WEBVTT - Surviving an Ever-Changing Job Market 0:00:00.120 --> 0:00:03.920 These sees Bloomberg Business Week with Carol Messer and Tim 0:00:03.960 --> 0:00:09.600 Stinovic on Bloomberg Radio. So the parade continues, not the 0:00:09.600 --> 0:00:13.880 earning parade, it's the jobs cuts parade, right, want to 0:00:13.920 --> 0:00:16.360 go to that parade. No, it's definitely a thing, though, 0:00:17.480 --> 0:00:19.960 and the latest we heard Creedy talk about it earlier 0:00:20.000 --> 0:00:22.880 saying it plans to cut about manufacturing jobs. And we 0:00:22.920 --> 0:00:27.200 had Forward and Spotify announcing layoffs yesterday. And this comes 0:00:27.320 --> 0:00:30.240 on the heels of recent cuts from Microsoft, Amazon, Salesforce, 0:00:30.320 --> 0:00:33.800 Alphabet and more. It's definitely a thing. It is a thing. 0:00:33.880 --> 0:00:35.760 So the question is what's an employee to do if 0:00:35.800 --> 0:00:37.559 they've been laid off? How do you land your next 0:00:37.640 --> 0:00:40.400 job in an ever changing job market. We've got with 0:00:40.520 --> 0:00:43.919 us this afternoon. Dr Mona Moreshet, founder and CEO at Generation. 0:00:44.320 --> 0:00:46.519 This is an independent nonprofit. It was founded a few 0:00:46.560 --> 0:00:49.360 years ago by McKenzie to help prepare people for jobs. 0:00:49.400 --> 0:00:52.680 She joins us via zoom from Washington, d C. Dr morshad, 0:00:52.720 --> 0:00:54.760 good to have you with us this afternoon. I want 0:00:54.760 --> 0:00:57.000 to talk more about Generation just a second. But first 0:00:57.000 --> 0:00:58.279 of all, I want to get your thoughts on on 0:00:58.320 --> 0:01:00.760 what we're seeing in terms of layoffs. And I want 0:01:00.760 --> 0:01:02.320 to look at this in the context of you know, 0:01:02.360 --> 0:01:05.600 we're still in a jobs market that's you know, really 0:01:05.680 --> 0:01:11.840 really tired. I mean unemployment rate, it's historically low still absolutely, UM. 0:01:11.920 --> 0:01:16.520 So there are a number of things happening right now. UM. 0:01:16.560 --> 0:01:19.919 Obviously we're all waking up to headlines every day where 0:01:19.959 --> 0:01:24.040 there are slews of job cuts which are being announced. UM. 0:01:24.560 --> 0:01:28.119 That has a couple of ramifications. UM. First of all, 0:01:28.120 --> 0:01:31.440 obviously it means adversity for those individuals and those families. 0:01:31.560 --> 0:01:34.600 But what we're also saying is that there's a slowdown 0:01:34.800 --> 0:01:39.080 in new higher vacancies as well, UM, in addition to 0:01:39.120 --> 0:01:41.960 the job cuts. And so there are two forces happening 0:01:42.000 --> 0:01:47.000 at the moment um. For those individuals who are to 0:01:47.600 --> 0:01:51.760 a slowdown in new higher vacancies, what does that mean? 0:01:52.400 --> 0:01:56.760 So for postings for new hires, there's a slowdown in those. 0:01:56.880 --> 0:02:00.480 So there's both cuts as well as a slowdown and hiring. 0:02:00.960 --> 0:02:05.200 So it affects two populations, those currently in jobs who 0:02:05.200 --> 0:02:08.760 are losing them and those who are applying a fresh 0:02:09.040 --> 0:02:11.600 to new jobs. And so we are starting to see data, 0:02:11.600 --> 0:02:14.119 at least in the US of UM it taking three 0:02:14.160 --> 0:02:17.840 to six months for people to find jobs in certain pockets. 0:02:18.360 --> 0:02:23.200 Now that's a certain picture. Now important to recognize the 0:02:23.200 --> 0:02:25.400 headlines that we see in the US do not apply 0:02:25.480 --> 0:02:29.160 equally across the world. So we're also seeing other geographies 0:02:29.320 --> 0:02:33.520 where there's been no slowdown at all in terms of hiring. 0:02:33.720 --> 0:02:37.760 And we're also seeing that um although for tech jobs 0:02:37.760 --> 0:02:41.280 in particular, you might find slowdowns in tech companies, but 0:02:41.440 --> 0:02:44.079 there are other companies and other sectors. So it might 0:02:44.120 --> 0:02:46.680 be in the financial sector, it might be in manufacturing 0:02:46.760 --> 0:02:49.280 who are looking to hire for tech roles, and so 0:02:49.320 --> 0:02:54.840 that's another area of opportunity. Well, right, I mean, does 0:02:54.880 --> 0:02:58.079 this remind you at all of another job cycle h 0:02:58.639 --> 0:03:06.040 two thousand and eight? My seriously, seriously, Well, hopefully we 0:03:06.080 --> 0:03:07.760 don't reach that. I mean, so look, I think that 0:03:08.400 --> 0:03:11.480 what's what's important is to recognize this is all cyclical, right, 0:03:11.560 --> 0:03:14.400 and this cycle will take about two years to work 0:03:14.440 --> 0:03:19.640 itself out if if history is any indicator. Um. So 0:03:20.000 --> 0:03:25.040 we're seeing a crunch and then again slow hiring, um. 0:03:25.040 --> 0:03:28.320 But then it will open up again. And and very 0:03:28.360 --> 0:03:32.480 importantly for job seekers is looking for those pockets where 0:03:32.560 --> 0:03:37.160 there is continued hiring and and that may not be 0:03:37.240 --> 0:03:39.040 in the tech sector. So it could be tech roles 0:03:39.160 --> 0:03:42.320 in other sectors. So is it safe to say, and 0:03:42.440 --> 0:03:44.120 just to kind of a little bit of a conclusion here, 0:03:44.120 --> 0:03:46.360 when we look at the data points that come from 0:03:46.360 --> 0:03:48.600 the government and elsewhere on the on the job market, 0:03:48.600 --> 0:03:51.000 which continue to show strength in the job market, are 0:03:51.000 --> 0:03:54.360 you saying it's really not the true picture or the 0:03:54.400 --> 0:03:58.400 full picture. It's a partial picture, right you know? So 0:03:59.240 --> 0:04:03.360 again there is a partial when you look at which 0:04:03.400 --> 0:04:06.880 sectors are hiring versus where is there a slowdown? It's 0:04:06.920 --> 0:04:10.760 partial in terms of is it a global phenomena or 0:04:10.920 --> 0:04:14.840 is it a us phenomena? Um. And then there is 0:04:14.880 --> 0:04:18.119 also a question I would say of demographics um, because 0:04:18.200 --> 0:04:22.680 one thing that I will emphasize is that age matters 0:04:22.880 --> 0:04:26.200 when it comes to hiring. Um. We've done research and 0:04:26.240 --> 0:04:29.160 others have done research as well when you look at 0:04:29.279 --> 0:04:32.560 what happens when when you are aged forty plus, it 0:04:32.720 --> 0:04:36.760 becomes much harder to find a job. That is why 0:04:36.880 --> 0:04:39.920 the majority of the long term unemployed six months or 0:04:39.960 --> 0:04:42.719 more are age forty plus. And that's across the O 0:04:42.800 --> 0:04:47.279 E c D. So age matters here too and will 0:04:47.400 --> 0:04:52.479 impact unfortunately due to pervasive agism that we consistently see 0:04:52.520 --> 0:04:56.080 across employers and across geographies of how fast can you 0:04:56.120 --> 0:04:59.240 get yourself back into a job. So what's the focus 0:04:59.320 --> 0:05:02.039 for you at generation in terms of the types of 0:05:02.080 --> 0:05:08.200 the people who find themselves without jobs placing them age range? Yeah, 0:05:08.240 --> 0:05:12.279 So at Generation we support adults of all ages UM 0:05:12.360 --> 0:05:18.239 so from eighteen years old to plus UM and our 0:05:18.880 --> 0:05:23.400 learners are typically so first, they typically have a secondary 0:05:23.400 --> 0:05:28.440 school degree background UM over half our female the majority 0:05:28.480 --> 0:05:32.760 have dependence UM. And they we are either placing them 0:05:32.880 --> 0:05:37.040 into their first job or we are supporting those who 0:05:37.080 --> 0:05:39.360 are aged forty plus and who may, for example, have 0:05:39.400 --> 0:05:42.000 been spending the last ten years working in retail or 0:05:42.040 --> 0:05:45.080 in logistics and supporting to put them into green jobs 0:05:45.240 --> 0:05:47.840 or into tech jobs or whatever it might be. UM. 0:05:47.920 --> 0:05:50.560 So what we do is train and place learners into 0:05:50.600 --> 0:05:54.080 careers that otherwise would have been inaccessible. So I want 0:05:54.080 --> 0:05:56.960 to go back to something that you said earlier about 0:05:57.000 --> 0:05:59.800 this being reminding you of of two thousand eight. In 0:06:00.680 --> 0:06:02.200 you know, if we go back to two thousand and eight, 0:06:02.360 --> 0:06:06.839 the unemployment rate was right now it's at three point 0:06:06.880 --> 0:06:09.680 six percent. So what else about the environment right now 0:06:09.680 --> 0:06:11.919 that you're seeing out there tells you that this is 0:06:11.960 --> 0:06:15.599 similar to back then. I'm just not seeing it. There's 0:06:15.720 --> 0:06:19.479 um an element of what I'll just call copycat behavior UM, 0:06:19.520 --> 0:06:22.400 which is when employers start to see that some companies 0:06:22.440 --> 0:06:27.039 are doing layoffs, it starts to make everyone much more conservative. UM. 0:06:27.120 --> 0:06:31.279 And that is and that is with regards to new hires. 0:06:31.480 --> 0:06:33.400 And so the question for us is because we are 0:06:33.440 --> 0:06:38.000 often placing people into entry level roles irrespective of which 0:06:38.000 --> 0:06:41.240 profession it's in, and so you start to see it 0:06:41.279 --> 0:06:44.480 taking longer to get people into rolls. So it's not 0:06:44.600 --> 0:06:46.719 that they will not make it, but you know it. 0:06:46.839 --> 0:06:49.680 Whereas before we could support someone within three months, it 0:06:49.760 --> 0:06:53.000 might now take six months, um. And so, and we're 0:06:53.040 --> 0:06:56.440 seeing this also in the reticence of employers to also 0:06:56.600 --> 0:06:59.080 commit to saying, you know, these are the vacancies which 0:06:59.080 --> 0:07:01.479 we're going to have the month or that month. Everyone 0:07:01.640 --> 0:07:04.680 is watching and waiting to see what happens. In addition, 0:07:05.720 --> 0:07:08.360 the I M F recently came out to say that 0:07:08.400 --> 0:07:10.760 you know, a third of the world's economies are going 0:07:10.800 --> 0:07:14.000 to go into recession this year, which is a big deal. UM. 0:07:14.080 --> 0:07:18.200 So twenty three is very much a watch and wait 0:07:18.480 --> 0:07:23.520 and observed. You know, mona earlier you said the government date, 0:07:23.520 --> 0:07:25.200 it's a partial picture of what's going on in the 0:07:25.280 --> 0:07:28.280 US labor market. So having said that, based on what 0:07:28.320 --> 0:07:32.240 you're saying, it sounds to me that very soon we 0:07:32.320 --> 0:07:35.400 might see some of this show up. Is that your expectations. 0:07:37.800 --> 0:07:41.720 The expectation is absolutely that over the coming months we're 0:07:41.760 --> 0:07:43.840 going to see not just for the U. S economy, 0:07:43.880 --> 0:07:47.760 but for the world, how resilient is the hiring going 0:07:47.800 --> 0:07:51.200 to be. And it will obviously nothing will ever be 0:07:51.280 --> 0:07:54.280 true across the entire world, but it'll be in pockets. Um. 0:07:54.400 --> 0:07:56.840 So you'll find some sectors. You know, clearly the tech 0:07:56.880 --> 0:08:00.040 sector is heavily affected right now, um, But you and 0:08:00.120 --> 0:08:03.680 not see that same trend in green jobs or in healthcare. 0:08:03.840 --> 0:08:06.480 And so this is why it's so important to look 0:08:06.520 --> 0:08:10.280 at the picture sector by sector and not just economy wide. 0:08:10.600 --> 0:08:15.840 Older workers. Do we need them? Absolutely, we need them? Um. 0:08:15.880 --> 0:08:21.000 You know, I think the age forty plus population is 0:08:21.120 --> 0:08:26.160 a remarkable asset that should be much more employed than 0:08:26.280 --> 0:08:28.080 is the case. You have a bunch of people around 0:08:28.120 --> 0:08:30.360 the news room and our kids who are listening to 0:08:30.440 --> 0:08:34.160 the like when did forty five become old? Because when 0:08:34.200 --> 0:08:38.079 you look at the when when you look at government 0:08:38.160 --> 0:08:41.840 stats the majority of the long term unemployed or age 0:08:41.840 --> 0:08:46.200 forty five plus? What it? As soon as you know, 0:08:46.440 --> 0:08:48.120 I say this to you as a fifty one year old. 0:08:48.120 --> 0:08:52.160 I recently had a birthday, Um, and so thank you. 0:08:52.480 --> 0:08:56.680 It's interesting because you know, we talk about aging demographics 0:08:56.679 --> 0:08:59.440 and the impact it can have on a country's economy. Right. 0:08:59.480 --> 0:09:01.640 We've talked at it, certainly with Japan, We've talked about 0:09:01.640 --> 0:09:04.160 it with the US. Increasingly we've talked about it even 0:09:04.160 --> 0:09:07.120 with China, who's seeing an aging population in the costs 0:09:07.520 --> 0:09:11.920 that that has in in so many different ways. Um, 0:09:11.960 --> 0:09:15.120 I don't know. I'm not pretty sure what the smart question? 0:09:15.160 --> 0:09:17.000 I mean, should we be putting these people to work? 0:09:17.080 --> 0:09:19.400 Isn't that better for the global economy? Or tim What 0:09:19.400 --> 0:09:20.760 do you think? Well, I have one question for m 0:09:20.800 --> 0:09:23.520 on a ten seconds. Okay, if somebody really young is 0:09:23.520 --> 0:09:25.520 listening right now, thinking about what they're studying in college 0:09:25.600 --> 0:09:31.280 or studying in trade school, what should it be? Uh? 0:09:31.320 --> 0:09:35.319 I get this question frequently now, so look, I'm going 0:09:35.360 --> 0:09:38.120 to give up practice to answer, which really very quickly. 0:09:38.920 --> 0:09:42.000 It's about how quickly you learn. It is often not 0:09:42.080 --> 0:09:44.320 about what you learn. I's how quickly you learn, Like 0:09:44.440 --> 0:09:48.080 that interesting alright, some really thoughts in terms of today's 0:09:48.160 --> 0:09:51.080 labor market. Dr Monamore said, founder and CEO of Generation 0:09:51.200 --> 0:09:52.640 via Zoom from Washington, d C.