If you are feeling a little distraught about the lack of hiring, you are not alone. The trend is very real. But when will things turn around? No financial wiz can look into a crystal ball and predict the future; however, some common sense prevails here. And there is some good news in that crystal ball. I’ve found 3 reasonably safe indicators for answering the question, “When will they start hiring again?”
There is an old saying from Marketing: “Perception is Realty.” And our perception as employees and employers must be that we feel secure about our financial situation before we will start buying again and employers start hiring again. What do we use to determine our perception of financial security? Answer: the value of our houses, the value of our stocks, and the unemployment rate.
The value of our houses: prices appear to be stabilizing. Pending house sales rose 3.6% in June. Things are still weak. Time to hold our breath.
The value of our stocks: the Standard & Poor 500 index is up 47% since March (the lowest point).
The unemployment rate: on 8/2, Allan Greenspan said “I’m pretty sure we’ve already seen the bottom.”
In the end we still only have our crystal ball. And our common sense and instincts. These later two suggest jobs will come back – not as soon as we’d like. But that the term “job security” will be a misnomer – how we view the employer-employee relationship will change. And we all know that old saying: “The only thing that never changes is change.”
What will the future of being a pharmaceutical or medical sales rep look like? Stay tuned – in future articles we’ll carefully examine what the future landscape may look like – and how you can capitalize on those changes to advance your career. Yes – change is scary. But, hey, think about the first time you rode a bike. Scary? A little. Thrilling? Absolutely.
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