While the US government and news organizations report better employment statistics month-by-month and quarter-by-quarter, the anecdotal evidence does not paint as optimistic a picture. Of classmates from high school, undergraduate and graduate schools I attended, the only ones who enjoy secure positions with good salaries work for the government: whether that be universities, schools, law enforcement (local and federal), fire departments, career officers in the military, or part of the professional bureaucracy (positions that do not change after elections). Those who went to work in the private sector made some good money for a while, but eventually lost their position due to a number of factors:
1) Company implosion – working at Lehman Bros was high-flying for a while, and then nothing afterward (Lehman is a CV stigma). Another was a VP at Nokia in the early 2000s, and then the marketplace shifted and Nokia pretty much collapsed along with its jobs.
2) Job sector implosion – almost everyone working in journalism got hit badly.
3) STEM age ceiling – hired straight out of university but by the time you reach 40, you’re old and overpaid, so you get dumped for a new college graduate. This is particularly true for computer science majors, who also have to compete (on a not level playing field) with STEM (H1-B1) visa immigrants.
For those who suffered one of those three fates, it has been hard to find new positions not just akin to their old ones, but anywhere even near it. Most have tried starting their own businesses, and I think that’s the new wave for the future. If you work in the private sector, don’t expect to stay there for very long, and you’re especially vulnerable once you get to the 40s and 50s age range. Most young people would be wise to get a job in the public sector for stability and security, very good benefits, and even a pension. Though I have a multi-year contract at my current fine job, who knows what could happen after that? More thoughts on jobs in upcoming posts, including an experiment I have been conducting since last fall.
mccarthyism.com 