Credit crunch to real economy – 1million migrant workers going home: job seekers need to look at their core competencies

The credit crunch is now leading to a severe downturn in the real economy, and creating severe problems for job seekers.

Firstly, we had the credit crunch. As a result of various bans not lending to each other, and a 40% drop in stock and equity values, Oxford Economics estimates that 194,000 jobs will go from the London markets in the next two years. The London borough of Tower Hamlets it estimates will be highly effected, with half of its 18,000 financial services employee residents made redundant out of a total workforce of 38,000

Secondly, we had the downturn in the housing market. Effectively recruitment in the construction industry is non-existent, while the estate agent sector is now suffering.

And now we have the result on the high street, resulting in spending on the service food and clothes sectors down turning, and UK plc heading for an inevitable recession.

Where will this end, where will this turn – and is there any hope of employment?

The answer for the job seeker is to follow the Boy Scout’s motto, and BE PREPARED, and hence be flexible.

The first up turn has been in HR services. With so many people being reviewed, there is a UK national shortage of HR specialists. This in turn has led to growth in the insolvency and financial restructuring sectors. And all this pressure, plus the rise of 50% alone in the Polish Zloty in the past 18months, has led to many Eastern Europeans going home – an estimate of 1,000,000 over the next two years, with 250,000 already gone. This leaves spaces in the service sector unfilled

What does this mean for the unemployed or the job seeker? If for instance you are a financial services professional, the conclusion of all the data is that financial services jobs will not becoming back soon in the same volumes. To find new employment quickly and at a higher ratio, you need to think about your transferable competencies which could be transferred to another sector. Sales, HR and finance skills are the same sales, HR and finance competencies in any sector, not just financial services.

Please, in this financial downturn, and if faced with unemployment, think about your transferable skills. Your chances of employment just by doing so will have risen by three fold.

Good Luck!