral move instead of one that propels you upwards? Have you already forgotten about professionals you connected with in month one? What are they up to now? What advice do they have for you? These questions might not be the easiest to stomach or process, but they could mean the difference between a “yes” and a “no.”

Salemi adds that a critical eye toward your progress could also prove beneficial, since you might have grown a tad lazier as time has passed. And perhaps too rose-colored about the “perfect job” instead of one that could serve its purpose for now. “Have you been landing phone interviews, but not office interviews? Are you thinking broadly enough–maybe there’s a company that has an awesome part-time opportunity that can, in due time, be parlayed into a full-time one? Think outside the box in ways you can earn money, contribute your valuable skill set to an organization, and stay busy,” she says.

Bottom line? The busier you keep yourself during this period–from applying and side-hustling to keeping a go-get-’em mindset–the more likely you’ll pull out of the unemployment bracket and into your new office.

FastCompany.com | May 18, 2018 | BY LINDSAY TIGAR 6 MINUTE READ

Your #Career : #Unemployed – 5 Ways to Make Money in the Middle of a #ResumeGap …A resume gap might seem a Bit Scary to Navigate, But it Doesn’t Have to Be.

May 7, 2018/in First Sun Blog/by First Sun Team

A resume gap might seem a bit scary to navigate, but it doesn’t have to be. Whether you were already planning time off between jobs or lost your job due to an uncontrollable circumstance, there are ways to take control of the situation — and still earn money and valuable experience while searching for your next career opportunity.

Here are five ways to make a resume gap work for you.

1. Become a Freelancer

There’s a freelance job for virtually every line of work: copywriting, social media management, product design, graphic design — the list goes on. Search for freelance jobs relevant to your career field, and work on your own time.

The good thing about freelance gigs is that, generally, they’re flexible. If you’re busy applying for full-time jobs, freelance work gives you the freedom you need to attend interviews at all times of the day while still earning extra money.

See Open Freelancer Jobs

2. Work as a Consultant

In today’s digital world, it’s easier than ever to start your own business. You can work as a consultant for another company or create your own consulting gig. This type of work exists in many different fields, and it’s important to pick a niche where you have deep knowledge and experience on a subject.

While that path to becoming a consultant might differ depending on your field, it’s essential that you build your brand and start networking to be successful. Consulting can be a good option if your gap between jobs will be a prolonged period, such as a year or longer. This way, you have the right amount of time to build up a client base and obtain even more skills to list on your resume.

See Open Consultant Jobs

3. Develop Your Own Business

Do you have a hobby or skill people would pay for? Maybe you bake delicious cakes or are good at detailing cars. Armed with those skills, talk to friends and family, and start advertising your services.

If people will pay for something you typically offer for free or do as a favor, hone in on that and market yourself as a legitimate business. Make some cheap business cards and get your name out there!

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

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4. Join the Gig Economy

The infinitely growing gig economy is a great way to supplement your income, even if a task won’t necessarily benefit your career. Look into pet sitting, ride sharing, delivering groceries or even renting out a spare room on Airbnb. Don’t feel like leaving the house? No worries; you can still make money from the comfort of your own home through methods like investing in real estate on the web, working as an online bookkeeper or selling old items you don’t use anymore.

If you think earning an income through the gig economy is right for you, keep up your professional life by going to networking events, volunteering or interning part-time. These events can still be listed on your resume while you earn an income with other jobs on the side.

See Open Lyft Driver Jobs

5. Learn a New Skill

This might not make you much money right now, but learning something new you can put on a resume could mean more money in a future job. Maybe you’re only somewhat familiar with CRMs — take a course and master Salesforce, and you’ll quickly become the go-to person in your next office.

Better yet, learn some HTML or CSS coding from a free online resource. Or look into Coursera or Poynter’s News University, where you could earn certifications in fields such as marketing, journalism and online media.

Three Tips for Addressing a Resume Gap

Ready to enter the workforce again? Here are a few helpful tips for mentioning a gap on your resume or in an interview.

Address the gap clearly. Instead of ignoring it or waiting for the interviewer to ask about it, talk about your resume gap and anything relevant to the job you did during that time. If it was parental leave, state you wanted to be home to take care of your child. It’s all about being honest — addressing the gap head-on during the interview will get you further than not being straightforward about your job history.
Prepare what you’ll say ahead of time. Frame your job gap as productive time away from the office. Did you stay home with the kids and manage all the bills? Talk about how you became proficient in Excel and learned how to budget. Did you choose to take a sabbatical and travel the world? Discuss how adaptable you are and how much you learned by immersing yourself in a foreign culture.
Keep it positive. Regardless of whether or not you were let go or left of your own accord, position the circumstance in a positive way. Instead of saying you had problems with your previous manager, talk about what you learned about yourself as a professional, and what you do and don’t want out of a workplace.

You don’t have to be afraid of your resume gap. Leverage this time and use it to your advantage — learn relevant skills, get a certification in your field or explore new career opportunities. Good luck!

Jacquelyn Pica is a writer at The Penny Hoarder. Find her on Twitter @JacquelynTPH.

Glassdoor.com | May 7, 2018 | Jacquelyn Pica

Your #Career : What I Learned When I Got Laid Off In A City I’d Just Moved…To This Texas Transplant’s Position was Cut just as She was Settling into her New York job, But it Actually Opened up her Options.

July 17, 2016/in First Sun Blog/by First Sun Team

When I moved to New York city to take a job as a creative director in 2014, I was ecstatic. After purging at least 70% of my belongings, I happily traded shoe-melting Dallas summers for eyelash-freezing New York winters.

It was the first time I’d lived anywhere outside of Texas, so adjusting to my new home and the unsettling lack of Tex-Mex took longer than expected. Then, just about the time I started to feel settled into my new city, I got laid off. Here’s what it taught me.

GETTING ACQUAINTED WITH UNEMPLOYMENT

The first two weeks of unemployment were the worst. I hadn’t had time to build a New York–based professional network anywhere near the size of the one I’d had in Dallas. Despite that, I still managed to get enough support to update my portfolio, survive a nasty fight with depression and anxiety, and land a freelance gig as a creative director.

I hadn’t had time to build a New York–based professional network anywhere near the size of the one I’d had in Dallas.

Some of my ad-industry buddies insist that freelancing in New York is the only way to go. There are tons of opportunities, and you can make a ton of money doing it if you can stomach inconsistent gigs (which I cannot) and if you love networking (which I do not): I need to know exactly how much my next check is going to be and when I’m going to get it. And the thought of saying things like, “Lemme shoot you my contact info so we can have a convo about those opps!” to multiple cocktail-holding industry strangers makes me want to run screaming into a busy intersection.

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Luckily, the contract I took was a solid one-month commitment that, thanks to following my favorite four-word rule, turned into two months and, eventually, a full-time offer. The freelance opportunity helped me with so much more than paying rent. I made amazing new connections, got a fresh (and desperately needed) boost of self-esteem, and had the chance I needed to decide what I really wanted to be doing and where I wanted to do it.

Feeling like this particular full-time job just wasn’t right for me, I declined the offer. But with my newfound confidence I decided to try to find that perfect fit—and, like most things in life, it played out a bit differently than I’d imagined it would.

LOCATION, VOCATION, LOCATION

It’s always easier to find a new job when you have one. Negotiating for a better salary, title, and benefits doesn’t work nearly as well when you’re making $0, your title is “unemployed,” and the only benefit you have is being able to send emails from your phone in bed all day. During my new agency contract, I had the luxury of investigating alternative options, knowing the freelance gig could turn into a full-time gig if I wanted it.

Because I wasn’t afraid of unemployment anymore, I had the confidence to ask tough questions that I knew might make people uncomfortable (calling out bad reviews from former employees, for example). I countered existing job descriptions with the ones I actually wanted. I developed proposals around the salary band I thought I deserved based on market research and help from recruiter friends, and used facts and figures to push for it.

I began turning interviewers into interviewees, asking them questions about their company’s vision of the future, and determining whether I wanted to be part of it. I focused less on getting in with the big-name agencies and more on finding a spot that felt like the best fit for me.

“NEW YORK I LOVE YOU, BUT YOU’RE BRINGING ME DOWN”

Back when I only visited New York for business trips, I saw the city as a magical wonderland of art, theater, and intense connections. But as a resident, I saw it as a crowded, angry place that taught me to keep my head down, walk fast, and stay guarded. On the one hand, that was disappointing. On the other, it piqued my curiosity about places I’d previously dismissed.

Being scared is always better than being stuck.

A native Texan, I spent my formative years in Dallas devouring queso, chugging sweet tea, and enjoying the fact that 90% of my family lived within an hour radius of me. As a 15-month Brooklyn resident, I’d captured hundreds of short stories inspired by people on my subway commute, discovered the value of weatherproof boots, and tapped into an energy unlike any I’d experienced before.

Now I had a chance to try something completely different. New sights. New stories. New people. And the way that thought got my heart pumping was enough to counteract the dread of packing and moving once again.

Eventually, I got a call from an interested Seattle-based recruiter. Had I received it prior to my New York adventure, I likely would’ve turned down the opportunity. But because I already knew the excitement a cross-country move could offer, I was open to the idea.

I found what turned out to be the perfect fit: an agency I’d never heard of in a city I never thought I’d live in. Through two months of deep, honest conversations with everyone from the recruiter to the CEO, I’d found a place where I felt I could make a difference.

Was I terrified about packing up and moving across the country yet again? Absolutely. Would I want it any other way? No way. Being scared is always better than being stuck.

FastCompany.com | KATE KEMP, MONSTER | 07.13.16

Your #Career : 6 Ways the Recession Inflicted Scars on Millions of Unemployed Americans…Damage from a Layoff Can Include Smaller Paychecks for Decades, Lower Rates of Homeownership, Psychological Issues & Perhaps Even Shorter Lifespans

May 11, 2016/in First Sun Blog/by First Sun Team

The recession ended nearly seven years ago. But for millions of Americans, the damage will endure for decades to come. An estimated one in six U.S. workers lost a job between 2007 and 2009. The labor market’s post recession recovery was painfully slow and halting. The full toll won’t be known for decades, but it already is clear that years of widespread, persistent unemployment and underemployment have had serious consequences for individual workers and the nation as a whole.

Here are some of the scars inflicted on American workers by the 2007-2009 recession, based on decades of academic research into the effects of job loss.

Taking a Pay Cut
A layoff means the loss of a paycheck. But even when unemployed workers find new jobs, they usually earn less than did before – especially during recessions, when it is more difficult to find a well-paying job. For workers who were displaced in 2007-2009 and re-employed by early 2010, the average drop in inflation-adjusted weekly earnings was 17.5%, according to an analysis of Labor Department. Many others were unable to find work at all. Historically, only about one in four displaced workers gets back to their pre-layoff earnings after five years.

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Smaller Paychecks for Decades
Even years later, workers who were laid off tend to earn smaller paychecks compared with workers who kept their jobs. The estimated scale of the loss can vary from study to study. A 2011 paper said earnings losses of 15% to 20% after 10 to 20 years for people displaced during recessions, and even people displaced during economic expansions saw long-term losses of about 10%. A 2015 paper found a long-term wage hit of more than 10%, with more severe losses after a second or third displacement. Long-term unemployment can be especially damaging, with workers who were unemployed longer than six months earning 32% less after 10 years versus a 9% loss for those with a shorter spell of joblessness, according to a 2014 working paper. A February working paper said that comparing displaced workers with a control group of continuously employed workers may overstate the damage to earnings; an alternative approach found a loss of 5% after 10 years, instead of 25%.

Homeownership Gap
The Boston Fed’s analysis found workers who have been unemployed also were less likely to own a home. “This homeownership gap closes over time … as more years elapse since an individual’s last unemployment spell,” Boston Fed economist Daniel Cooper wrote. “Indeed, the gap is roughly halved after 10 years and is nonexistent after 20 years.” But for workers who were unemployed longer than six months, he found, the homeownership gap did not close even after 20 years.

Psychological Problems
The cost of job loss isn’t limited to money. Studies have found unemployment generates feelings of anxiety and shame and is linked with higher rates of depression, according to a review by University of California, Los Angeles sociologist Jennie Brand. But there may be a silver lining: Ms. Brand said the psychological effects may be less severe when people are displaced during a severe recession like the 2007-2009 downturn, when so many other people are in similar situations. “When you lose a job and it’s a big recession and people are coming to expect it’s a possibility, it’s less likely you think, ‘There’s something wrong with me, and I lost my job because I’m not a great worker,’” she said in an interview.

Shorter Lifespans
The evidence is somewhat mixed on how unemployment affects physical health. Some studies have found health actually improves during recessions as, for instance, people smoke and drink less. But other research points to negative effects, including a 2009 study that found a spike in mortality for Pennsylvania men who were laid off in the early 1980s. Economists Anne Case and Angus Deaton have found that the death rate for middle-aged whites in the U.S. has been rising as a result of suicides, substance abuse and liver diseases, all possibly the result of economic distress. And a working paper this year found “strong evidence that economic downturns lead to increases in substance-use disorders involving hallucinogens and prescription pain relievers.”

The Next Generation
The pain of a layoff can spread beyond the person who loses his or her job. A number of studies have found that children of displaced workers also suffer consequences. Students are more likely to repeat a grade after a parent is laid off, and a father’s layoff leads toincreased rates of anxiety and depression in children. A 2008 study found that annual earnings of men whose fathers had been laid off were about 9% lower than the earnings of otherwise similar children whose fathers stayed employed. “The results suggest that the long-term consequences of unexpected job loss extend beyond the effect on one’s own income to the eventual labor market outcomes of one’s children,” the researchers wrote

WSJ.com | May 10, 2016 | BEN LEUBSDORF