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Job Market: Impacts on Promotions, Retirement and Layoffs

The recent recession had a significant impact on many people's careers. Current indications are that it may take a few more years to get job levels back to past levels, both in number of jobs and levels of jobs:

(a) What impact promotion, managing older workers, and layoffs have had in career areas?
(b) What strategies could HR Managers adopt in dealing with that impact?

Note: Impact and HR Managers Strategies on each.

Solution Preview

The recession, along with a slow and steady recovery, have significantly impacted the job market and how employees view careers. This discussion focuses on how a drop in available jobs and levels of jobs impacts:

1. Promotion - In times of recession, many organizations are not expanding. When a job market is not robust, many employees may delay retirement and/or making a job change. All of these factors impact the possibility for promotion from within. As higher level employees hold on to the jobs they have, there becomes a stagnant condition in the workplace where there is no career "ladder" to ...

Solution Summary

This solution is around 400 words and discussions how a recession, and sluggish job market recovery, impacts promotions, workers nearing retirement age, and layoffs. In a slow job market, people are hesitant to leave a job and the security it provides. Thus, promotions may be difficult to offer as higher-level employees fear making a job change. Mature workers may delay retirement for financial reason, not because they actually "want" to keep working; which impacts morale. Long periods of unemployment due to layoffs can create a cascading effect for a worker trying to find another job.