What the Financial Crisis means to Veterans Looking for Jobs

What the Financial Crisis means to Veterans Looking for Jobs

Financial Pearl Harbor Causing Veterans To Be Creative in Finding Jobs

By Adelaide Beltran Lopez

As we all now know, the credit crisis is taking its toll on financial firms, leaving many people on Wall Street out of work and many more uncertain about whether they will lose their jobs in the coming months.  But the market meltdown is likely to have an even wider effect on the entire job market, which was weakening even before this Financial Pearl Harbor.

More than 600,000 jobs have already been lost this year, according to the government. And there are currently over 9.4 million people looking for work in the U.S. Given the recent events roiling the economy, the prospects for job seekers are looking dimmer every day. Everybody is at risk," according to John Challenger, chief executive of global outplacement firm Challenger, Gray & Christmas. Frozen financial markets mean that banks are putting the brakes on lending. With businesses finding it harder to get financing, that could hinder their growth and lead to more layoffs.

That, in turn, compels consumers to curtail their spending, slowing economic activity even more…which leads to more layoffs, Challenger explained. It’s a "negative spiral," he said.

Job hunters share their stories
Cindy Scott, 42, was laid off from her job as a security technician at a Nevada Defense Contractor  in June, and says her search is getting tougher.  Scott spends each day looking for jobs, and says she’s running into more competition than ever.

"It’s hard to get an interview," she said. And if she does, it’s even harder to stand out. "I have been to interviews were there were over 40 applicants."

Billy Jefferson, 28, lost his loan officer job at Amerisave Mortgage four months ago. Since then, Jefferson has applied for countless jobs, but has yet to land another full-time position. "I have been on interviews, I’ve had some call backs, but there’s a lot of competition out there," he said.

Jefferson just started a temporary administrative job at a Advertising Agency in Atlanta Georgia which involves a lot of data entry, he said.

"I’m making about 70% of what I was making at Amerisave. I haven’t been able to find anything comparable to what I had."

Still, Jefferson says he’s just happy to have a paycheck. "I’m not looking for anything at the moment," he said. "There’s not going to be a lot of hiring going on that I can see."

Employers cut back

Rising food and gas prices along with a distressed housing market have been taking a toll on the economy for months. So the financial industry’s current crisis is adding stress to a job market that was already in trouble.

"Companies are already operating carefully," according to Bob Eubank executive director of the Northeast Human Resources Association. "Events that have happened in the last week have made companies even more cautious."

Beyond the finance industry, many companies have already started cutting back in order to cut costs, Eubank said.

Since May, General Motors laid off 19,000 hourly workers, Starbucks cut 12,000 jobs and American Airlines announced it was cutting 7,000 jobs, according to Challenger, Gray & Christmas.

Other companies have instilled temporary hiring freezes or put their hiring plans on hold altogether. "Employment expectations are down substantially," according to John Dooney, manager of strategic research for The Society for Human Resource Management.

Meanwhile, the employers that are hiring are moving slower and being more selective. Instead of three rounds of interviews, there might be twice as many, Paris said.

With the unemployment rate now at a five-year high, according to the latest figures from the Labor Department, experts say it may be a while before an economic turnaround takes hold.

According to Challenger, "the economy is going to be very slow through 2009."

Some others like Gordon Gates, a Recruiting Consultant at HireVeterans.com are more optimistic, "I would hope that the next three to six months things will start to change around," he said. "A lot of people are just waiting, holding their breath.  But we still have many companies looking to hire in the niche specific markets"

In the meantime, there are bright lights out there for Veterans.  There are companies that specifically seek to hire U.S. Veterans because of their unique abilities and marketable skills.  Job Boards like HireVeterans.com have many companies and jobs posted that aim to U.S. Veterans.

"We get lots of companies who need to hire ex-military men and women for specific jobs" says Gates. "It may be a slowing economy, but for veterans who are assertive, a good job can be found at Patriotic companies who give them a fair shake.

Have You Heard?

Here’s an example of the government training and hiring Veterans. 

VA is in the process of training a new generation of trusted business advisors highly skilled in the intricacies of federal acquisition so that VA will continue to have the goods and services it needs to fulfill its commitment to veterans while being fiscally responsible to taxpayers. Thirty interns make up the inaugural acquisition intern class that began a rigorous training program Sept. 2 that will continue through 2011. The three-year program offers a holistic approach to developing technical, interpersonal, and leadership skills.

The new VA Acquisition Academy is designed to provide an in-depth understanding of healthcare purchasing needs; knowledge of supply markets; and the ability to keep VA running on time, within budget, and focused on results. The interns are in career ladder positions beginning at the GS-9 and end at the GS-12 level. Upon graduation, the interns will become full time VA employees and serve in VA acquisition offices nationwide.