What Future Market Conditions Mean For You
Recently I was reading through Kiplinger’s Economic Forecast. An interesting statistic was presented – that unemployment was expected to continually fall in 2015 and likely beyond. A correlated statistic is that consumers are spending more. The GDP is expected to grow at 3.3% a clip from 2.4% in 2015. With opening positions and lower energy prices, what could this mean for you?
- More Opportunities – People are spending more, companies included. Short term and long term positions will open up once a company realizes how much it can spend.
- Save – For every upturn there will be a downturn. Use this time of ‘safety’ to save as much as you can. Larger companies tend to work in extremes. After spending excessively in the second quarter, major companies cut spending in the third, only to utilize the remaining part of their budgets in the fourth. Save while your income is coming in; that way, should you be included in downsizing or layoffs, you will be prepared for a period without income.
- Advance Your Career – Positions are opening up. Maybe now is the time to make your next move. Most people worry about just having a job, but take the opportunity to advance.
- Hire People – Why not create a position that decreases your administrative work? Creating new positions is a benefit to you and the economy. Now, you can focus on the work for which your company wants to utilize your thoughts and leadership. Depending on the nature of the work, hire an entry level person to assist you. Some fields, however, will need an experienced administrative assistant to aid in the execution work.
- Utilize Freelancers – If the job forecast remains constant, hire available temporary or freelance workers instead of creating a permanent position. Your project might only require a few months of work to replace an employee on maternity or sick leave. Your company’s success and diligence contributes to the employment rate. Your employed consultant or freelancer leads to confidence in increased employment, while your company covers its absent resources.
The statistics above are all projections – nothing is definite. Not all industries are experiencing universal growth. Importers, for example, may lose sales based on the stronger US dollar. Remember to be conservative with your personal funds, be on the lookout for jobs in your field (even if you like your job), and keep up with current events in order to maintain your professional and financial security.
Patrick Coughlin is a Marketing Analyst at Consultants 2 Go.