Surviving the Deteriorating Global Job Market

Surviving the Deteriorating Global Job Market

The global job market is deteriorating. You might want to ignore it, but it won’t do any good. This is the harsh reality that all of us need to accept and move ahead with a properly focused strategy to ensure that we don’t succumb to the waning job opportunities. According to the ILO, global unemployment is expected to rise to 212 million in the years to come. This is just one aspect of the problem. There are several other important aspects that need to be considered in order to understand the true extent of the problems that are currently upon us as well as the ones that we might face in the upcoming years.

Unemployment issues are two sides – one involving the economic and commercial sector where the factors may not be in the control of the job applicants, and the second one involving the lack of effective job application resources which prevents candidates from taking advantage of the opportunities that come their way. The latter can be worked upon by using the right career resources and ensuring that the recruiters are presented with the required information with which an applicant may increase his / her chances of being selected for the respective job.

The Rising Unrest in the Global Job Market

The Rising Unrest in the Global Job Market

The ILO has shared that the deteriorating job market will give rise to immense social unrest brought about by the increasing income inequality and high unemployment rates amongst the youth. The factors affecting both of these aspects may differ from region to region, but it is causing similar results across the globe. If the social unrest is not curbed in time, then it could pose a serious risk to the harmonious working environment in organizations and it would definitely have a negative impact on the economy as well.

A slowdown in economic growth will cut off more jobs this year with the major part of this impact being faced by the youth who would have to fight it out against the financial crisis. ILO Director General Guy Ryder said: “More than 61 million jobs have been lost since the start of the global crisis in 2008 and our projections show that unemployment will continue to rise until the end of the decade. This means the jobs crisis is far from over so there is no place for complacency.” The insurgence of the financial crisis may have ended years ago, but the impact can still be felt today.

Comparison of Unemployment Rates in 2015 and 2019 (Source: ILO)Comparison of Unemployment Rates in 2015 and 2019 (Source: ILO)

04-11-2015 PM 01-59-49Unemployment in different regions around the globe (Source: ILO)

04-11-2015 PM 02-00-29Prospective sectors that will create the most jobs (Source: ILO)

According to the ILO’s report, World Employment and Social Outlook – Trends 2015, more than 212 million people will be out of work with little or no work opportunities by 2019. The situation is much more serious than our anticipation. The rising unemployment levels will also cause less trust in the Government. Problems with employment will also have an impact on the education sector because the pay trends won’t be able to match the improvements in educational qualifications.

What Can We Do To Overcome the Challenges?

What Can We Do To Overcome the Challenges?

The government is doing its part in resolving some of the major challenges affecting employment. However, it is not enough and as per the current stats, it could take a long time before noticeable changes are seen. These factors are beyond our control so there is no use spending our time contemplating about it. The best thing that can be done by the candidates is to strategize their job hunting efforts and come up with professional resumes, cover letters and LinkedIn profiles so that their chances of being selected for jobs is increased significant.

Eminent entrepreneurs like Siddharth Rajhans have professed the use of professional resumes for increasing the chances of securing the dream jobs. A professional resume helps a candidate to present his or her skills in an appropriate manner which could make the candidate desirable for the job being offered. This could even overcome certain caste issues as the organization would definitely want to take a skilled candidate instead of going ahead on emotional biasness. Moreover, the resumes do not carry any identification of caste unless the recruiter is familiar with the common surnames that belong to a particular caste. So this gives a better chance to the candidate to get selected.

The problem is that most people do not know the right way of preparing the documents. Everything needs to be done professionally because the organizations of today operate in a global environment and they uphold professionalism more than any other factor. This is why you should focus on coming up with the right set of career resources and make use of online portals for targeting jobs successfully. With this approach, we overcome the employment gap to some extent instead of focusing excessively on factors that are beyond our control.

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