Andy Challenger Talks Challenger Report Data and How to Prepare for Layoff Season
Media is another industry still experiencing layoffs. Challenger, Gray & Christmas in October reported more than 19,000 cuts in the industry between January and September, up 550% from the same period last year.
A recent report from Challenger, Gray & Christmas shows retail, health care and products manufacturers (including hospitals) and financial firms are also some of the leading industries to announce job cuts this year.
Affected employees may have a harder time finding work now compared to those who went through layoffs last year. Continued jobless claims have been rising and hit 1.93 million in the week ended Nov. 18, according to the Labor Department. It’s the highest rate in about two years, which indicates hiring is slowing and people are staying unemployed longer.
Advice for employees
So what’s an employee to do?
Challenger said this time of year is a good time to network, which can help boost workers’ chances of securing a new job should they get laid off.
“When a post gets put online and there’s 1,000 resumes for it in five minutes, it’s really hard to stand out. But if you can meet somebody at a company you want to work for and ask for a referral, you get put to the top of that pile,” he said. “That’s a great way to give yourself more opportunities.”
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SVP Andy Challenger is available for interviews on the job market, economy, and job search process. Please contact Colleen Madden Blumenfeld for more information.