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Unemployment Risk Management In Today's Labor Market

People working in today's economy will need to utilize different strategies th

People working in today's economy will need to utilize different strategies than they would have in the past, as they cannot count on staying at the same position for 30 years, let alone the same company or industry. Individuals who are looking to stay on top in the current labor market need to continually sharpen their skills in order to remain competitive.

In a recent Proformative webinar titled "Career Insurance: Unemployment Risk Management" that occurred on July 13, 2012, Certified Five O'Clock Club career coach Moshe Kravitz covers various strategies that workers can use to stay prepared in the contemporary labor market.

Constant change

Kravitz noted that people should be prepared for a constantly changing labor market, in that the size of industries is in constant flux. He cited data from LinkedIn indicating that between 2007 and 2011, the number of positions existing in the newspaper industry shrank 30 percent. However, the number of employees working in online publishing surged by almost the same amount during the period.

Staying valuable

Employees need to continually make efforts to illustrate their value to their employer. In a world of economic uncertainty, job security is largely a matter of the past. In case a company announces layoffs, the most valuable workers will likely be the last to be let go. In the event that a person's employer announces such plans, the worker should want to be viewed in the best manner possible.

Learning new skills

People can benefit from learning new skills and sharpening their existing skills. Since there is such a wide range of skills that can be cultivated, an individual must pick those that reflect his experience, position and professional goals. The market expert references the advice of Peter Drucker, who has stated that people should invest their time and energy into the things that they are good at, as they will get a far higher return.

People can make themselves more valuable by improving their level of subject matter expertise and also by working on their "soft skills," which include such abilities as communication, the ability to present data in a graphically appealing way, the ability of managers to motivate their employers and work with top company officials to gain support for their initiatives. The market expert notes that educational institutions are emphasizing the teaching of soft skills more and more.

Networking 

People should engage in the process of continually building and maintaining networks. If they start working on this when it is too late, they will not have these contacts in place when they are needed. The market expert states that 80 percent of jobs are never advertised, so how can a person get one of these positions without networking?

Although there are varying estimates of what fraction of jobs are obtained as a result of the candidate networking, the consensus is that the majority of positions are gained through this method. A recent ABC News report stated that 80 percent of today's jobs are gathered through networking.

Kravitz stated that it is important for individuals to always be networking, even if they are convinced they won't need the gained contacts. A person who wants to network successfully should provide value to others, and offer himself as a helpful resource. After offering this value, following up is crucial.

Public profile 

The market expert stated that people looking for jobs need to build a public profile due to the changed nature of jobseeking. In the past, candidates would present themselves to employers. These days, employers look for candidates. The webinar refers to LinkedIn as a "shopping mall." Kravitz advocates getting involved in groups and obtaining recommendations.