Benefit Consultants Blog

Unemployment, Layoffs, Closings

The month of November 2008 reported layoffs in the United States of over 1.8 million.People are finally realizing that there is no such thing as job security. We hear it in the news every day of stores closing their doors for good, like Wilson Leather, Sharper Image and J.Jill, to name a few.  

Tough Times Ahead For Many Companies

Declining sales forced Circuit City into Chapter 11.And there are many other companies cutting back, and closing their lower performing stores.This effected stores like Lane Bryant, Eddie Bower, Starbucks, G.A.P., Foot Locker, JC Penny, Zales, K.B. Toys, Dillards, Sprint, Nextel, Home Depot, Lowes, Anne Taylor, Macy’s, Disney, Ethan Allen, and this list never seems to be ending. 

We also hear on the news what’s going on in Wall Street day after day. Nearly 19 trillion dollars have been reported lost in the stock market, through the end of November. People have reported losing half of their “portfolio” because of this. The economy is in very bad shape right now, and will be for quite a while, leaving people in a transition period, not sure where to turn.

Help Through The Recession

We are in the middle of a recession.  People are needing help.They’re needing a solution to their problem, their financial problem.As an internet marketer, I will be honest and tell you that what I do is hardly suited for everyone.You have to be a self-starter, motivated, have a positive attitude, good communication skills, and willing to work “outside the box” at times.Without all of these qualities, you could to fail.And I wouldn’t recommend that you invest in your future, in this manner.

Some people can’t get by the fact that they won’t be earning an hourly wage.But instead, you now determine the amount of your paycheck by your determination and work ethic, with the sky as a the limit.  To the person willing to learn, and take directions from leaders, instead of waiting for a possible callback on that next potential 9 to 5 job, you may want to take another look at an internet marketing opportunity.

Job terminations and layoffs are becoming a prevalent new item due to current economic conditions. Companies that were the bulwark of American stability, are now becoming shaky and unreliable. The days are over as to when a person could be employed by a company and count on working at that job with the same firm until retirement.

Now, more than ever we are seeing headlines illustrating more and more job losses and layoffs. A very big problem occurs when, once one is terminated from a job, time must be taken to look for a new position. It is usually a full time endeavor to pursue a new career. You have many tasks when searching for a job, such as updating your resume, interviewing, following up and constantly staying organized. All the while you still must meet your monthly obligations in order to maintain your lifestyle and protect your credit.

One strategy is to purchase a job loss insurance protection policy. Up to this point, this type of protection in the United States was only available through a mortgage company when you purchased your mortgage. Now this type of plan can be purchased on an idividual, stand alone basis. Unemployment benefits can be paid up to the amount of $1,500 for a period of four months. The cash benefit is received in addition to regular state unemployment benefits.

There are certain restrictions that must be met such as a four month, “active at work” clause, and you have to have been terminated for more than 30 days before benefits can begin. Also, you must be a W-2 employee, not self-employed. Even so, this plan is a necessary component in any financial forecast. The funds can be used for any purpose that is necessary, such as mortgage payments, bills, car payments, groceries, etc.

Note the following statistics:

1. The average length of unemployment in the United States is 16.5 weeks, according to figures from the US Labor Department and Training Administration. Also, according to government statistics.
2. The chances of a person becoming unemployed during his or her working lifetime is 90%.
3. The average weekly State Unemployment benefits amount to only $299, while most families have expenses that are 2 to 3 times that much. 38% of Loan Delinquencies and Home Foreclosures are caused by unemployment, according to a 2007 government study.

It really doesn’t matter what firm you work for anymore, in that we are living in such a volatile economic environment, just about anything could happen. Who could have forseen a situation where such companies as Ford, Chrysler, and General Motors would be in such financial distress? Situations such corporate downsizing, mergers, takeovers, companies going out of business, and mass layoffs are beginning to occur quite frequently, which could possibly affect you in a major way. In many cases situations come upon us from out of the blue, and we are really not aware of them until we are in the middle of the storm.

The prospect of dealing with the stress and focus of applying for new work while, at the same time, having to deal with financial turmoil, could seriously affect your attitude and demeanor while interviewing. This stopgap measure, is a must for consideration in your overall planning for your financial future. 

College life is fun. Many people would even say that it is in college that they had the best years of their lives. So, when college ends, there is that part of you that does not want to leave. But, at the same time, there is another part of you that feels excited to finally enter what “grown ups” call the “real world”. So, put on that professional image and wear your nice corporate attire. Go and conquer the interesting field of job hunting.

New graduates experience a roller coaster emotional stir up when job hunting. On one hand, you feel excited and hopeful. The idea of landing your dream job is what inspires you to get up in the morning, spend time on your application materials such as resumes and cover letters, and attend interviews. On the other hand, fear and confusion also set in. Questions like, “Is this right for me?” or “Do I really want this job?” lingers around in your head. You also fear about being rejected by the companies in your top list to apply for and end up getting a job you do not really want. Having all these emotions bottled up inside is certainly consuming. That is exactly the reason why you would want your job hunting stage to be as brief as possible.

Over the past year or so, the news has kept us updated on the growing concern on the global economy. The situation has gotten worse than any financial expert and economic analyst have anticipated in our generation. The global economy has sunk in such an alarming and frustrating state that many businesses – both small scale and large scale – have been forced to shut down. Banks and even the most established financial institutions have either filed for bankruptcy or are in a struggling possition due to the economic problem.

It is times like this that you, as a new graduate, and the ones who are still trying to complete their education grow anxious about the future. With the economic turmoil, one cannot help but to jump into assumptions or conclusions that landing graduate jobs in reputable companies which offer a competitive compensation would be impossible to achieve. Fresh graduates who possess zero or very minimal work experience especially feel the pressure during this situation. Big and small companies are all now resorting to cost cutting. That being said, many of them would prefer applicants who already have experience in the job vacancy that they wish to fill as that would save them time and money that they usually spend on training.

Many companies from even the highest income generating cities currently have a no hiring period. That puts even more weight on the shoulders of new graduates. However, London is a city that does not feel the pressure of finding a job as much as other UK cities do. There are plenty of graduate jobs in London that you can try your luck on. London holds many offices and even some of the headquarters of the companies listed in the UK’s top 100 as well as Europe’s top 500. So, no matter what profession you wish to pursue when you graduate, you are sure to find a graduate job in London where you can start building your career on.

Among the best jobs in London that you can apply for are graduate marketing jobs. Because of its challenging and exciting nature, many people find marketing jobs appealing. The work responsibilities are widely varied, resulting in faster aquisition of knowledge and experiences that will help you grow personally and professionally. Some of the responsibilities include planning, advertising, public relations, product development, sponsorships and even market research. If you wish to try your luck out for graduate marketing jobs, you must take the time to study the qualities an employers would be looking look out for. Some of these qualities include comprehensive analytical skills, initiative, a creative flair and IT literacy.

Looking for a graduate job during the time of recession can be a tough challenge. What you can do at this time of global economic crisis is to explore your capabilities. Find out what your strengths and weaknesses are, and determine what it is you are cut out for. Our generation has redefined survival of the fittest. You must be armed with all your qualifications, skills and talents, and continuously develop them in order to survive.