Where Will the Jobs Come From in 2010?
A number of economists have begun to focus on signs of an economic recovery. The questions most commonly researched by these individuals focus on who does the hiring and where do the jobs come from. If you can tell which types of companies help us through a recession, it’s easier to monitor the growth of these types of companies.
The common answer to these questions points to young companies. Firms that are between one and five years old tend to produce the most jobs and are the best chance of recovering from the current industry down turn. For instance, in 2007 12 million new jobs were created. Of these over 8 million were created by young companies. This pattern has held consistent at the end of every recession going back to the end of World War 2.
How does this impact my job search?
First, it means that one of the best ways to get a new job is simply to create one. While you’re on the bench or hunting for a better job, why not try starting a new company of your own. If you can balance the challenge of a new company and a job hunt, this may be a worthy effort.
Second, if entrepreneurship is not for you, get to know your local entrepreneurs. Young companies are not always able to pay the same salaries as Fortune 500 companies, but they do have legitimate needs for talented people. Plus they are more likely to have an opening than larger organizations. Most importantly, small companies tend to hire friends meaning the openings in these firms will not be heavily marketed and therefore will not be highly competitive.
Regardless of your approach, reach out to your local entrepreneur community. Extending your network into this area will definitely have long term rewards in your job search.
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