Lehman Bros collapse will affect Job Market
The collapse of investment bank Lehman Brother s will put pressure on an already overwhelmed job market. With an estimated 25,000 people entering the job market worldwide and in particular in the US and the UK, new entrants to the job market may find it difficult to get a job in an already competitive market.
More than ever, employees will need to develop their job hunting skills and ensure that they have an edge over their peers and the ratio of employees going for jobs may increase with the added influx of so many people.
Sharon Alexander, author of Career Management and Job Hunting book Claim That Job believes that this is a time for employees to take stock of what they have to offer, “The credit crunch is now beginning to affect job security in key markets, and employees need to look at what they can offer a potential employer. It’s a time for all employees to take a step back and review their career path to ensure that they understand what is needed to survive in the current market..” She says that although employees may face stiffer competition for jobs from now on, it is possible for employees to give themselves an edge by understanding what is required to get the best jobs.
“In my book Claim that Job, I have focused very heavily on how employees can position themselves for success in any market by learning how to be the best in their field and play the game.” She believes that anyone, no matter how competitive the market, can push themselves ahead so that they have an edge over their competition. This is more important in the current climate as the market gears up for possibly more company bankruptcies as the credit crunch increases its stranglehold in key markets. The Bank of America saved another investment bank, Merrill Lynch from collapse with its purchase of the troubled bank and avoided a larger surge of unemployed people onto an already congested job market.
Although this current round of job losses has been in the financial sector, the impact will be felt in all industries. For employees without the knowledge of how to survive in these troubled times, the road could be a rocky ride and this is the perfect time for all employees to go back to the drawing board to look at how they should position themselves to stand out ahead of their competition.
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