October 2018 Jobs Report: Continued Good News for American Workers Despite Election Jitters and Interest Rate Hikes
SAN ANTONIO, Oct. 31, 2018 /PRNewswire/ -- On Friday, November 2, the federal government will release the national unemployment statistics for October, confirming the continuation of the lowest unemployment rates in almost half a century. This comes despite a roller coaster-like stock market, midterm election jitters, two devastating hurricanes, and interest rate hikes by the Fed.
The tight job market is finally pushing up wages, although by a small percentage. And the higher Quit Rate shows that Americans are more confident in leaving their jobs for better- paying positions than they were a year ago.
Diane Huth, The Accidental Career Coach, explains what this means for employees today. "Now is a great time to get focused on upping your game and either getting a promotion in your current job or finding a new better-paying job. This is especially true for workers who took a less-than-desirable job a few years ago when openings were tight and may have settled for a lower salary that is competitive today."
Huth explains that workers can achieve a pay increase of 15 to 30 percent by changing companies to gain a promotion, while remaining in their current job will garner a much lower annual increase of 3 to 5 percent on average. But that does not necessarily mean workers should change employers, Huth says. Instead, they should consider pitching their company for a promotion, or at a minimum, a lateral transfer that will allow them to earn that double-digit pay increase.
Huth urges all workers to gain new marketable skills, credentials, or certifications. They should not depend solely on the college degree they earned years ago.
According to Huth, "Earning certifications or badges can be done fairly quickly and cost-effectively. Start with your own company and check with Human Resources to see what training programs you qualify for. Most large companies offer tuition reimbursement of up to $5,000 per year to current employees pursuing degrees or certifications."
Professional associations frequently offer industry-recognized certification programs at a reasonable cost to members – often just a couple hundred dollars. Local community colleges also offer a wide range of affordable certifications, which your company may pay for.
Huth says, "A formal course of study in your field will signal to your employer that you are looking for advancement and that you expect a raise or promotion. Make sure you express that expectation at an upcoming year-end performance review."
And for workers who have been unemployed, or decide they want to change jobs now, this is the best time to find a great new job. According to Huth, "Start by updating your resume to reflect accomplishments rather than just responsibilities or activities. And add a Summary of Credentials section at the top which can be easily seen during the seven-second scan most recruiters will dedicate to an online job application." She encourages job seekers to build out a comprehensive LinkedIn page, utilizing many of the website's more than 25 different job search and career development tools. "LinkedIn is the #1 online job search resource for job seekers, used by more than 94 percent of recruiters to find and screen candidates, and should be your #1 job hunting tool," Huth notes.
Diane Huth, The Accidental Career Coach, is the best-selling author of career guides BRAND YOU! To Land Your Dream Job and REINVENT YOUR CAREER – Beat Age Discrimination to Land Your Dream Job. Find more information at www.DianeHuth.com.
Broadcast quality video and radio segments are available at www.DianeHuth.com/Media.
For more information, contact Diane Huth, (210) 601-7852; [email protected]
SOURCE Diane Huth
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