The economic news is that the decline is slowing, and we may be stable and looking for improvement in the overall economy next year…but who knows? The most important sector of the economy for most people is the job market, and the news isn’t comforting.
According to a survey conducted by the Society for Human Resource Management, one third of HR professionals have some level of concern about the job market in the U.S. for the last of 2009, and other sources don’t expect it to be any better in 2010. The National Association of Business Economics survey found that more than half of the 44 economists surveyed don’t expect the lost American jobs to be recovered fully until 2012.
The SHRM Survey found that white-collar employees have particular cause for concern. With one in seven U.S. organizations planning to reduce staff, they are targeting a higher percentage of managers and professionals (double the percentage of any other employee group). These people represent a lot of talent and experience, and hopefully will be able to hang on until things improve – as their skills will surely be needed. There is a tendency among employers not to add jobs even though there might be a short term need, to prevent having to lay off again in the uncertain economy.
In New Mexico the government sector has taken an economic hit and consequently is cutting staff and tightening the budget. Some companies are laying off, and many are reducing their work week in order to avoid layoffs. Benefits are being cut in almost all sectors in the coming year which has huge long term effects, especially for those nearing retirement age. Ironically one of the difficulties new and growing businesses in New Mexico have faced in the past has been the need for an experienced workforce. Now there’s an abundance of talent looking for employment and not enough opportunity. We’re a fairly creative state, so let’s get to work and get these good people back on the job.
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