Recruiters are never more popular than in a “Break the Buck” Wall Street Economy. “Break the Buck” is a Wall Street Term that means that when you invest money in a conservative Money Market Fund which is like a bank CD that earns interest and somehow the dollar you invested is worth less than one dollar. This type of economic situation puts the fear of unemployment into even the most secure of employees.
Over the past couple of months more people have been “just checking in” and not just people who have found themselves suddenly and unexpectedly unemployed. Everyone seems to be on edge waiting for the next axe to fall. Many who are currently employed are worried that they will be thrown ruthlessly and unexpectedly into the world as a job hunter.
The following seems to be the most common current discussion.
Bad News: The economy is bad. According to recent statistics approximately 130,000 people from Wall Street are unemployed and the layoffs are trickling down to all industries. The Department of Labor numbers continue to show record high unemployment.
Better News: In an economic downturn, the typical company takes knee jerk actions and fires large quantities of employees quickly without a true business plan other than to quickly cut overhead. While this limits and decreases the number of permanent jobs, the number of contract jobs typically increases as companies decide that one person cannot do everything. Yes. There are still opportunities for employment.
What are we seeing? In the Finance and Accounting Industry, we are seeing more contract opportunities. Companies are not looking for generalists but employees that can come in and fix a specific problem or perform an essential function.
What does this mean for me? It sounds cliché but now is the time to keep up all professional certifications, software certifications and brush up on old skills, acquire new skills that are quantifiable and network.
By: Tracy Levine, Advantage Talent, Inc., CMO and President