The Job Market Is Slowing, What Do I Do?

As a follow up to a posting of a news article that addresses the impact of a high unemployment rate on students, is a a guide on how to best approach this situation.

Still in School?

If you're not planning to graduate for a couple years you're probably in the best position and don't have much to worry about at this point.  The market will turn around eventually, so just sit tight and get your learn on!  If you want to be proactive, stay on top of the news and see what industries are making a come back so that you can position yourself accordingly when you graduate.  I don't believe companies will cut back on their recruiting efforts for internship positions as companies still need to train the future even if the economy is slowing.  

Plan on Graduating?

For those of you who are planning on graduating soon or have already graduated, don't panic!  Yes times are tough but they will get better.  Job hunting in a bad market is difficult as the competition for even entry level positions will be very high so you will need to put in the extra effort to stand out.  If you are truly determined in finding the right job for your future career, you will need to be very flexible and willing to relocate.  Many companies provide relocation packages and help get you on your feet.  Focusing your job searching in one particular location is very limiting and will lead to a job search dead end very quickly.  Set the right expectation when you're looking for your first job.  Jobs pertaining to your career may be hard to come by so don't set the bar so high or you will be easily frustrated with your first job.  Remember, you're still young and will have opportunities to rise as the job market gets healthier.  If possible, I would suggest going back to graduate school to continue your education so that you can enter a work force with an advanced degree and give some time for the job market to gain strength again.  

Whatever you do, don't panic!  The job market will turn around; it will just take some time.  

Job Marketing Looking Grimmer

I am not a big fan of continuously posting negative news but I feel that not posting the realty of the times is a disservice to my readers.  CNN recently posted on article with some job hiring statistical data worth noting:

• Employers said they planned to hire just 1.3% more graduates in 2009, a large drop from the 6% projection
  
• National unemployment is expected to be as high as 7% in Spring 2009, a rate not since met since 1993
  
• A sociology major applied to 60 positions only hearing back from 4 and settled for a part time position at a law firm
  
• Consider jobs outside the traditional role; Business majors should apply for finance-related positions in health care

Yes it looks bleak but this gives many a reason to try different career paths before settling while the job market stabilize.  I have provided a link the to the article below.

Grim Prospect For New Grads [via CNN Money]

Living Frugally - Having Trouble Making Rent?

Yes the economy is bad and for those not having to deal with an over priced mortgage, they may find themselves finding it harder to pay the rent every month.  I found an article at one of my favorite blogs that offered up an interesting way to drum up some extra funds.  Throw a Rent Party!  That's right, get some good music, drinks, food, and sell tickets at the door and you got yourself a rent party.  This was a novel idea back in the 1920's and 1930's but hey that's when we were in our last Great Depression right?

How to Raise Rent One Glass at a Time [via Lifehacker]