The last several months have been unusually turbulent with the combination of global geopolitical, financial and security issues. That turmoil has resulted in a very slow job market. Employers have been hesitant to hire new employees or even replace those that have left because of so much concern.
Election years are generally a time of uncertainty. Key factors driving the concerns can include volatility in the market, misgivings about investments, fluctuations in consumer or job seeker confidence, and also potential policy changes, to name a few. The recent U.S. election has potential implications
for the job market due to anticipated policy shifts from Donald Trump’s administration. His approach may impact several key areas affecting employment, including immigration, corporate taxes, and trade regulations.
The median weeks for unemployed was recently at 9.4, which is one week longer than the pre-pandemic baseline. Long-term unemployment, or those who are jobless for 27 weeks or longer, has seen more substantial increases, 1.52 million this June compared to 1.1 million last June. When asked earlier this year, CEOs overwhelmingly identified political uncertainty ahead of the election, as the most significant challenge affecting business in 2024.
As a result of the election, the future has become more clear. There is optimism that the new President-elect will stabilize the economy and provide a solid foundation for new growth. The stock market’s going crazy! Employers are likely to start hiring sooner rather than later. There is pent-up demand and need.
The pent-up demand from companies who have been in wait-and-see mode for the last few months or even a year, coupled with job search intensity from seekers who are unemployed and getting desperate to find work, could lend to an environment over the next few months where employers find it more difficult to hire those positions that have been on hold. The situation will be exacerbated in the new year, when many people typically start looking for a new opportunity.
It might be a good idea for those of you who have been delaying hiring, to start now. Don’t wait until the new year. Get a jump on a market that has very top performers at every level, looking to make their next career move. I’m proud of the fact that many of those top performers contact me for help and/or confidential support. If you’d like to hear more, give me a call and we can talk about it.
Thank you!