Besides fewer jobs, promotions also are harder to come by in the current economy. Whether looking for a new job or wanting to move up in a current one, it is important to understand the pressures on organizations to meet their talent and bottom-line needs in a tough business environment.
For individuals in the job market or wondering about the vagaries of a company’s promotion process, be sure to read two articles in today’s New York Times. Eilene Zimmerman’s Career Couch provide answers to many questions dealing with the promotion process. I almost hesitate recommending that job seekers read the lead story in the Times’ business section since it paints a dismal picture of the current job market. Bottom line, the ratio of job seekers to job openings is now six to one.
According to the latest numbers from the U.S. Labor Department, only 2.4 million full-time permanent new jobs were created while 14.5 million people are officially unemployed. Earlier this year, I recall economists predicting this would be the scenario — the economy would begin rebounding while job numbers would remain soft since companies want to make sure the turnaround is real.
Whether you are seeking a job or just got passed over for a promotion, don’t let this information depress you. Use these insights to help focus your career goals. Fortunately, most experts believe the recovery is under way. Keep the faith.