Navigating the current economic crisis: A guide to surviving the job market

Navigating the current economic crisis: A guide to surviving the job market

by | Apr 17, 2023

Navigating the current economic crisis: A guide to surviving the job market

Key Points

  • As of March 2023, the Bureau of Labor Statistics reported a nationwide unemployment rate of 3.5%.
  • Well-known companies are conducting large-scale layoffs—in some cases, laying off tens of thousands of employees. 
  • The BETTER WORK program can help you take the next steps in your career to secure a better job, whether you’ve been laid off or you’re simply looking to move to the next level.

The COVID-19 pandemic has had a profound impact on the global economy, leading towidespread job losses and an uncertain future for many workers. As we continue tonavigate the economic crisis, it is important to understand the current state of the jobmarket in Georgia and strategies for finding and securing employment.

Times may be turbulent, but with the right mix of strategy, action, and support, it’s possible to find and keep gainful employment.


The state of the job market

The current economic crisis has impacted the job market in a number of ways, causing several industries to contract. Layoffs have been widespread across multiple markets. As of March 2023, the Bureau of Labor Statistics reported a nationwide unemployment rate of 3.5%. But with many companies announcing widespread layoffs, that number could potentially increase in the coming months.

Since January 2023, the tech industry has been hit hard by layoffs in a number of companies. The impact extended to household-name brands such as Meta, Google, Microsoft, Zoom, Netflix, Salesforce, and many others. Beyond tech, other well-known companies are conducting large-scale layoffs—in some cases, laying off tens of thousands of employees. Disney just announced 7,000 coming layoffs, while Amazon is cutting 9,000 more jobs in addition to the 18,000 jobs it cut in early 2023. Companies such as Goldman Sachs, H&M, Walmart, McDonald’s, Tyson Foods, NPR, and many others are also letting staffers go, in some cases by the thousands. 

Ultimately, white-collar workers are most likely to face layoffs as the impending recession looms. Most blue-collar jobs are still hiring, though, so workers in those sectors may fare better.


Strategies for finding employment

Having a support system to come alongside you and help with your job search is invaluable. The BETTER WORK program can help you take the next steps in your career to secure a better job, whether you’ve been laid off or you’re simply looking to move to the next level. If you’re in the Gwinnett or Columbus areas, we’re ready to help! Learn more about BETTER WORK here.

Regardless of whether you face layoffs or not, it’s important to get prepared for the possibility of a job hunt. It’s far better to update your resume and refresh your network connections now, rather than waiting until it’s too late. Here are a few things you can do to boost your chances for landing new employment, should the need arise.

1. Assess your skills and experience: What skills and experience have you acquired over the years? What about transferable skills? Make an exhaustive list of your professional experience and transferable skills up to this point. After that, consider listing out what skills you might like to acquire in the future.

2. Identify in-demand jobs and industries: If you need to launch a job search, you’ll want to start with industries that are actively hiring. You can research specific industries on the Bureau of Labor Statistics website, but it’s also useful to check the pulse of the market by running searches on Google and staying up to speed on LinkedIn.

3. Network and leverage personal connections: It’s always important to meet new professional connections and keep in touch with existing ones, but now it’s more important than ever. Reconnect with professional connections and leverage your network to find new opportunities you might not come across otherwise. If you don’t yet have an account on LinkedIn, go ahead and get set up there, too. It’s a great place to showcase your skills, follow companies you’re interested in, apply for jobs, and keep in touch with professional peers.

4. Utilize online job boards and resources: There are plenty of fantastic resources online that you can use to find and apply for great jobs. Sites like CareerBuilder, Monster, Remote.co, Indeed, and FlexJobs are useful for finding strong opportunities. You can also apply directly to jobs you’re interested in through company websites.

“Having a support system to come alongside you and help with your job search is invaluable.”

“Having a support system to come alongside you and help with your job search is invaluable.”

Moving forward in the job market

Regardless of whether you’re currently job searching or preparing to do so in the future, it’s important to understand how to move forward in the job market. It’s also important to note that, according to Atta Tarki’s report in the Harvard Business Review, it’s “still a workers’ labor market.” That means, for many job seekers, the power is still in your hands. 

Don’t lose heart if you find yourself searching for new work in the near future. Embrace new opportunities and industries, cultivate and identify transferable skills, and get ready to pivot quickly if needed. Stay flexible and adaptable to changing market conditions, and plan for the future. When you remain open to new possibilities, you’ll have that much more control over your career trajectory.



 

Georgia is one of the top states for economic freedom

Georgia is one of the top states for economic freedom

by | Mar 7, 2023

Financial freedom - ATL

Georgia is one of the top states for economic freedom

Key Points

  • Georgia continues to be one of the most business friendly states. 
  • Georgia did not impose strict lockdowns during the pandemic. 
  • We believe that when the government refrains from heavy-handed intervention in the economy, everything from community life to poverty rates, job opportunities, upward mobility, and life expectancy will keep getting better.

Georgia is one of the most economically free states in the entire country, and that means more opportunity for our residents. That’s according to a new report from the Fraser Institute that tracks economic freedom in North America.

It’s clear that people across the country are realizing what a great place Georgia is to work and raise a family. According to Census.gov, Georgia is also among the top 10 most populous states in the U.S., and our population grew during the COVID-19 pandemic. We believe that our economic freedom is directly tied to this influx of new Georgia residents who moved into the state between 2021 and 2022.

The Fraser Institute report backs this statement. In the report, five out of the top 10 states for economic freedom are also in the top 10 list for population growth. Conversely, virtually all the states (roughly 17) losing population over the last few years are among the worst states in the nation for economic freedom.

“The truth is, the economic results Georgia has enjoyed over the past few years translate into our people’s wellbeing.”

“The truth is, the economic results Georgia has enjoyed over the past few years translate into our people’s wellbeing.”

A closer look at Georgia’s economic freedoms

Relative to other states in the U.S., Georgia has a low tax burden. This includes income tax and business taxes. Georgia also has a relatively low regulation on businesses and sole proprietors. 

Georgia’s economic freedoms were already in place before the COVID-19 pandemic, but they became more apparent during the 2020 lockdowns. The Fraser Institute’s study covered the first five months of COVID restrictions in North America, and it showed that many of Georgia’s economic improvements were the direct result of the lack of tight restrictions in our state. 

During 2020, Georgia didn’t impose widespread lockdowns or restrictions. We lifted those restrictions as quickly and reasonably as we could, given the situation. Without the burden of long-term, severe economic restrictions and COVID-related mandates, we gave people and businesses room to grow. 

 

The good life, with room to grow

The truth is, the economic results Georgia has enjoyed over the past few years translate into our people’s wellbeing. Our economic freedoms here directly impact the daily lives of people from all backgrounds. By virtue of the state government’s low level of intervention, our communities are positioned to continually improve over time. 

While economic freedom may not be experienced the same way by all (because the poor in a free state may not — and likely do not — feel very free), economic freedom generally means that even the poor benefit. That’s because, in free economies, there’s more charitable giving, more organizations who can help, and more job opportunities to help someone escape poverty for good.

Here at Georgia Center for Opportunity, we believe that when the government refrains from heavy-handed intervention in the economy, everything from community life to poverty rates, job opportunities, upward mobility, and life expectancy will keep getting better. We’ll draw people here who want to share in and enjoy those economic opportunities. And together, we can continue working toward creating a brighter future for our state and the people who live here.

Inflation continues to worry Georgians, groups say

Inflation continues to worry Georgians, groups say

by | Feb 22, 2023

In The News

Inflation continues to worry Georgians, groups say

Inflation will likely stick around for the foreseeable future, and the elevated inflation continues to worry Georgia businesses, groups said.

The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers increased by 6.4% over the past 12 months, higher than anticipated. Additionally, the Producer Price Index increased by 6% over the same period.

“After a few months of apparently cooling inflation, it’s obvious that inflation is proving to be sticky and will be around for quite some time,” Erik Randolph, the Georgia Center for Opportunity’s director of research, said in a statement. “The core problem is that the Federal Reserve’s goal is merely to reduce the rate of inflation, not bring down the high prices we are already seeing.

“That means the cost of essentials like eggs and milk will remain elevated,” Randolph added. “The impoverished, lower income Americans, and seniors living on fixed incomes will continue to suffer the most.”

Read the full article here

 

Year-over-year inflation rate now stands at 6.5%

Year-over-year inflation rate now stands at 6.5%

by | Jan 12, 2023

inflation

Year-over-year inflation rate now stands at 6.5%

Today the U.S. Bureau of Labor Statistics announced that the Consumer Price Index (CPI) dropped 0.1% in December, meaning the year-over-year inflation rate now stands at 6.5%. The Bureau also released the 2022 annual average price level, which was 8% higher than 2021.

The Georgia Center for Opportunity’s (GCO) take: “We keep seeing positive headlines about the inflation rate, but that good news is lost on average Georgians who are continually pinched on the cost for everyday necessities like groceries and gas,” said Erik Randolph, GCO’s director of research. “Although there was some positive news in the December numbers, it’s important to keep in mind that core inflation remained elevated, including for food. If policymakers in Washington truly want to help the most economically vulnerable in our country, they must return to fiscal sanity and rein in the spending. Federal Reserve Chairman Jerome Powell remains steadfastly committed to bringing down inflation, and hopefully the change of political leadership in the U.S. House will mean more responsible federal spending. The policy goal should be to repeat the general decline in prices as what happened in December so the price level slowly comes back down. This will extend the opportunity of a higher standard of living for everyone, the rich and poor alike.”

Erik Statement
Inflation continues to worry Georgians, groups say

Welcome lawmakers to Atlanta for the opening of the 2023 session

by | Jan 9, 2023

In The News

Welcome lawmakers to Atlanta for the opening of the 2023 session

The Georgia Center for Opportunity issued the following media statement welcoming lawmakers to Atlanta for the opening of the 2023 session of the Legislature on Jan. 9.”We’re excited to see what the new session holds for our state, and we stand ready to assist lawmakers in passing an agenda that serves all Georgians,” said Buzz Brockway, executive vice president of public policy for GCO. “GCO has served our state for nearly 25 years, and has dedicated itself to expanding opportunity by helping increase access to quality education, fulfilling work, and healthy family life. We know that by addressing these critical barriers we can help pull communities out of poverty and expand opportunity to every community in our state.”As an organization, GCO stands ready to provide resources and education to lawmakers on the impact policies have on underserved communities and the opportunities available (and not available) to all Georgians. Here are three key area:
Eliminating benefits cliffs
    • Some workers find themselves torn between taking steps toward a more secure future, but ultimately forced into making decisions that traps them into long-term dependence on government benefits. These are known as benefits cliffs. We’ll be working to educate lawmakers on this reality and propose reforms to ensure all workers have the opportunity to climb the economic ladder. Learn more

Expanding educational freedom

    • We are still uncovering the extent of learning loss experienced by kids during the pandemic. We know that expansion of educational opportunityis a key solution to this problem. Passing Education Scholarship Accounts, or ESAs, will be a big step forward in helping all Georgia students achieve their full potential.

Promoting an anti-poverty agenda

    • GCO is part of the Alliance for Opportunity, a three state network of policy organizations built around furthering an anti-poverty agenda. We will be working with lawmakers to promote solutions to poverty that lift Georgians up into the middle class.