In a down economy, the unemployment rate typically ticks up as the availability of professional jobs tick down. This is often referred to as an "employer's" market, as opposed to a "candidate's" market. Simply put, a surplus of candidates allows employers the flexibility to be more selective in the hiring process and to negotiate salaries at lower levels. As reported by the Department of Labor last week, the national unemployment rate for the month of July was 5.7% and the rate was 7% for the state of California. Shockingly, the unemployment rate for San Bernardino County was 8.3% and 9.5% for the County of Riverside. Los Angeles and Orange Counties ranked a tad better.
Contrary to popular thought, the ranks of the unemployed in our region are not filled with real estate agents, mortgage brokers, financial services and retail industry folks in totality. Many of the unemployed represent a broad spectrum of professional positions across multiple industries. Also, peeking into the job market are employees that have become either disenchanted or disenfranchised in their current roles and are passively in the market searching for new opportunities. Let's pause for a moment...it is also imperative that those currently employed have a strong personal brand and brand equity with management to ensure sustainability through downsizing events. In a down economy, value and brand equity are king as it relates to securing and sustaining employment. So, I ask you, "Do you really need a professional personal brand in a down economy? The answer is an astounding YES!
The bottom line is that employers desire and hire candidates with the most experience, relevant education and value for the organization. More importantly, employers negotiate higher salaries for employees that not only meet requisite requirements, but that also embody the essence of the position, are industry experts, have a solid command of competitive intelligence, are thought leaders and are well networked.
How do you stack up against your competition? What do you bring to the table, other than requisite or basic position requirements? If downsizing were required, why would your boss tap your peer on the shoulder as opposed to you? If you were downsized tomorrow, why would an employer select you over hundreds of other candidates? Do you understand that a professional personal brand is not a resume, but rather the embodiment of value that you deliver? What have you done recently to drive your competitive advantage? If asked, can you concisely articulate your value? Do you have a solid professional personal brand? These are critical questions that require your attention, particularly in a down economy. TLT Consulting Services specializes in personal brand development. Now is the perfect time to discover the power of your personal brand!
Until next week...
