The “Obama Effect” on the Job Market is Still a Relative Unknown
61 Percent of Employed Workers Have Resolved to Find a New Job in the New Year, Despite a Bleak Economy
SUNNYVALE, Calif.,(RushPRNews) 01/23/09-As we enter the new year with an economy in the midst of a recession and unemployment at its highest level in more than a decade, Americans are understandably concerned about their job security, with one in three feeling anxious or very anxious about losing their jobs, according to Yahoo! HotJobs’ (Nasdaq:YHOO) annual December survey. However, these daunting prospects aren’t causing concern among the other two-thirds of the workforce, who are actually entering the new year intending to seek out a new job. Only 6% of those surveyed think that the Obama presidency will improve the job market immediately, with 25% of respondents unsure how the administration will impact employment opportunities.
Anxiety levels lower for older / “wiser” workers
Respondents to the Yahoo! HotJobs survey who are 55 and over were found to be the least anxious people in the workforce about job security, while workers between the ages of 26 and 54 had the highest levels of anxiety about the future of their jobs. These older workers are also 2.5 times more satisfied with their jobs than those younger than 45 years of age.
“The job market, not unlike the economy, ebbs and flows, and older members of the workforce are relying on that wisdom to bring them comfort during a particularly challenging time,” said Tom Musbach, managing editor of Yahoo! HotJobs. “Their experience can benefit job seekers everywhere as they face a market that is contracting now but will rebound over time. Meanwhile, staying focused on job-search basics — such as nurturing one’s professional network and keeping an updated resume – can help stem anxiety and prevent a career from stalling in 2009.”
Younger workers searching for jobs in the New Year
Among workers 54 and younger who indicated they are slightly to very anxious about their job security, 73% of them say they are doing something about it, which may include networking, updating their resumes, applying for jobs and exploring a career switch. While nearly 30% of them are broadening their skill sets, just over 10% are posting their resumes on job boards.
“There is no silver bullet for people who are concerned about their job security so they should be employing a broad range of job-search best practices to ensure finding the right next job,” said Musbach. “A successful job seeker will do more than just apply for jobs found online. It’s important to talk to people in your personal and professional network about opportunities that may not be found online and to post an updated resume on job boards so recruiters can find the candidates they are looking for. After all, what was once a job seeker’s market is now an employer’s market, so it’s best to play both offense and defense.”
The “Obama Effect” on jobs
As we near the inauguration of Barack Obama as our country’s next president, expectations are high for change overall. As far as his impact on the economy and the resulting job market are concerned, respondents to our survey are realistic as to how quickly change will come. Of all respondents, 21% believe that President-elect Obama will lead us out of the difficult economic situation but it may take time; 29% believe it will take many months for the economy to recover, regardless of who’s in the White House; 15% believe Obama’s policies will put us into a deeper recession; 6% believe Obama will help improve the job market immediately and 25% say they don’t know what impact the new president will have on the economy or the job situation.
Workers in manufacturing/operations are most anxious about job security while healthcare workers have the lowest anxiety levels
Healthcare workers among the respondents to the survey were found to be among the least anxious about the future of their careers, with 6% of respondents indicating they are anxious and no respondents indicating they are very anxious about their job security. Slightly more anxious than healthcare workers are those in government and military jobs, with 8% saying they feel anxious, and education/training workers, with 2% saying they feel anxious and 5% indicating they feel very anxious about the security of their jobs.
Workers with higher levels of anxiety, according to the survey, are workers in manufacturing and operations jobs, with 27% indicating they are anxious or very anxious about their job security. They were joined by people in the construction and facilities (23%), retail (21%) and technology (20%) sectors as the most anxious groups of workers in the country.
“Healthcare is a recession-proof sector, and one that is growing, making workers more confident in their futures,” Musbach said. “Positions in this strong section of our economy are not limited to those requiring professional medical degrees, so people with all types of work experience should investigate the jobs that are available within the healthcare industry.”
The Job Sectors hiring now
A list of companies that have the most job openings on Yahoo! HotJobs going into the New Year shows that the hottest sectors for hiring are healthcare, technology, telecommunications and retail/sales. The list, the HotJobs 100(http://hotjobs.yahoo.com/HotJobs100), is published quarterly by Yahoo! HotJobs. It gives job seekers starting points for their job searches with companies that have the most job openings currently available, showing that there continues to be availability of new jobs around the country if one knows where to look.
The company has also published the list of cities with the most job openings now, which includes Houston, Atlanta, New York, Los Angeles, the San Francisco Bay Area, Dallas, Phoenix, Denver, San Diego, St. Louis, Washington, D.C., Philadelphia and Boston.
About the Survey
Data was collected from more than 940 office professionals in the United States via an online survey questionnaire across the Yahoo! and HotJobs networks. Respondents to the survey represent all 50 states. Nearly 60 percent of respondents were male and just over 40 percent were female. The results reflect only the opinions of the professionals who chose to participate.
Yahoo! Inc. (Nasdaq:YHOO) is a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! is focused on powering its communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. Yahoo! is headquartered in Sunnyvale, California.
SOURCE: Yahoo! Inc.
Yahoo! Corporate Communications
Emily Fox, 408-306-4747
Bahareh Ramin, 310-907-2931