The year 2020 was one for the books. It started off strong, but by February, the job market looked shakier by the minute. Unfortunately, 2020 saw considerable jumps in temporary unemployment and furloughs while also exacerbating existing shortages and skills gaps in healthcare industries.
Unfortunately, the job market will likely be just as turbulent next year. Here’s what anyone on the hunt for a new role should know about the prospective 2021 job market.
Unemployment Will Continue to Grow into 2021
Let’s get the bad news out of the way first. Unemployment will continue to climb to 10% in OECD countries like the U.S. by the end of 2020. The OECD doesn’t predict a recovery to 2019 numbers until at least 2022.
While the figures will almost certainly be lower than their peak in 2020, the job crisis will still likely have an outsized impact on:
- Young people new to the job market
- Low-paid workers
Part-time, self-employed, and temporary employees will likely continue bearing the worst effects of the economic turmoil.
The Congressional Budget Office (CBO) has similar projections: the CBO predicts that the unemployment rate will be 5.1 points higher at the end of 2021 than in 2019.
Strategies for Coping with a Slow Restart
Unfortunately, it is more vulnerable workers who will bear the brunt of the economic downturn. None of this is the workers’ or employers’ fault, but placing blame doesn’t guarantee you an income.
In addition to lobbying for policies to protect workers during this period of downturn, there are a few things you can do to help prepare yourself for the return of the job market.
One option for workers is to retrain in your career or to refocus using your transferable skills. If your industry is struggling to return, then gaining new skills or seeking out work in other areas are two options available to you. Don’t forget to look for grants, apprenticeships, and local programs aimed at helping people in your area find work.
Another option for workers and employers is to find new allies. Recruiters and staffing agencies offer helpful connections between employers and workers. If you’re struggling to get through the door or determine next steps, you’ll find help and advice from professionals who work in the field.
Work Together with Staffing Experts to Manage 2021
The next year will be difficult for those looking for employment, but it’s important to remember that you don’t need to go it alone.
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