Since the New Year started, I keep getting the same question over and over: “What’s on the horizon in 2016?”
And, the question makes sense. For years, the job market has been rocky. Between layoffs and high unemployment, the stress had been mounting.
Finally in the past two years, the unemployment rate has returned to levels that are giving us hope. In December, the Labor Department reported that our employment rate remained at five percent for the third straight month. In fact, 292,000 new jobs were added in December alone.
So, what’s on the horizon for this year? Well, my first prediction is that many folks who’ve been staying in jobs they hate will decide this is the time to look. There are finally new opportunities to apply to, and things are looking up.
Second, it will become more normal to stay at a job for three to five years. Past generations may have been uncomfortable switching careers, but it’s becoming more and more the norm. Younger generations are not only embracing it, but it’s almost expected.
And, with all the switching, the likelihood of someone working for the same company more than once is going up. Years ago, it was unusual to meet someone who’s worked at the same company more than once, right? But today, you can probably think of multiple friends or coworkers in this exact situation. They’re called boomerang employees.
Then there’s the topic of money. Employers are continuing to offer internal employees small raises and are prompting them to look elsewhere. But, even more than money, employees are looking for work-life balance. Employers are hearing this message and are beginning to add or expand existing work perks.
Many companies are beginning to expand their maternity and paternity leave policies. Some are even allowing parents to work reduced hours without being penalized.
Other new or expanding perks include student loan debt repayment, and fertility and adoption assistance. More companies are also offering the Silicon Valley in office perks like free lunches, onsite laundry, a fitness center, and more.
But, the most exciting news for 2016 is that many of the Baby Boomers who’ve been waiting to retire are finally going to take the leap. This year alone, 3.6M Baby Boomers are scheduled to retire. What this means is that an estimated 25% of Millennials are slated to become managers this year!
As you can imagine, these are exciting times! For the first time in a number of years, the job seeker can begin to feel in control. Younger employees may be able to let go of some of the frustration they’ve felt about not receiving more promotions. And, everyone can breathe a collective sigh of relief as there are more available jobs to select from.
So, without delay, get started on your new career plans, so you can make 2016 the best year yet!
Also, be sure to subscribe to my Copeland Coaching Podcast on Apple Podcasts or Stitcher where I discuss career advice every Tuesday! If you’ve already heard the podcast and enjoy it, please consider leaving a review in Apple Podcasts or Stitcher.