According to the most recent U.S. Jobs Report, the number of people who have lost their jobs due to the COVID-19 pandemic increased by over 20 million in the month of April alone, putting total unemployment at record highs. And while the federal government continues to dole out stimulus funding to prop up unemployment benefits, it has so far had a minimal effect at preventing heavy job losses in every sector.
The newly-expanded unemployment benefits can be an absolute necessity in keeping up with the bills, but they are hardly sustainable even in the short term, and according to some estimations, they aren’t going to be around much longer anyway.
Now, more than ever, securing a job or keeping the one you have is safer, more lucrative, and more protected against the uncertain economic times ahead. Here are a few things to keep in mind:
1. If you are offered your old job back, you might not be eligible for unemployment anymore
There is a clause within the CARES stimulus package the requires unemployment beneficiaries to not only seek employment, but also to accept suitable employment if it is offered to you. This means that if you are offered your old job back, or receive an offer for a new position, you will likely lose eligibility for unemployment altogether.
2. The expanded unemployment benefits will expire soon
While there is no doubt that the extra unemployment aid provided a significant cushion for millions of Americans, it was not designed to last forever. The federal unemployment expansion runs out after about 4 months in most cases, at which point there is only state-issues unemployment, which is rarely enough to live on.
3. The job market is about to get a whole lot tighter
As mandated social distancing guidelines begin to expire in the next weeks and months, there are predicted to be thousands of skilled workers trying to re-enter the job force. Many of their original positions may not yet be available, leading them to seek employment in other areas.
Let Us Help
Whether you currently have a job or you are seeking one, recognizing the importance of steady employment in times like these is the first step in keeping yourself protected against financial hardship. If you need help with your job search, visit Top Notch Personnel. Our staffing efforts have the tools and resources to match you with the kind of position you’re looking for.