Why are there seven million unfilled jobs? In a technology-service economy, many people don’t have the skills that align with the openings.
There are other reasons, too.
Profits for some companies have been harder to achieve, especially for bricks-and-mortar retailers, and under-employment for some workers continues to be high.
Of course, the situation was exacerbated back in the Great Recession when big banks and credit card companies started cutting credit lines and imposing stiff fees in undesirable usury practices.
So, for a boss planning a budget and workforce, it is certainly best to consider more than a macro-view of the economy.
For an accurate snapshot, use discernment in the micro factors directly and indirectly affecting you. Listen closely to your customers.
That also means: Don’t be fooled about many companies exceeding earnings expectations on Wall Street.
Even with the unemployment rate the lowest since 1969 and wage increases have averaged 3.2 percent, times are not necessarily good for everyone if those companies merely cut employee hours or laying-off workers and slashing costs to achieve profits.
If you are a non-exempt employee – just like senior management – you should be aware of these issues. Higher profits do not equate with strong employment prospects, either.
What should you do? Stay positive and passionately do your best to help your company make a dollar. And if your company lobbies government in the political arena, find why. It just might be to create an environment conducive to competitiveness.
Offshoring Job Losses
Many Americans have been either under-employed or jobless as the result of offshoring jobs. Just as automation replaced workers a few decades ago, look for innovation and productivity to increase as companies cut costs.
A study by The Conference Board and Duke University showed the number of offshoring by U.S. companies dramatically increased from 2005 to 2008 – 22 percent to 50 percent.
What’s more, 60 percent of such companies had planned to increase their offshoring until President Trump was elected and ended countless onerous over-regulation of business, pushed for tax reform, and launched his trade war to stop China’s disingenuous behavior.
Business has complained for years about too few Americans having degrees in science and math. The lack of talent and innovations in speeding products to the marketplace are the catalysts for the increase in offshoring.
Many CEOs believe innovation in engineering, research and development, development in technology, and knowledge processes will make their success possible. That’s why there’s been a vocal push to change immigration policy.
The shortage of American talent has prompted many small companies to offshore jobs. And the talent is not limited to China or India – talent is being utilized in Brazil, Egypt, Sri Lanka and Russia.
Jobs returning to the U.S.?
Conversely, many economists say jobs have been coming back to the U.S. as a result of the Trump economic policies.
One of the reasons for offshoring is competitiveness – due to a lack of economic and political liberty – a condition imposed by the federal and state governments.
Undeniably, many Americans have suffered hardship back in the great recession and from offshoring. However, remember the U.S. is recovering and we are a vital part of an evolving dynamic global economy.
The best approach has always been the free-enterprise system. Embracing change is the only productive option for individuals to enjoy success.
The road to economic success will continue and will be easier if governments stop their heavy taxation and over-regulation. Instead, economic wisdom and best practices should be their goals.
Economic and political liberties are vital to the success of this nation – the effectiveness of economic policies depends on whether government has economic wisdom. That means allowing for economic and political liberties.
As I’ve written before: “Economic liberty is the freedom to make decisions in a free-enterprise system. Political liberty is possible when government stops its unproductive practices so entrepreneurs can have the necessary tools to create jobs and take full responsibility for their successes or failures.”
If you’re job hunting, don’t be discouraged.
If you are out of work or under-employed, it’s probably time for an assessment of your strengths, weaknesses, opportunities and threats. Then, consider a career that offers more value to an employer or learn business-startup skills if you want to be the big boss.
Here are some job-hunting tips:
- 5 Tips to Shine in Your Online Job Application
- Need a Career Change? 10 Steps for a Career Makeover
- Job Hunting? Tips to Land Your Dream Job with Style, Substance
From the Coach’s Corner, if all else fails why not launch a business? But be mindful of why startup companies fail and how to win. Don’t be surprised if you become more aware of the need for economic and political liberty.
“Courage is fear that has said its prayers.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
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