Jill, Dan Roth, Lincoln discussed on Jill on the Money


Just use the handle at Geelong money now back to the show your back it's Jill on money and we are about to conclude our interview with Dan Roth he's the editor in chief of Lincoln and this is such a strange time because I know a lot of folks celebrated the college graduations of their family members you know kids or nieces nephews grand kids yeah it was so strange although I would say that the virtual graduation that I participated in is probably my favorite graduation that I attended let me just say that and now here's the problem young workers you got a pretty crappy labor market and this is the worst employment landscape since the Great Depression let's not sugar coat it the national bureau of economic research they say that covert nineteen they're calling it a major reallocation shock they think that forty two percent of recent layoffs will become permanent once so that means more than eleven point six million lost jobs now obviously there's going to be some of those jobs to come back great so there can be other jobs that appear but for new entrants into the labor force it's really tough because you're going to be competing with all those more experienced job seekers you're all gonna be vying for a shrinking number of available positions and you know it stinks I know a lot of kids had their offers pulled from them I know that internships have been withdrawn so you know it's not I get it it's not easy there is a also this other annoying thing which is just bad luck that people who graduate into a recession make less money in the early parts of their careers and it's about nine percent of annual earnings in the first ten years after ten years it kind of gets a lot better I'm unfortunately that you know you might be under employed for a while hopefully that this will be a trend that on winds fairly quickly but we don't know we do know that college graduates still do better in the job market than non college graduates their unemployment rate is much lower but you know it's it's going to be a slog that's it I think that maybe the best news is that a lot of the analysis does suggest that under employment is usually a temporary phase just take any job though really that's the most important thing any job is the job that you should take don't fuss around here so we're gonna get into that here is the end of my interview with Dan Roth from linkedin I remember your boss Jeff Weiner coming on our air and talking about soft skills of college graduates and graduate school folks that that was going to be important you see that balance between now you're talking about networking computer engineering and hardware what kind of soft skills does one need in an era where more people are working from home where we're doing more zoom meetings or just you know calling in not in person how would you hire for those skills if you were you know hiring new young writers the skills that employers demand are the ones that did the show that you know how to communicate and how to be persuasive and no matter what the we we all need you you've heard over and over again you need to be a programmer you need to know how to how to code you've got to have to have these technical skills you've got to be an expert in certain areas those kind of skills really help you get started and they help you get ahead for a short period of time but to rise to the top you have to have the soft skills now in a post pandemic world in a world where we are we have a much more distributed workforce and where there is going to be pretty massive changes in the kind of industries that are around or the new kinds of jobs that are created I think they're two really big things that are gonna matter one is communication skills and that's communication over a phone call over a video conference over email and in person how can how do you talk to people how do you get your point across the the second one and this is a really important one is adaptability how well can you adapt to the changing environment that one defines everything because it means if you're in a large company in your position shuts down or the world changes like adjusted to being adaptable is means that you can actually write about so you might have a skill to get you a job but if you want to keep that job the communication skills and the adaptability or what are going to be able you to hold on to the job and then to rise through the ranks one example we've been looking for stories of companies that are that have gone above the call that has done a lot for their employees for the communities and there's a bookstore in Michigan that immediately did a go fund me with their customers they raise enough money from people who are doing the they're such a good relationship with our customers the people just gave money to a bookstore and was enough for them to hold on to I think it was twenty two of our twenty four employees so smart move by the owners to realize the environment is changing and they switch to an online ordering process they had none of that before they quickly embraced technology xcelerated something that was already going on they realized they had to be in the digital age even more fascinating to me was there was a bar in Boston who changed their you know the bar was closed down they couldn't have patrons and but they realize people the older realize that people need the antibody testing and he switched as part of becoming antibody testing center totally adapted only changes entire business when the world change that to me is the kind of adaptability that will be required to make it in whatever this great reset is that we're going through I want to end with we're talking it's may it's graduation season it is so awful that many of our college students they've been toiling or drinking for four years they're finally done they're gonna enter the labor force and labor force is a mess what advice do you have for recent graduates I'm not sure this is the best advice and I think that we are all trying to figure this out together I can tell you what I would do if I were in your shoes I would know in general where I want to be what kind of industry what I want to do in general in the long run and then I would get any job I could to pay the bills and start figuring out how to network with those people who are in that industry and I think that if you can't get the perfect job get a job get a job and you have to hustle on the side to be able to land where you want to land it is not going to be easy for these graduates it is going to be very very difficult and they have been told for years that they should pursue what they love I still think that is good advice but I would say do not hold out to get that perfect job you knew exactly where you want it is going to be a lot of hard work and you're gonna have to work overtime to get noticed and get attention and to get a book of business in that area that's what you gotta do thanks so much Dan Roth for coming on the show this weekend it's been so great to talk to him and reconnect if you've got financial questions and you really think that very career oriented especially we love to.

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