(Newswire.net — June 5, 2018) — Wall Street is soaring, and the unemployment rate is nearing all-time lows, and this means that it is the perfect time for job hunters. Sure, wage growth remains sluggish, but employers around the country are struggling to fill positions – especially for in-demand skills such as data science. This means that now is the time to think about a career shift before it’s too late. With that in mind, here are some tips on how job hunter can take advantage of the strong economy.
Strongest Economy Since the Late 1990’s
Putting aside the cause of the current period of economic expansion for the moment, it is undeniable that the U.S. economy is firing on nearly all cylinders. And just about every metric confirms this. The stock market is hitting new highs almost every day. In fact, in 2017 the market had fewer than ten trading days when it was down by more than 1 percent.
Add to this the unemployment rate, which has consistently fallen since 2011 and is now reaching lows rarely achieved in the Post-World War II period. In addition, companies are finally hiring again. According to data from Monster, there was a nearly 70 percent spike in job postings at the beginning of the year.
While it’s too early to know if this is from the recently passed corporate tax cuts or the strength of one of the longest periods of economic activity in U.S. history, the undeniable fact is that companies are seeking to expand their payrolls. Even though growth in the broader economy hasn’t resulted in sustained wage growth, this doesn’t mean that higher paying jobs aren’t out there.
People Are Increasingly ‘Open to Opportunities’
If you remember the halcyon days of the 1990’s, many professionals were in demand, and it was not uncommon for them to field calls from headhunters seeking to poach their skills for a high-paying corporate job.
However, the twin recessions of the early-2000’s changed that, and an increasing number of Americans were happy to just have a job, no matter how terrible it was. The impact was that fewer people were actively seeking to risk leaving a stable position for something which might be more speculative.
Add to this the impact of the decline in the housing market following the Sub-Prime Crisis, which meant that many people were unlikely to move for the promise of a new job.
What does this mean? It’s time to think about job hunting by using a format for your resume as nearly 40 percent of Americans are now on the market for a new job. Doing so will help you to stand out from the crowd.
Beyond this, Millennials are finally entering their peak earning years, which depending on the interpretation of economists ranges from 30 to 50 or 55 years of age. As such, this much-maligned generation is poised to shake up the job market in ways which haven’t been seen since the late-1970’s – especially when it comes to forcing a modicum of upward mobility.
Don’t Count Your Chickens
Even though the current U.S. economy is one of the strongest in history, the reality is that the expansion is most likely going to end in the next 12- to 24-months. While this gives some cause for concern, it also means that now is the time to make a move before the window of opportunity closes.
As such, you shouldn’t count your chickens before they hatch. Doing so could put you at a disadvantage in what is shaping up to be one of the most competitive job markets in decades. For example, maybe your skills are not aligned with what employers are looking for, or maybe your income requirements are higher than the market rate.
While both conditions could lead to a mismatch in the job market, they aren’t necessarily deal breakers. When it comes to building skills, developments such as micro-degrees and MOOCs (Massive Open Online Courses) are great ways to upgrade your skills without breaking the bank.
Granted salary mismatches can be harder to reconcile, but one way to bridge the gap is by looking at total compensation – this includes health insurance, tuition or student loan help, and even retirement savings options.
Forget 401Ks and employee stock option programs as these compensation programs only work when the market is going up – and we all know the market never goes up forever. Instead, look at cash compensation options in terms of bonuses or other options which could help to get you to the income level you deserve.
The economy is booming, but it probably won’t last forever. As such, job hunters need to fine tune their resume, upgrade their skills, and get creative when it comes to compensation if they want to take advantage of the strong economy.