2008 Job Market Predictions

Wide spread job market improvements arrive with the New Year. The US stock market (a leading economic indicator) continues its healthy increases forecasting better times ahead. Temporary employee demand (another leading indicator) has risen every month since August 2003. The index of recruiter confidence has also risen steadily since May. Additionally, each of the past two (2) job market recessions (that began in the early 1980s and 1990s) ended in the fourth year of their respective decades. The current recession is taking the same path. For example, the job market recessions that began in the early 1980s and 1990s ended in 1984 and 1994 respectively, ushering in the strongest US economy in history. Finally, it's a presidential election year and the economy cycles upward during such times. The recession is recovering in similar manner to previous ones.

Turnover Dramatically Increases

Over 38% of employees surveyed indicate that they will be seeking a new job as soon as the economy improves. Job dissatisfaction and stress are at their highest levels in memory and will be the catalyst for dramatic increases in employee turnover. More people changing jobs means more job openings and more opportunities.

Power Returns to the Individual

Job market power and salary leverage returns to the individual as demand for skilled workers greatly exceeds the supply. During this recession, many professionals left their profession, changed careers or started their own companies hence further reducing the supply of skilled workers.

Companies that behaved unprofessionally toward job seekers during the past few years will now suffer the consequences of their actions. "Job seekers have very long memories" and "What goes around, comes around" are sentiments that will now be felt by most corporations. Job seekers with in-demand skills and good interview skills will enjoy renewed success and leverage.

- Michael R. Neece
CEO Interview Mastery