Finding a job may be harder now than in the past few years.
“It’s going to be tough,” said Jeff Wallace, a research associate for the Business Bureau at The University of Memphis. “But there is no reason to give up.”
The attacks in New York and Washington on Sept. 11 have served to slow an already sluggish economy, according to Wallace.
Along with the steady nationwide economic downslide, Memphis is beginning to feel the sting of a faltering economy.
Several major transportation companies in the Memphis have announced intentions to slash jobs to counter the economic downturn.
Northwest Airlines and International Paper announced across-the-board job cuts last week, and some local officials said there may be more companies following.
Memphis is a city that is saturated with transportation industries, and the job cuts will certainly have a negative effect on the area’s economy, according to Bobby Johnson, sales manager at Perimeter Transportation.
While the nation’s economy was already showing signs of a slowdown, the terrorist attacks have seemed to magnify the rate of slippage.
The two major factors that have triggered the current slowdown have been attributed to the apparent lack of consumer confidence and a wavering stock market following the Sept. 11 terrorist attacks, according to Wallace.
The airline industry has reported travelers were skittish in resuming air travel in the wake of the hijackings, but said that things are beginning to pick back up in the wake of an unprecedented $14 billion bailout from the federal government.
Moreover, the airline’s announcement to cut jobs in Memphis has seemingly sent shockwaves of economic uncertainty through the region, leaving many students planning to graduate this fall concerned about employment opportunities.
Shawn Quin, a student at The U of M who is planning to graduate this fall, said he is concerned about the possibility he will have trouble getting a good job after graduation in the current hard times.
“I just always assumed that I would graduate and find a great job right off, but now, I might have to take what I can get for a while until (the economy) picks back up again,” Quin said.
The possibility of corporate down-sizing and lay-offs could have an effect on the pattern of college graduates, according to David Ciscel, a professor of economics at The U of M.
“Nothing is certain, but trying to start a career in the next year will not be a good idea,” said Ciscel. Students tend to stay in school longer during recessions, according to Ciscel. They often attempt to attain higher level degrees, in order to wait out the recession and make themselves more appealing to employers, Ciscel said.
“Starting a career during a recession can affect the outcome of an entire career,” he said. According to Wallace, networking is a good plan for finding a job that fits.
Networking with friends and family expands a job hunter’s range of contacts, and helps prospective employees reach a greater number of potential employers.
While some industries, especially in some high-tech fields, continue to thrive, many other fields are facing slowly shrinking job opportunities.
According to Wallace, the technology industry may not grow as fast as it has in the last few years but it will continue to grow. While the nation has in the past been successful in fighting off the threat of recession, Ciscel said that if the transportation industry continues to face problems, it will be very difficult for the Memphis job market to sustain its current level of economic stability. This would be the first time recession has really hit the Memphis area in decades.
“(Finding a job is) not going to be terribly bad, but it will become harder,” said Wallace.
Wallace said there will always be jobs, but getting them will be tougher. Those looking for a jobs must make themselves stand out even more. With a higher level degree and “on-the-job-experience,” students stand a better chance of getting a good job directly after graduating.
Students must also be willing to adapt to the increasing need to relocate in order to find a good job, according to Wallace.
Limiting the “job hunt” to the Memphis area will make getting a job harder, and will substantially narrow employment opportunities.
“Being mobile will definitely improve your chances,” said Wallace.
