A Sour Economy...

Clearly this is no surprise to anyone. There is plenty to be said about this crazy horrible economy that we are wading through. There are the many theories of causes to discuss, each with a little truth but nobody really taking all of the blame. There are manipulating antics of the media that are driving me crazy… The mixed messages that we hear on a daily basis “It’s getting better, buy buy buy….” But do we only hear these things because they are trying to get a little more cash flow into the economy to bring truth to their claim… but then we hear more accurate reports that say, “It’s not over yet, save, save, save…” All around I know that what we are experiencing now is not normal. Everything is out of balance. It is far reaching and very real. We are each feeling it in different ways, some through the weight of depreciating home values, job losses, or retirement losses… It may be you, or a family member, neighbor or friend. People are silently suffering these additional stresses, trying to make ends meet, planning and preparing for the future. As I mentioned, there are a lot of avenues and perspectives and opinions to discuss about this wallowing economy and these are but a few. Something in particular that discourages me personally is the job market. As I have watched both friends and family and co-workers close to me look for jobs I have realized how desolate it really is out there. And if you don’t believe me then take a look for yourself! The entire job market has really been transformed… it’s dying. It is much deeper than the unemployment stats that you are seeing, and the mass layoffs you read about. People just aren’t hiring and at least one in five people are looking. And the few that are hiring, are taking their sweet time, increasing demands on experience, and lowering pay- just because they can! I have seen this happen too. Over 500 resumes for one position is not unusual, and that is without using any recruiters as used in years past, because who needs recruiters in this market? They are almost more desperate than those they are trying to place. Resumes and applications are flooding the internet. It’s overwhelming for everyone. Fewer jobs and more and more jobless each day.... I read this article in BusinessWeek last month which has made me even more discouraged for my peers in particular and the long term effects of this economy on my generation. I have been watching it happen. Recent graduates are struggling to land a job, and those with only a couple years of experience who are laid off or forced to start looking just can’t compete with those who have more experience. And those who are lucky enough to get an entry level job, are getting significantly underpaid which is a consequence that will linger into his/her career long term. Others are staying in their current jobs, underpaid, overworked and significantly undervalued without hopes of promotions or raises… just because they can’t find anything else and are desperate to keep paying the bills. Very capable people are being hindered from success and growth. Employers clearly have the upper hand right now, and too many of them know it and are starting to abuse it. But who can blame them, they have to watch their bottom line too. It really is a rotten job market and a sour economy. And nobody really knows where it will go from here, despite the many predictions. And it’s only a matter of a couple of years really… Just a few years ago recruiters were fighting for top talent and young graduates could expect a few competitive offers, young families were dashing out to buy their first homes and fulfill the American dream and kids were still writing to let Santa know that they would be in Hawaii for Christmas. This year, things are a little different. But I hope we can ask ourselves what we can learn and how we can grow from it all. Challenges in life are not always bad, but they are hard. It's a good time to learn how to cut back, budget and evaluate needs verses wants and think about the big picture stuff... But a world with fewer opportunities can certainly be a challenge, especially when it seems that you are suffering consequenses beyond your control. So you just hope that within these challenges, you can also find opportunity.