I've been wondering lately, with the "global economic crisis" bearing down on us, that has already resulted in tens of thousands of jobs lost (over 50,000 in the last month or so in Turkey alone, according to the Hurriyet, a national newspaper), how this ties in with the "war for talent" we've been hearing so much about the last several years. As someone who will very likely be on the job market herself in the near future, either voluntarily or involuntarily (I'm not sure which), it is a very interesting and timely question. My intention is to seek a job back home, should I end up seeking one. Canada's economy has so far weathered the storm pretty well compared to most other countries due to our solid fiscal underpinnings - we were ranked first out of all OECD countries on the strength of our banking system - but still it's probable the worst is yet to come, so what does that mean for young people on the job market?
Don Tapscott, author of a book "Grown Up Digital" and reporter/blogger for reportonbusiness.com, writes blithely "the disaster doesn't change the demographic fact that a few years from now, Boomers are going to retire and there won't be enough young people to replace them." But can young people starting their careers really afford to dismiss the current crisis so easily?
Maybe so. Rob McGovern, CEO of Jobfox, a career website that matches candidates' job skills to job requirements of employers,recently wrote a whitepaper entitled "The Recession: A Silver Lining for Corporate Recruiters". Although a recession invariably means job losses which may make it easier/cheaper for companies to hire talent, McGovern says "After a period of reactionary cutting and freezing, hiring activity will return to a level of normalcy that closely replicates the hiring levels experienced during the first half of 2008. Hiring is largely a function of 'job churn' and we see no evidence that churn will do anything but accelerate in the coming quarters." Both Tapscott and McGovern, however, may be biased towards this particular viewpoint given their interests in the messages they are delivering.
After an admittedly somewhat cursory search, still, I am somewhat reassured about the labour market and my prospects within it. But I guess time will tell.
