With a global recession looming, job seekers are seeing increased competition while applying for jobs worldwide. This period of uncertainty has caused many people to blow the dust off something they haven’t touched in years; their resume. From real estate to construction, workers from various industries are being impacted by this likely upcoming recession, with 5.4 million unemployed Americans currently seeking jobs.
The limited number of job openings has made it tougher than ever for applicants to make it through the selection process, forcing them to take further steps to stand out from the crowd. One way many people are landing themselves jobs despite the unfortunate current economic situation is by seeking the professional help of resume writers in Denver to fine-tune their resumes.
Read on, as we take a closer look at the indicators of an approaching recession that are causing a large part of the workforce to revise their resumes and prepare them for potential employers.
Which Indicators Hint that a Recession is Looming?
Companies of all sizes are beginning to show signs of a likely recession, varying from cutting current employee hours to hiring freezes. Some of the most noticeable current indicators of a recession include:
Layoffs and Job Cuts
In an effort to manage budgets during periods of economic uncertainty, businesses turn to layoffs and job cuts to reduce their expenses. In fact, a recent survey found that nearly 40% of businesses are expecting to implement layoffs before the end of 2024, with reasons varying from the ability to replace workers with AI, and concerns over a recession (ResumeBuilder). Moreover, the growing number of layoffs seen in recent months has caused the employee confidence rate to drop lower than it has been in nearly a decade.
Whether temporary or permanent, companies often rely on this money-saving strategy thanks to the immediate benefits the company will see. Although it is likely to reduce productivity, the company immediately sees a reduction in their expenses, helping them keep up their profits.
Hiring Freezes
In addition to removing existing employees, the number of companies putting in place hiring freezes is another strong indicator of an upcoming recession. Although rarely associated with positive business outlooks, the number of companies enforcing a hiring freeze last year was up 81% from 2022, reinforcing the challenge for current job seekers to land a stable career opportunity.
While companies see a decrease in expenses relating to recruitment and employee costs, current employees are often faced with added workloads and burnout. Similar, hiring freezes cause added competition for those seeking to enter the workforce, leaving few job openings to choose from.
Companies Filing for Bankruptcy
In extreme cases, many companies have had to file for bankruptcy and close many (if not all) of their locations in recent years, after failing to stay afloat. This trend is common during recessions as consumers slow their spendings and begin buying only the essentials out of fear of layoffs and increasing prices of merchandise. Even more worrying, large companies like Bed Bath & Beyond, Party City and David’s Bridal, that were once booming businesses, have already filed for bankruptcy, and it is likely that many others will follow.
This trend not only shows that businesses are struggling to stay afloat as a result of the current economic state, but also causes the loss of many jobs, and puts unwanted strain on unemployed individuals who are fighting to reenter the workforce.
Decreased in Bank Profits
Much like retail and service industries, the banking sector is also affected by recessions in various ways. Touched by the current economic downturn are large banks including JP Morgan Chase, which is expecting a 4% decrease in earnings per share, and Bank of America seeing a significant decrease of 18%.
When banks begin reporting lower earnings, it can cause concern for investors and may even lead to layoffs within the company. This directly impacts the job market as a whole, with fewer opportunities for employment in this sector.
Companies Seeing Mass Layoffs in 2024
While it’s easy to believe that Fortune 500 companies like Apple and Sony are invulnerable, many of the world’s most stable companies are pushing for layoffs this year, including:
Expedia
As the demand for travel and hospitality decreases following the post-pandemic boom, Expedia, a trusted online travel booking website plans to lay off close to 10% of its global workforce (Intellizence). Following the company’s announcement to eliminate around 1,500 employees as part of internal transformations, these laid-off employees have had to seek other career opportunities, like many others.
Apple
Following the cancellation of Apple’s long-time plan of developing an electric car, over 600 workers found themselves laid off in California (Intellizence). This initial wave of layoffs within the company is likely to be the first of many, according to The Guardian.
Nike
As internationally known sporting company Nike proceeds with their plan to save $2 billion, 1,600 employees have been caught in the crossfire, leaving them without a job (Intellizence). While this layoff works out to only 2% of the company’s global workforce, it has only added to the number of unemployed individuals actively seeking new career opportunities.
Why So Many People are Seeking Resume Services
As workers across dozens of sectors begin stressing about the stability of their job, and others have already been made redundant, resume polishing is becoming a hot topic. As people begin feeling the need to put in extra effort to catch the eye of employers, many are turning to resume and LinkedIn writers in Denver to get the upper hand over their competition.
As statistics continue showing that the number of job openings continues to decrease at rapid speeds, individuals looking to enter or re-enter the workforce feel a sense of urgency to make sure their resumes stand out from the rest. This leads them to seek professional help in creating a resume that highlights their skills and experiences in the most effective way.
Get Your Resume Written Professionally Today
Looking to stay ahead of the increasing competition in your job search? Our team of resume writers at Expert Resume Pros have the skills and experience to help your application stay at the top of employer piles. Contact us today to see how we can help you secure the job you have been chasing!