The Job Market Recovery and Alphabet Soup

Since getting laid off, I've had to replace my regular professional work-life routine with other stand-in activities. For example, rather than listening to voicemails from overseas first thing in the morning, I now listen to local business radio. What these business pundits have to say is actually wittier than my old voicemails, so that change of pace has been good. The radio shows also invite many guests from the business and economic communities, providing a variety of opinions coupled with factual economic reporting.

Encouragingly, the jobless numbers issued this past Friday reported that the July unemployment went DOWN to 9.4% from 9.5%. While a 0.1% decline is very small, many economic experts had predicted it would reach 9.6%. So the trend downwards against all expectations is the heartening part. And while reporting the statistical facts is fairly cut and dry, the amusing part is the ensuing interpretations of what it means for all of us seeking jobs.

So far, descriptions of the economic recovery have resembled alphabet soup. Some key business individuals are saying it will be a “V” recovery. Others point out that an “L” is the likely lackluster trend out of this recession. Still other economic gurus are advocating for a “W” bounce back in the coming months and next year. And even other folks are talking about a little “v” recovery or a small “w” outlook. “U” and “u” are also potential options. After several mornings of listening to such reports while driving to my local library for computer peace and quiet, I felt as if I was about to eat an "mmm, mmm good” bowl of soup. Don't get me wrong, I do love soup -- even on hot summer days.

With the shape of each letter, these businesspeople are adding their own coloring to the meaning of the recovery for those out of work. Obviously, a strong and quick “V”-shaped recovery for the job market is what an individual such as myself is hoping to experience in the near term. Regardless of which letter the economic turnaround actually resembles come recession’s end, there seems to be a fairly common sentiment amongst the business/economic wise sages: The job market and the approach to finding a job will never be the way it was. This is neither good nor bad, but simply is, and you have to adjust to the change dynamically or be left out longer in the cold unemployment tundra.

One example of this shift is that many of the job postings out there have lengthy lists of job requirements rather than a general "come be a valuable team player at our great organization." I've been told multiple times that my application is dependant on very closely matching these requirements. One technique I use to create a matching view for the employer reading my application is to craft my cover letter in a T-bone format. In essence, I put the position's points in the left column and match them to my strengths/track record/capabilities in the right column. I begin the cover letter with a strong opening and end with a compelling closing to make the T-bone.

Another projected change is that many firms will further streamline the pay and benefits to their rank-and-file still employees and offer less (much less, in many cases) for starting salaries. Many of my fellow colleagues (also downsized) are reporting positions in new firms at 40% of their previous salaries, which were already below the industry norm at layoff time. That causes a lot of "X"-cess acid and other stomach distress.

Regardless of all the hype, anti-hype and assorted letters of the alphabet, I believe the employment outlook will certainly brighten and perhaps slightly recalibrate itself to an overall more robust economy for everyone participating. And, God willing, may we all never have to endure another "alphabet soup" recession.

How do you feel about the recent economic news reports and the trends? Any favorite letters?

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