Job Growth for 2009

Despite the daily news reporting on a downturn economy, the U.S. Department of Labor reports that the nation's total workforce actually increased by 2.2 million workers during the last 19 months.

The most recent report from the US Bureau of Labor Statistics indicates that at the end of October 2008 there were 3.1 million job openings. And although unemployment rose to a 14-year high of 6.7% in November 2008, one notable, unreported fact is that between 4 million and 5 million people have been hired each month during 2008. While the media may report that no company is hiring, the reality is that many companies are. And while many industries have shed jobs during the past 12 months, the education, healthcare, and government sectors have actually created 400,000 new jobs (read my article "Where the jobs are" ). Job seekers have distinct advantages because of the Internet and the job creation initiatives articulated by President-Elect Obama. You should use the Internet to focus your efforts on industries targeted by the presidential initiatives. These industries are likely to include construction, Internet infrastructure, alternative energy, education, and healthcare. President-elect Obama has discussed multiple initiatives to improve the nation's transportation, energy, and communication infrastructures, as well as advance healthcare and education. These initiatives should stimulate job growth.

Here’s more encouraging news. As companies begin to feel the effects of the economic downturn, many are ramping up their workforce planning activities. Workforce planning is the process by which an organisation aligns its workforce requirements to the business strategy using business analytics. The most prevalent concern among employers is the scarcity of critical talent. While they are under enormous pressure to trim down their workforce in preparation for 2009, it’s important to consider the implications their actions will have on their future workforce needs. Some employers reported that they are experiencing challenges retaining critical-skill employees and top performers. Having the right number of people performing in the right roles will be crucial for companies to position themselves strongly for when the economy recovers.

What does all of this inside information mean to you? Do not give up on your job search. There will still be a job market in 2009.