The number of Americans filing for unemployment benefits may have hit a 26-year high, but there are still lots of jobs open, because no matter how grim the economic forecast, at least some workers will change jobs voluntarily or retire. "Companies may not be making expansionary or discretionary hires," says Marc Cenedella, founder of TheLadders.com a subscription service that lists only jobs that pay $100,000 and up. "But even in a downturn, there's still 20% to 25% natural turnover per year." In the six-figure category, he estimates that will mean 3.2 million hires a year instead of 4 million in a normal market.
Interesting statistics to put the current layoffs in perspective.
Actually no, all this does is cloud the issue. What it says in a very quiet roundabout way is 800,000 jobs in the $100K category are toast, but makes it look like "well gee, if you did a better job prettying up your resume..."
From talking to the people I know around St. Louis who have been laid off, in manufacturing, there are zero replacement jobs. From my IT friends there were 50 applicants for 2 jobs at Citi. They also said when the position starts in March not to worry about the parking situation there (currently a very full lot), the building is going from full customer support, money managers, financial planners, etc, to JUST supporting the computer hub. Virtually everyone else is out.
Turnover is one thing and happens most places. Cenedella is expecting 20% of the openings of the past to not exist. That is the one number in there worth something. The current economy is a completely different ballgame from anything I will wager just about any of us have seen in our lifetimes. Thinking this article adds to the picture, without a LOT more data, is this kind of perspective.
And it is worse than useless.
For Decius's response, I am very worried that this downturn will be just as bad if not worse than the dot bomb in IT. The vast majority of IT work is done to support other people using computer resources to do whatever work they do, from finance to scheduling garbage collection routes. Without them, what do the companies need the IT guys for?
RE: The Six-Figure-Job Hunt - TIME