From the course: Job Market Basics for Business Leaders
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Unemployment scarring
From the course: Job Market Basics for Business Leaders
Unemployment scarring
- One of the biggest risks to your current income and future earnings is losing your job. This is because of a phenomenon known as unemployment scarring. Basically, if you have earnings at a certain level and you lose your job, your earnings will go down and the longer you're unemployed, the further they'll fall. Additionally, that's not just the near term impact but losing your job puts your earnings trajectory lower for potentially your entire career. Now, there are a couple of ways to counteract the impact of unemployment scarring, where your wages go down not just in the present, but potentially forever and that's to up-skill, where you get more education or build skills to show that you are a fresh commodity and potentially even more valuable than if you were coming from another job. Maybe you have some really new skills. Those of course would be things you'd want to highlight in your resume and job application. Not…
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