The labor shortage can be the best leverage for your career advancementTweet
The labor shortage has begun to affect the US job market. But could it be helpful for your career advancement?
The “Great Resignation” fueled by the Covid-19 pandemic has wreaked havoc on the pre-pandemic US labor market trends. Today there are almost a million jobs available for grabs with practically no employers to take them. Employers are desperately searching for workers to fill their vacancies.
If you are an employee considering career advancement, this is a good chance for you. You have the upper hand in actively seeking an internal promotion or even switching your industry or job in search of better benefits and wages. Such opportunities are hard to come by, which is why we thought of writing this article to guide you in making the best career decisions.
The labor markets are disrupted across the nation
The employment level of the states was described as “full employment” before the pandemic hit the US. Full employment is where the unemployment level lies between four and five percent. With the onset of the pandemic, unemployment levels declined to 3.6% (as seen in January 2022). However, this changed drastically with the spread of pandemic lockdown measures. Businesses closed down, costing millions of Americans their livelihoods. Although the pandemic situation has improved and lockdowns have been lifted, labor participation is still lower than that before the pandemic.
Multiple industries were affected by the turn of events
With the labor market disruption employers across multiple industries are struggling to find qualified workers to fill their vacancies. Nonessential sectors as well as accounting, legal services, design, and science sectors are equally affected. Whatever implications the labor shortage has on the US economy, one thing is very clear. Those who are currently employed can use this situation to advance in their careers.
Tips on leveraging the labor shortage to advance your career
You should tighten your seatbelts and get ready to reap the advantage of this once-in-a-lifetime opportunity.
1.Realign your career goals with the situation
What is the next step in your career plan? How far have you come along your long-term career plan? What’s the immediate step you can take to advance in your career? Whether you want a pay raise or a promotion, now is the time for you to consider your next move.
2.Evaluate your prospects
You have decided on your next career action. Now you must take stock of your existing soft and hard skills. Then you can research to see what is out there to suit your qualifications. Talk to your network and turn to LinkedIn to actively start seeking out new opportunities.
3.Search for internal promotions
There is no need to search for options outside of the company when there are plenty of internal mobility options available to you. Talk to your supervisor or HR team representative to find out what’s on the table. You can even keep a lookout for the company job postings.
4.Update your resume and social media
Rewrite your resume adding all the new skills you’ve acquired and the achievements you’ve made. Update your credentials and experience. Remember to update your LinkedIn profile and sweep through your other social media tools to prepare for the job search.