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&lt;!--StartFragment--&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;Last week welearned that the U.S. Economy lost another 467,000 jobs in June driving up theunemployment rate to 9.5%.&#160; That&#39;sthe highest percentage of jobless Americans in 26 years.&#160; We also found out that wages arefalling for those still with jobs.&#160;The combination will likely dampen consumer spending even further – potentiallyperpetuating what is an ugly, vicious cycle that could lead to still morecorporate retrenching.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;For the90.5% of us who are still employed, it is tempting to celebrate our goodfortune.&#160; Though our bonuses mayhave disappeared and our paycheck may be skinnier, at least we still have ourjob, right?&#160; That&#39;s worthcelebrating – or least acknowledging with a little gratitude.&#160; But there&#39;s a catch.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;Survivors inthe American workforce are working harder than ever.&#160;&#160; We were already one of the world&#39;s hardest drivingworkforces and the current economy is extending that &quot;leadershipposition.&quot;&#160;&#160; We are alldoing more for less and it&#39;s happened pretty quickly.&#160; As managers, we experience the double-whammy of workingharder ourselves and demanding ever more effort from our troops.&#160; While companies have cut jobs, theyhaven&#39;t cut the overall work-load and in some cases, they have even increasedit.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;Asemployees, we&#39;re getting pushed hard but the alternative (resigning; acceptinga buyout) is generally worse.&#160; Asbosses, we are pushing hard because we&#39;re getting pressure from above andbecause we know it&#39;s a buyer&#39;s market and we have our employees &quot;trapped.&quot;&#160; Even Millenials - previouslypigeon-holed as &quot;entitled and less productive&quot; – seem to be steppingup to the plate of the New Reality.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;I overhearda conversation in the elevator recently.&#160;Two 20-something&#39;s who work in the fashion industry were talking about afriend at a well-known fashion brand.&#160;&quot;She is slavin&#39;,&quot; said one Millenial to the other.&#160; &quot;She is &lt;/span&gt;&lt;em&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;really&lt;/span&gt;&lt;/em&gt;&lt;span class=&quot;Apple-style-span&quot;&gt; slavin&#39;!&quot;&#160;(Apparently &quot;slavin&#39;&quot; is the new slang for being driven towork really hard – as in &quot;slave.&quot;)&#160;&#160; &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;The second20-something replied, &quot;Well if she&#39;s slavin&#39;, why doesn&#39;t she justquit?&quot;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;To which thefirst Millenial correctly pointed out:&#160;&quot;In this economy?&#160; Areyou kidding?&quot;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;Welcome tothe New Normal.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot;&gt;&lt;span&gt;&lt;span class=&quot;Apple-style-span&quot;&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;!--EndFragment--&gt;

Erik Sorenson, Vault CEO

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Employment Catch 22

Last week we learned that the U.S. Economy lost another 467,000 jobs in June driving up the unemployment rate to 9.5%.  That's the highest percentage of jobless Americans in 26 years.  We also found out that wages are falling for those still with jobs.  The combination will likely dampen consumer spending even further – potentially perpetuating what is an ugly, vicious cycle that could lead to still more corporate retrenching.

Last week we learned that the U.S. Economy lost another 467,000 jobs in June driving up the unemployment rate to 9.5%. That's the highest percentage of jobless Americans in 26 years. We also found out that wages are falling for those still with jobs. The combination will likely dampen consumer spending even further – potentially perpetuating what is an ugly, vicious cycle that could lead to still more corporate retrenching.

Employment Catch 22 | Career Advice - Vault

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Employment Catch 22

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