Wading through the expert opinions and projections as to when the coronavirus veil will finally lift is a full-time job. With so much noise and misinformation, it is difficult to know who to trust. This is especially challenging for leaders of organizations trying to plan and prepare for a new world. Making accurate financial projections and piecing together coherent strategic plans that can make a 6-month run in the current climate is a luxury. I was told recently by an individual who seems to always have a solid pulse on market trends that he thinks it will be five years at a minimum before things return to some semblance of normal (full restaurants, no masks, etc.). Woof.
Talk with anyone in the recruiting space and they’ll tell you they have never seen the job market swing so dramatically in such a short time. In February, recruiters were faced with low unemployment and a limited supply of quality candidates, especially in strong markets (Denver for example). Our people were largely limited to cold calling a friend of a friend in hopes that they would be open to a new opportunity. This method of recruiting, direct sourcing, usually lends itself to higher quality placements, but it is a serious time investment.
Then the coronavirus hit and everything shut down. Searches were put on hold, revenue sagged, and whole industries evaporated overnight. By April the unemployment numbers started skyrocketing. By May my inbox was flooded with newly unemployed talent looking for an opportunity. Now that most businesses have burned through their PPP funds, we see another wave of talent flooding the market picking up steam. Serious talent. Not entry-level employees who likely would not have worked out anyway. It’s a new world.
If you have recently lost your job and you’re wondering what to do next, here are a few tips to get you on the path towards gainful employment.