The current global economy continues to be impacted by inflation, interest rates and talks of recession. Layoff announcements are a concern for many especially in certain industries for high paying jobs. These mass layoffs came unexpectedly for some high level high paid professionals. It can be unsettling to experience these events especially when they happen quickly and without clean warning signs. A bright spot in the job market is the most recent unemployment rates reporting better than anticipated along with rising payroll.
Preparing for Shifts in Job Market Trends
The best course of action is to be proactive and prepared. Shifts in demand happen often, industry trends change and you want to keep your skill set fresh and current. It is always essential to evolve and change, keeping up with what is going on and proactively addressing any skill gaps. Taking workshops, courses and signing up for trainings offered or paid for by your organization is a great way to invest in your career progression.
Artificial Intelligence has become more prevalent and expanded its capabilities and broad range of applicability. Although it is exciting, it can make people feel concerned or intimated. Some wonder if artificial intelligence will take the place of certain jobs or aspects of those jobs. The more aware you are of what is out there, new capabilities and how it might affect you, the better you can plan ahead. In addition, you can become more comfortable with these new capabilities and utilize them in a variety of ways.
Enhance Your Skills
There is no real downside to sharpening and enhancing your skills. Learning a new skill is exciting. It is an achievement you should be proud of on a personal and professional level. It helps promote brain function, it allows you to be more marketable and it is fulfilling. Progress is an important part of life, motivation and self-actualization. If you are not progressing in some aspect of your life, you feel stuck and you may feel down. It is important for your mental wellbeing to continuously learn and grow. From a financial perspective, it can help you achieve a high earnings potential. Like I said, it is all upside.
What Should Leaders Do to Retain Talent
Leaders should focus more on goals to retain talent. Some companies are better than others at promoting from within and offering lateral moves so employees can expand their skill set. The trend is moving forward in that direction. It depends on how quickly companies move and how committed they are to putting these processes and programs in place. It is important for succession planning. Companies want to keep their employees motivated. Programs that offer mobility and internal promotions are essential given the current job market and where it is headed. It also serves as a critical cost savings measure. Increased turnover, training and losses in productivity when positions are open and things slip through the cracks can result in significant costs to organization.
As a rule of thumb, you want to pay attention to job market trends. We suggest being proactive and vigilant. You are in charge of your career progression. Constantly learning and sharpening your skills is a great way to stay marketable. Furthermore, it is a vital part of feeling fulfilled and moving toward self-actualization.