Three Expectations for 2021
2021 has emerged with new trends, challenges, and opportunities for working professionals. It is important to know what to expect as a worker navigating the labor market this year. This article discusses three expectations professionals should keep in mind for 2021.
Expect a change in benefits and total rewards plans.
As a result of the pandemic, many businesses, especially small ones, have lost a significant amount of revenue. These revenue shortfalls have led employers to rethink their approaches to compensation and benefits. Companies are strategically restructuring their total rewards plans to be cost-effective yet competitive enough to attract the best talent. You may see a new compensation package set by your current employer that includes monetary, non-monetary, and work environment changes. On the other hand, if you are looking for a new job, be sure to conduct research on changing compensation trends specific to your industry.
Expect new opportunities to re-skill and upskill.
It is widely known that a skills gap has been growing for some time now in the United States. Unfortunately, the pandemic has broadened that gap as a result of the decrease in available work and the high unemployment rate. For businesses that want to remain productive and reach their strategic business objectives, upskilling and re-skilling their employees through training will be a priority. If training opportunities become available to you, use them as ways to develop yourself, hone your current skills, and acquire new skills.
Expect to rely on your network.
With the job market as competitive as it is, with hiring and pay freezes, and with a relatively high unemployment rate, having a reliable network to refer to is critical. Now is the time to reach out and strengthen the connections within your network. Should you need to find work or make a career change, your network may be able to introduce you to new opportunities. Make sure to update your LinkedIn and chat with your connections.