Helotes, TX -- (ReleaseWire) -- 01/06/2015 --For months, the United States has celebrated the falling numbers of the unemployment rate. At the height of the most recent recession, the country's unemployment rate peaked at almost 10% for the country and it's reportedly down to almost 6% as of November 2014. While this seems to be something to celebrate, it's not an accurate picture of the reality of the plight of those that have been unemployed for a long amount of time or senior level executives.
The US government doesn't have an official measure to use for unemployment. They have no specific cut off time to monitor those that are unemployed and for how long. One of the largest tools being used to monitor and gauge unemployment is the application for unemployment benefits. But what happens when those benefits run out or when people stop reporting their job searches to satisfy certain programs for assistance? The numbers of those that are unemployed are jeopardized.
Traditional Employment Damaged by Age and Gaps
Unemployment happens. It's something that many people have experienced and recovered from. During those times, people are stressed and don't always know what to do. Traditionally when something happens, age and experience are things to rely on to get back into the working world quickly. In the latest recession, age and experience seemed to be damaging to those that suddenly found themselves unemployed.
During the recent recession, many companies restructured. With these changes and plans, many senior level managers and executives were laid off or terminated. Historically these positions are held by those that are over 40 or with a lot of work experience. While jobs have consistently been added, not many positions offer the same benefits package, salary or responsibility. Because of this, many of those that have been laid off from these positions have had a difficult time getting back into the job market. It's harder for them because they are often overqualified for the jobs that are available and they find it very hard to restructure their life to match the much smaller salaries they are being offered. So for those reasons, their length of time in the unemployment line is longer than those younger or with less experience.
After being unemployed for so long, older and experienced people often run out of their unemployment benefits, their retirement savings and often stop looking for employment. They stop looking because the chances for call backs after being unemployed for more than 6 months often drop to less than 45%. With that in mind, many are too discouraged to continue trying to find employment in the traditional sense.
With so many factors working against them, there are more people over 40 or with senior level experience that are unemployed than being reported. According to the some studies done, the country's unemployment rate looks vastly different. According to some studies shown, in 2009 the rate peaked at 17% and is now at 11%. These are the numbers that include those that are over 40, displaced and with senior level management skills. While the numbers are falling, they aren't falling fast enough for some displaced and discouraged unemployed people.
The need for money doesn't end because of long term unemployment or lack of positions. Many of those that are in this position with no other alternative are finding it necessary to earn money in nontraditional and unreported ways. While long term unemployment can be a depressing thing, it can be the nudge to start a new adventure in life fully funded by self-employment.
For more information visit http://www.personalbusinessadvisors.com/
Personal Business Advisors
P.O. Box 1631
Helotes, TX 78023
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