THE IMPENDING ECONOMIC DECLINE AND ITS EFFECT ON THE JOB MARKET

Today, the world as we knew it is falling as the world continues to experience a different form of crisis and pandemic that has in one way or the other affect the world economy and lead to rapid economic decline, the human race is beginning to realize that the old system has come to an end and that we need to re-invent an all-new way of life.

We are faced with a collective challenge in these times of economic struggle as the job market prepare to face the impact of the economic decline as a result of the impact of the pandemic, the job market might experience some drastic changes that will eventually bring about uncomfortable transition times. This article is intended to address ways to resolve economic decline and become employable even when the recession is at its peak.

During the economic recession, unemployment continues to increase steadily, frequently remaining high. When industries face increased expenses, declining or dropping profits, and intense pressure to service their debts, with the emergence of recession, they start laying off staff in order to cut costs. At the same time, the number of unemployed workers in many sectors is on the rise, unemployed workers are struggling to find new jobs during the economic downturn, and the overall unemployment rate for workers is rising. Here, we discuss this connection between recession and unemployment.

Job Market and Economic Decline

Economic decline or recession occurs when negative economic growth, as calculated by gross domestic product ( GDP) or other macroeconomic performance measures, like unemployment, occurs for two or more consecutive quarters. In part, the connection between recession and unemployment is simply a matter of semantics; as part of the description of what constitutes a decline, the primary recession indicators include an increase in the unemployment rate.

Why Does Unemployment Rise During a Recession?

Series of company failures usually occur during a recession, different economic theories explain why these market failures arise as a result of adverse economic downturn, actual resource or credit crunches triggered by historically over-expansionary financial regulation, the collapse of debt-based asset price bubbles, or a negative change in customer or market mood regardless of circumstances, as the recession expands, so many more firms are absolutely trying to limit their expenditures and struggling by laying off their employees as part of measure to cushion the effect of the economic decline.

As companies collapse, the company’s assets are sold off to other companies under the usual activity of markets, and the former staff is rehired by other competing businesses. In a recession, since many companies are collapsing all at once throughout many different sectors and economies, the number of unemployed people searching for new employment is growing rapidly. The available supply of labor available for immediate hiring is growing, but the demand for companies to employ new employees is declining. Economists would assume both a rise in supply and a decline in demand to result in a lower price in a perfect, smooth working economy, but not generally a lower overall number of jobs once the price changes.

During recessions, the job market becomes shrank which makes it difficult for unemployed people to find new employment, and the consequence is a surplus of labor of many kinds and this is a condition that can linger on for several months and therefore results in cyclical unemployment. This is a situation where the amount of unemployment can be attributed to job losses due to the recession or economic decline (this is usually different from the regular unemployment associated with everyday job market turnover).

Getting new Job during economic decline and keeping old job and improving current job position

There are so many things that need to be taken into account in order to succeed during this deteriorating economy, but first, you need to up-skill, if you don’t know what that means, you need to acquire more skills, especially soft skills that can never go out of demand regardless of what the economic situation is, take courses and acquire skills such as creativity, persuasion, and communication, these skills that are highly valued in the workplace, you will become recession-proof when you undertake projects that improve your skills, however, you should know that these skills are easy to learn as long as you are determined.

In the job market, future shake-ups are closely attributed to one factor: technology. The majority of future jobs will largely reflect the technological disruption caused by artificial intelligence and automation.

Artificial intelligence can increase the productivity of virtually every industry, trying to brush manual labor away from routine tasks. The factory worker is the traditional example of technology-displaced employees, but that is not to say that other positions may not also be automated, Position like legal support and IT workers can equally be automated.

It is important to always realize that you do not have the ability to retain your current job forever, but if you realize any of the skills mentioned below, job prospects will always change in a way and the effects of the deteriorating economy will not hit you hard at any time.

SOME IN-DEMAND HARD SKILLS

Block chain

Cloud computing

Analytical reasoning

Artificial intelligence

Business analysis

Affiliate marketing

Sales

SEO

Scientific computing

UX design

Video production

Even with technology and digital skills, there are still some human-required tasks like inventing, trouble-shooting, and project management, automation notwithstanding will free up staff space and, at the same time as technology eliminates jobs, new job positions are equally being created, but those new jobs will require more skills than the jobs being taken away.

Skills in technology will continue to be in high demand, especially the ability to automate processes or make them more efficient.

However, to excel in tomorrow’s workforce, you don’t really need a degree in computer science or be a tech guru. Simply with tech-savvy, such as the ability to create videos or use digital sales tools, analytics, and even search engine marketing will significantly boost your employability, every smart worker or job seeker is now hurrying to learn one or more new digital and transferable skills to become untouchable even when there is a severe economic downturn and employees are deemed surplus to requirement.

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