Notice: Due to COVID-19, we will be conducting all consultations either via video chat, phone, or email. Please don’t hesitate to call us if you have any questions!
Brevard County Bankruptcy Attorney

The Labor Market is Back on Track: Here's What You Should Know

If you are one of the millions of Americans who have been financially affected by the pandemic, things might be looking up. More than 530,000 jobs were added to the job market in October, which means there could be employment opportunities in your area. Keep reading for more information.

9-5

The job market has been a point of concern for workers and economists alike. Strict lockdowns in the first half of 2020 plus widespread layoffs sent the market into a nosedive as more and more people faced the end of their careers.

Companies were eliminating job positions left and right to save money. Then, as things began to open back up this year, a different problem arose: labor shortages. Companies added jobs back, but there weren't any applicants to fill them. This was due in part to a phenomenon called "the Great Resignation," where workers began quitting their jobs because of low pay and/or no benefits.

Now, employers are adding jobs to the roster to encourage disparaged workers to join the labor market. This is good news for workers who have been struggling financially during the pandemic and have had difficulty finding new jobs.

Expectations

Economists and members of the Federal Reserve are optimistic that these jobs could boost the economy in a way that could slow the rapid economic downturn that began in March 2020. However, while 530,000 new jobs in a single month is moving in the right direction, we are still 4.2 million jobs short of where we were in January 2020.

This leaves employers in a pickle: they have to create more jobs and increase wages, but they must compete for applicants. So, why is all of this important for you, and where can the economy go from here?

Making a Tough Job Market Work for You

These aren't easy times to be living in, but there are ways to seek out better opportunities you don't have to settle for. The first thing to understand is that even though you may not have had enough experience for certain positions before, the ball is in your court now.

The housing market can either be a buyer or a seller's market. In the same way, the job market can shift from employers having the advantage to the workers. We are finding ourselves in the latter – many employers are desperate to fill vacant job positions, but they have to compete with other companies for qualified workers.

That said, these employers are more likely to negotiate with you for better pay and benefits to ensure that they have the labor they need. Don't be afraid to advocate for yourself in the interview.

The other thing to keep in mind is that your skills matter. If you have specific skills, training, certifications, or experience in a niche field, you maximize those skills on your resume. The more qualified and experienced you are, the more likely it is that employers could fight for you.

Protecting What Matters In Tough Times

At Buchalter & Pelphrey Attorneys At Law, we understand that financial struggles take a toll on your mind and emotions. You may be stressing about finding a job or worried about growing debts. You're not a failure for having money troubles, and there are legal options that could help you get the debt relief you need.

Contact our attorneys today for more information.

Categories: