Half of Laid-Off Workers Find Jobs
Despite it being one of the most challenging hiring environments in the nation's history, 41% of workers who were laid off from full-time jobs in the last three months reported they found a new full-time, permanent position while another 8% found part-time work. This is according to a survey from CareerBuilder that included 807 workers who were laid off from full-time jobs within the last 12 months. The survey was conducted between February 20 and March 11, 2009.
"This is encouraging news for the 3.3 million workers who have lost their jobs in recent months," says Brent Rasmussen, President of CareerBuilder North America. "It's going to take longer to find a job in today's market, but there are opportunities out there in key areas such as healthcare, government, education, sales and technology. It's important to devote five hours or more to your job search every day, check online listings, talk to recruiters, join social networking sites - use all the resources you have available to you."
Comparing Gender and Age
More men than women who were laid off in the last 12 months were able to find full-time employment - 59% of men compared to 49% of women. Comparing age brackets, workers ages 35 to 44 were the most likely to find full-time jobs after a layoff at 68%. Workers ages 18 to 24 were the least likely at 41% followed by 46% of workers age 55 and older.
Severance and Long-term Savings
The financial implications of job loss were significant for affected workers. Of those workers who were laid off in the last 12 months, only 32% received a severance package from their employers. Sixty-nine percent reported the severance sustained them for 2 months or less. One-in-four said it sustained them for less than one month. Forty-five percent of workers who were laid off in the last year had to tap into long-term savings as a result of losing their jobs.
Impact on Pay and Hours
Workers reported taking pay reductions and adjusting hours to keep a steady paycheck. Nearly half of workers (49%) who were laid off in the last 12 months and landed new positions took a job with less pay; 15% were able to negotiate higher compensation. One-in-five (20%) took a job with less hours while 12% took on more hours.
Relocating
Workers said they are expanding their job search beyond their own backyard. Thirteen percent of workers who were laid off in the last 12 months and found jobs relocated to a new city or state. Of those who are still looking for employment, 39% reported they would consider relocating for a job opportunity.
Transferring Skills to Other Industries and Fields
Workers reported they are repackaging their resumes for new areas of employment. Thirty-eight percent of workers who were laid off in the last 12 months and landed new positions said they found work in a different field from where they were previously employed. Seventy percent of these workers said they really enjoy the new opportunity. Of those workers who are still job hunting, 44% are looking for work outside of their profession.
Starting a Business
A highly competitive job market is motivating some workers to be their own boss. One-in-four workers (25%) who have not found jobs are considering starting their own business.
Article courtesy of Kennedy Information Recruiting Trends providing leading edge insights and strategies for the recruiting professional
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