The September job market report is in and although late because of the recent government shutdown, it gives us some insight on the employment conditions in the company. And to be honest, it seems like getting a job now is not as promising as we hoped it would be.
CNN.com released an article that discusses the report released by the Department of Labor. Apparently, the employment rate in September went down compared to the statistics in August 2013. From 193,000 jobs, only 148,000 jobs were generated last month. That means hiring slowed down.
This is still good news because unemployment rate also went down to 7.3% – a figure that the report said to be encouraging. However, we are still left with 11.3 million Americans who are looking for work. This is still a disappointing report for economists who finds it to fall short of expectations.
You can just imagine how new graduates are feeling right now. With looming student loan bills due to come in a few months, credit card statements and other daily expenses that has to be financially supported, they are running out of time. They need to seriously focus on getting a job despite this not-so-promising market.
How to increase your chances of being employed
If you really want to demolish your student loan and any other debt that you may have, you know that getting a job will help you accomplish that. You only have 6 months since you graduated to be employed before you need to start paying off your student loans. With that time pressure, it could get a bit stressful as you try to look for a job.
Here are some tips that you can use as you work on getting employed.
Plan your employment career. With the current employment conditions, you may want to give some thought to the industry that you will be joining in. You don’t want to just grab the first job that you will see and then shift careers the first chance you get. This is what some desperate graduates do. They settle for a job they do not really like just for the sake of getting a job. Then, they feel miserable as they wait for an opportunity to pass their way. Well here’s the thing, sometimes, it takes a very long time for these to come your way. Do you really want to be miserable? We are not saying that you should be very picky – but you must choose a job that you can do for a long time.
Do your research. More than liking your job, you also have to find an industry where your skills are most valuable. This will help poise your salary growth. If you are good at doing something, you wouldn’t mind working harder to improve it and that will give you more leverage to ask for a higher pay.
Check the statistics. Take a look at the statistics from the Bureau of Labor Statistics. You want to make sure that the average income range of the industry you will be entering can afford the lifestyle that you want to have. If not, you may want to look into another industry or simply lower your lifestyle.
Don’t focus too much on your specialization. Try to broaden your search by focusing on your skills and not your degree. For instance, a nurse is not only limited to hospitals or private clinics. Some corporations have in house clinics and your services may be required there.
Although you want to get a job that is in line with what you are passionate about, but this is not always possible when we are just starting. You need to learn how the corporate world operated first before you can start exploring other options.
What to do while you are still waiting for a job?
As you are working on your resume, doing your research and trying to impress employers in your job interviews, you will find it a challenge to survive your debt despite unemployment. But while it is hard, it is possible. Here are some tips that will help you through this trying times.
Get an in between job. This is a temporary job that you will have to go into as you are trying to break in the corporate world. If you had a part time job back in college, continue with that as you are looking for a job. Or you can find an online job that will enable you to earn at night while you search for a job during the day.
Lower your expenses. If you are still living on your own, you may have to cut back on a lot of your expenses – at least, if your parents have stopped supporting you. But even if they still do, save as much money as you have to prepare for the payments that you have to make once the 6 months grace period is over in your student loan debt. Live a frugal life until you are earning more money.
Opt to move back with your parents. One of the best ways to survive your after college experience is to just move back in your parents home. You get to live in your home for free and you can put more money aside this way. You may have to contribute a bit but it will not be as great as having to live on your own.
It is important for you to practice the right financial management skills at this point. You want to make sure that even if you start earning from a day job, you already have the habits that will help you manage your money wisely.