How to Cope with the Current Unemployment Rate – 7.2% Announced this Morning

How to Cope with the Current Unemployment Rate – 7.2% Announced this Morning

According to Statistics Canada, employment fell by 129,000 in January (-0.8%), almost all in full time, pushing the unemployment rate up 0.6 percentage points to 7.2%. This drop in employment exceeds any monthly decline during the previous economic downturns of the 1980s and 1990s.

The loss in January follows other declines in recent months. Since October, employment has fallen by 213,000 (-1.2%), the result of full-time losses.

We at TorontoJobs.ca have spoken to many employed and unemployed people over the course of the last few months and have received tremendous feedback of uncertainty from both angles.
Given the amount of people that were unsure of how to handle the negative employment situation we have compiled a checklist of things someone worried about their employment status can do to be prepared in case of layoffs, downsizing or prolonged unemployment. Planning ahead should be a part of everyone’s employment plan.

OUR TOP TIPS TO KEEP TORONTO EMPLOYED:

If Employed – Be Prepared

One never knows when their company may decide to layoff staff. During this time of uncertainty it’s good to be prepared and have a plan to begin your job search to stay one step ahead.

1. Create a job search action plan – create a list of websites to use, a strategy for searching each day and a system for scanning company websites that pertain to your area of expertise. Creating a plan will ensure you are maximizing your job search efforts when the time comes.

2. Update your resume – spend some time re-vamping and updating your resume. It’s important to have a flawless and compelling sales tool to differentiate yourself in the current job market. Ensure to provide quantitative information and cases of how your input helped the company succeed to the next level.

3. Save Enough Money for 6 months of Expenses – given the current economic situation if you are laid off it might take longer to find employment. Ensure you are financially stable at all times to cover the time while unemployed.

4. Gather References - ensure to have at least 3 professional references on hand. References should come from: In-Direct Managers, Colleagues, Past Managers, etc. Ensure to ask permission for your contacts to speak on your behalf.

5. NETWORK! – make a point to get to know as many people as possible in your line of work. By having a strong network, if you are to be let go, you have a great network of people to start connecting with to begin your job search.

If Unemployed – Think Positive – Employers are Still Hiring

As the unemployment rate starts to rise there becomes a larger candidate pool for companies that are hiring to choose from. As the unemployed market becomes increasingly competitive you must become increasingly proactive.

1. Be open to opportunities – consider smaller companies and new industries. Don’t necessarily take the first job that you see, but consider every opportunity. Having a decent job for the time being will assist you to get by and continue searching for something else. Don’t hesitate to take two part-time jobs or a contract position if necessary.

2. Make finding a job your new job – finding a new job might be the most difficult job there is. At least 4 hours each day should be spent on creating lists of companies where you’d like to work, contacting recruiters, applying for jobs online, using personal and professional networks, etc.

3. Social networking – when conducting a job search, you need to make it easy for employers to find you online. Many HR Managers are currently using LinkedIn and Facebook to search possible candidates for their open positions. Ensure that social profiles are kept professional if you are going to use this method for job searching.

4. Explore expanding sectors – Marc Belaiche, President of TorontoJobs.ca notes that “there are still sectors hiring. Companies within sectors such as Healthcare, Protective Services, Information Technology and Accounting may be worth exploring, even if they are outside of your current industry.”

5. Sell your results, not skills – employers today want to see how skills translated into results. Rather than seeing a laundry list of skills, they want to see how you used these skills in your last position to achieve a successful end result.