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Navigating a new job market

Even after an economic rebound, there will be lots of competition for good jobs.

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By Gerri Willis, CNN personal finance editor

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For more information on managing your largest investment, check out Gerri Willis' 'Home Rich,' now in bookstores.

NEW YORK (CNNMoney.com) -- You think the job market now is bad? Just wait 'til the economy recovers. There's a new threat out there on the job market.

1. The changing job market

If you're looking for a job now, you know you're competing with unemployed workers in your industry, but according to a new study, once the recovery takes hold you may have even more competition.

More than half of workers employed right now -- 54% -- say they will start looking for a new job once the economy turns around, according to Adecco Group, a human resources consultancy. And almost three-fourths of Gen Y workers are ready to jump ship.

Joanie Ruge, senior vice president of Adecco Group North America, says all the benefit-cutting companies have been doing are weighing heavily on workers.

All of those cuts have had an impact on employee moral. And they feel like -- OK, my employer has made so many cuts on benefits and perks and salaries -- should I go somewhere else?" she says.

We've been seeing more and more companies halting 401(k) matches, putting on hiring and salary freezes. And once we get closer to the end of the recession, that's not likely to be rolled back dramatically. According to the consulting firm Watson Wyatt, 1 in 5 employers will keep salary reductions in place. And employees will still be spending more on health care premiums.

2. Strategize

Get started now. The fact that so many people will be looking to jump ship when the economy recovers means that you want to get your search underway as soon as possible. Figure out which companies you will target; find a way to get them to see your work or become familiar with your name. Get involved with trade and professional organizations. Use social media to boost your profile with your network.

3. Don't be obvious

Listen, you don't want to be going off for hour lunch breaks all the time. And that suit you're wearing as you visit the dentist? Your boss knows what's up.

With the unemployment rate over 9%, you're a lot better off if you still even have a job. So, save the interviews for after work, don't send out your resume on your work computer. Most employers monitor what Web sites you visit. And nearly a third of employers have fired employees for misusing the Internet. That's according to the American Management Association and ePolicy Institute. Don't forget to look within your own company for opportunities before you jump ship.

-- CNN's Jen Haley contributed to this article.

Got a financial dilemma? Go to CNNMoney.com/helpdesk to submit questions, read the Help Desk articles and check out new Help Desk videos. And tune in to CNN's Newsroom Tuesdays and Fridays, when Gerri Willis and other experts answer your questions. To top of page

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