Classes of unemployment

Classes Of Unemployment And How To Thrive In It

There are three main classes of unemployment: cyclical, structural, and frictional. Cyclical unemployment is, unfortunately, most familiar. It occurs during an economic downturn and has been seen to be common in the banking sector in our country.

Frictional unemployment is the period when a person resigns from his or her current job before getting another one – this is also politely referred to as ‘between jobs’.

Structural unemployment happens when there is a paradigm shift in the skills needed in the workplace and it causes a category of people to become irrelevant.

This article will cover these main types of unemployment and show you how to stay on top of such a situation.

CYCLICAL UNEMPLOYMENT

As mentioned earlier, cyclical unemployment has been seen in the Nigerian labor market on many occasions, especially in the banking sector.

Top banks in Nigeria have been known to lay off thousands of staff at the same time. This has left a lot of people hanging out to dry.

Cyclical unemployment is usually always caused by a number of things, but majorly an economic downturn. Other causes include cash flow within a company that can force a company to sell and be acquired by another company, or downsizes; and hereby laying off excess load.

HOW TO SURVIVE

It is very good to follow a career path and have a job.

However, the best position anyone can be in life is to have options. Create options for yourself. Be it a side gig, or skills that can get you another employment and get you back on your feet in the shortest possible time.

STRUCTURAL UNEMPLOYMENT

Structural unemployment exists when there is a shift in the economy and then this shift causes a disparity between needed skills and the skills possessed by the labor force.

This type of unemployment is most common during paradigm shifts. For example, the shift or move from analog processes to digital processes has pushed many professions out of business.

Autor et al. (2003), computers have displaced workers in a wide range of routine work, including many clerking and manufacturing jobs — work that is typically concentrated at the middle of the income distribution.

Accompanied with employment growth both at the top and bottom of the skill and income distribution, the automation of routine work has contributed to a hollowing-out of labour markets across the industrial world (Goos et al. 2009).

Many third world countries will face structural unemployment in this current era of the digital revolution.

An example of this is the industry’s replacement of machinery workers with robots. Professions like Typing, Cartography, and routine based profession has been made redundant by more computerized approach and automation.

Workers now need to learn how to manage the robots that replaced them. Those that don’t learn need retraining for other jobs or face long-term structural unemployment.

HOW TO SURVIVE THIS

Keep growing and learning. Keep yourself up to date with new technologies. For example, it is estimated that in this age of seamless translation from one language to another aided by technology, the future will not be about who understands human languages. It will be about who understands computer languages.

FRICTIONAL UNEMPLOYMENT

Frictional unemployment occurs when workers resign from or leave their current jobs without having new ones.

This can happen for many reasons, varying from individual to individual or scenario to scenario.

The reason could be a miscalculation, a risk, a naïve move, not fully ascertaining the new contract, poor workplace culture or people, or they’ve saved up enough money to enable them to seek a new job.

Frictional unemployment also occurs when students are looking for that first job or when mothers are returning to the workforce. It also happens when workers are fired or, in some cases, laid off due to business-specific reasons, such as a branch or business location closure.

Frictional unemployment is short-term and a natural part of the career journey. As a matter of fact, frictional unemployment is good for any economy, as it allows workers to move between, jobs and to jobs where they can be more productive.

HOW TO SURVIVE THIS

What to do when you’re between jobs plays an important role in this picture. Make use of your unemployment phase productively. Increasing your productivity level by learning and acquiring new skills, also, being mentally and emotionally balanced will help you thrive and manage this phase well, and even get the best of it.

Are you a Professional? Join this conversation and add the other types of unemployment you know. Also, share how they affect the economy and how to survive it.

Remote work

2020 Workplace Trends #2 Remote Work

Some weeks ago, we talked about training and upskilling as 2020’s #1 workplace trend. We also highlighted both micro and macro upskilling and concluded that talents remain and are loyal to organizations that take their training and development needs into consideration and make adequate provision for it.

This week, we are looking at the second workplace trend for 2020 – Remote Work.

Remote work is on the rise.

You may have heard some people refer to themselves as Digital Nomads, or mention that they are working or would be working remotely. The idea of working at a location other than one’s corporate office has been practicable since the last decade but is only recently becoming pervasive and 2020 will see it in the mainstream. 

The substantial advancement of multiple facets of workplace technology has given remote work an upper hand. Besides, the rise of new generations is impelling firms to redefine the modalities of work, and the odds are clearly in favour of remote working.” – Finance Online, 2019.

What is remote work?

Simply put, it means working at a location that isn’t your office, it is a work style that allows people to work outside a traditional office environment or corporate office setting. Remote work hinges on the notion that work does not need to be done in a specific place to be carried out efficiently.

Remote work eliminates productive time wasted commuting to and from work every day to sit at a designated desk or workspace to work; Instead, individuals can execute their tasks, smash their targets and exceed expectations from any location at all. 

Remote work gives professionals the flexibility to order their days in such a way that their professional and personal lives can be meaningfully experienced while coexisting in a way that one complements the other instead of impeding it as popular opinion erroneously suggests.

How to work remotely

“There has been a cultural paradigm shift in what society deems to be an appropriate workplace – and remote work has capitalized off of that newfound freedom.” – Finance Online.

The beauty of remote work is being able to choose from a wide range of options, the one that makes the most sense to an individual and aids their personal and professional goals. It also gives individuals the freedom to set their schedules to work at a time they are most productive.

Professionals can work remotely on workdays and only visit the office to attend in-person meetings and strategy sessions. On the other hand, certain days of the week could be set apart for talents to work remotely, maybe two or three days a week.

There is also the option of working out of coworking spaces which essentially act as hubs of technology, productivity and community. Coworking spaces provide a platform for networking, learning, sharing and business opportunities.

Benefits of remote work

Remote work offers professionals a more flexible lifestyle in which they can maximize every moment they have to do better. It also promotes better health and well-being; commute to work and back could be exhausting, to say the least, remote work provides recourse for exhaustion brought upon by daily commute and time spent in traffic. it saves money, especially because you no longer bear the cost of commute. It encourages employees to be resourceful, proactive and expand their knowledge base. It provides escape from office politics as well as a toxic work environment.

Remote work does not only benefit the employees; it also benefits the employer as it saves cost by reducing company overheads leading to more revenue.

5 things you need to remove from your CV

5 THINGS YOU NEED TO REMOVE FROM YOUR CV

Most of the time when you make a job application, you don’t get a call for an interview. Have you ever wondered why? Come on, it’s not your ‘village people’, it is your CV.

Your CV can get you dropped off a job application even before it began. Your CV can also get your foot in the door.

Most of the time, the tips you read and hear about are the things that should be in your CV. This article, is about the things you need to remove; as soon as possible – preferably, before your next job application.

Personal Details

As much you would like your new employer to know you, avoid including personal information that can get you removed before you get selected.

Personal information like Your marital status, your age, your religion, can trigger bias and discrimination. You can never tell who is at the other end of the email.

Moreover, the above information is of no use to anybody including you. It also occupies more space on your CV. Therefore, just do away with it altogether.

Irrelevant Experience

We’ve all had one irrelevant experience or the other in the course of our career. Most of the time just because we need to pay some bills.

However, it makes no sense – especially to your employer, to list an experience that is not relevant to the role you are applying.

Remember, the goal is to have relevant work experience and not to just have work experience.

However, if you have just started your career and see a similarity or some relevance of your previous experience to your new role, articulation is key. You must be able to – in the first few lines, explain how that experience is relevant to your new role.

It is wise not to confuse your employer.

Unprofessional Email Address

This is a serious issue amongst many job seekers. Especially the younger generation. Something as little as a funky email address on a serious workday can get your application disqualified.

Remember, most job applications are voluminous and cumbersome for recruiters. Stand out of the crowd as much as you can but not in a bad way.

An example of an unprofessional email address can be: swaggydude09@gmail.com and sweetbabe01@yahoo.com

Rather, create an email that has your first name and last name or vice versa.

If the mailing platform you are signing up with doesn’t have that address, add a few numbers but keep your email address sane.

Cliché Phrases

There was a time when cliché phrases meant something to everyone. However, people, including employers have understood that words are cheap.

Articulate yourself on your CV with simple and understandable words. No Cliché words like “Go Getter” or “Self-Driven”

Lies

Do not lie. Be very honest with your application; your CV, about your qualifications, experiences, skills and so on. Do not falsify information.

Two things will happen when you make an application, you are either accepted or rejected.

However, what will not play out well for you is when you give false information that you cannot defend or live up to when interviewed or even employed.

Don’t forget, your CV puts your foot in the door. Getting called for an interview at all depends on how well your CV is presented to your potential employer.

How to stay productive when you’re between jobs

How To Stay Productive When You’re Between Jobs

Sometime in your career, you will find yourself between jobs, in other words, unemployed. It happens to the best of us for diverse reasons.

A gap in your resume does not have to be a red flag to your new employer.

So, what should you do when you’re between jobs? How should you spend your time?

Productivity is a habit, and it cuts across disciplines and fields of work. In essence, you don’t have to be employed before you are productive.

If you read up to here, it means you will eventually learn how to fully maximize your unemployed phase.

Any two of the tips below will help you use your unemployed-phase productively:

Take a Class

Acquire a skill. Learn something new. Learning something new gives an immeasurable advantage. It broadens your knowledge base; it can even get you a new and better job by adding to your skillset.

The advent of E-learning has made learning a lot easier to accomplish and more efficient. You can now take courses online and get certifications your new employer will recognize.

Here are some of the platforms you can take online courses EDX, Udemy, Cousera, Shaw Academy, Hubspot Academy, Skillshare.

Volunteer

Most people think volunteering means you’re desperate. On the flip side, volunteering does better to you than harm when you’re between jobs.

The worst that will happen to you is that you will have a low income. As a matter of fact, the workplace is more humane now than before, any organization that will accept you as a volunteer will take of your basic needs. Even if that doesn’t happen, volunteering gives you the needed experience and fills the gap of unemployment.

Follow a Job Platform

Job platforms increase your opportunity of finding a job. They keep you posted with new jobs that might be beneficial to you. Some even do as good as notify you of jobs around you. Job platforms to follow and register on include Recruiterng, Jobgurus, Myjobbag, Jobberman.

Optimize Your LinkedIn Profile

LinkedIn is a platform where a lot of employers scout and search for talents for employment. A lot of candidate selection takes place on LinkedIn. Optimizing your LinkedIn will increase your chances of being found when there is a search.

Start a Business

Not everyone is cut out for being an entrepreneur. However, your unemployment window is a great time to find out.

To us, it is a win-win situation. If you start a business and discover you are not an entrepreneur, you would have gained certain negotiation and communication skills that will aid your new job; then the business can transform into a ‘side-hustle’ and become your extra source of income.

The whole idea of using your unemployment window for the above and more is to stay productive, it is to use that space of time of being out-of-job for something that will not just fill the space in your CV, but make you a better version of yourself.

So, ensure to do what you can!