Most Americans Stuck With Jobs They Can Get, Not the Ones They Want

We all know a few of those rare individuals who just seem to glide effortlessly from one good job to the next. That just isn’t the reality for most folks, however. The Wall Street Journal reported in September that 25% of people looking for work had been unemployed for at least six months.  This statistic is supposedly holding steady as of mid-November, according to a recent graph put out by the U.S. Department of Labor Statistics, but it is difficult to have a lot of confidence in the accuracy of government data reporting at this time.   

Even if we would concede that the job market is not further constricting, the above unemployment number is not a great statistic.  And it is highly likely that most of those people who have been out of work for six or more months never had enough severance pay and benefits to get them and their families comfortably through this protracted and stressful time of job searching.

Many of us have seen first-hand that the faltering labor market forced people into part-time work and low paying jobs that simply don’t pay the bills. Even though the overall US unemployment rate is being quoted at 4.3%, the actual rate of part-time employees hunting for full-time work is much higher at 8.1%.  Many people tell us that employers have an abundance of applicants for most open positions. Finding stable, full-time, good paying jobs remains challenging, as hiring has slowed significantly and it is now year-end.

A Philadelphia-area nonprofit reported that some people it serves are working several part-time jobs without benefits to make a sufficient income, according to the latest Federal Reserve Beige Book, which compiles U.S. economic narratives.

We also see that companies are taking a long time to make hiring decisions, and going through multiple interviews.  They seem hesitant to take on new employees in light of the economic uncertainty of our times.  Workers who a few years ago may have had multiple job options now are well advised to consider staying put until a new job offer is signed, sealed and delivered.

It is precisely during times like this that we can help you to try to minimize the risks that are inherent in every job change situation.  We are here to support both your “stay” and “exit” strategies in ways that can help you improve the odds of a better outcome for yourself and those who depend upon you.