Where’s The Recession?

job“Don’t wait for the right opportunity: create it” – George Bernard Shaw

In spite of leading researchers and politicians predicting an all-but-certain recession, the United States has continued to see surprising growth in GDP year over year.  The expectations versus reality of this situation are complex and still somewhat uncertain.  As job seekers, it’s essential to understand the dynamics of the job market, particularly the ERP tech industry, and learn how to create opportunities even in uncertain times.  In this blog, we will explore the trajectory of the economy from 2019 to the present, delve into the realities of the job market, and provide valuable insights on how to successfully navigate employment challenges as we grapple with the question, “Where’s the job recession?”.

Predictions vs. Reality of Job Recession (2019 – present)

Industry experts’ predictions of a global recession have been shouted from the rooftops for years now.  Those predictions were fueled by the challenges of the Covid-19 pandemic as well as geopolitical conflicts both at home and overseas.  However, the trajectory of GDP growth has thrown economists for a loop.  The chart below from Trading Economics shows the United States Gross Domestic Product from 2020 to today.

In 2020, the world collectively felt the impact of the pandemic.  Economically, we saw a decline of -2.77% in the GDP.  Surprisingly, as the world emerged from the pandemic, GDP saw a remarkable recovery with nearly 6% growth in 2021 and an impressive but confusing 8% increase in 2022 compared to 2020. 

And that’s not all that’s confusing.  All the numbers are baffling to those calling for a recession:

• Experts were predicting a slower Q2 than Q1 economy.  Q1 saw a 2% GDP.  Q2 was at 2.4%.  That’s four quarters in a row of an expanded economy.
• Inflation has been going down for 12 straight months and stands at 2.97%.  Last month it was 4.05% and last year it was 9.06%.  It’s even lower than the long term average of 3.28%
• Wages are outpacing inflation for the first time since the initial post-covid “surge”.
• 209K jobs were added in June.  Unemployment is at 3.6%.  It’s been under 4% for 17 consecutive months, the longest stretch in over 50 years.

In spite of this resiliency and growth, some experts are still calling for a job recession at some point in the future.  

Tech Industry in 2023 and Beyond

As we head down the “back 9” of 2023, the technology industry continues to be a prominent player in the global economy.  The convergence of ERP cloud technology (like Acumatica, NetSuite, Sage, D365, Odoo, and more) has created a dynamic landscape that is reshaping the way businesses operate.  

ERP technology is getting more complex and sophisticated every day.  That also means it’s proving to be more effective and efficient saving businesses time and money.  There are several articles out there explaining the benefits of ERP technology.  One of the better comprehensive lists comes from ERP Information.com.  Looking ahead, the next few years hold tremendous potential for the tech industry.  With ERP systems at the forefront, businesses are investing in streamlined operations, enhanced customer experiences, and data-driven decision-making.  

One of the most significant technological advancements in 2023 has been the emergence of Artificial Intelligence (AI).  We recently wrote an article about how AI is being used in the Hiring Process for Job Seekers like you.  Two very interesting things to keep an eye on in the coming years are the many ways AI technology can be used to increase ERP efficiency and effectiveness and the emergence of specialized ERP systems built for specific companies or specific industries.  A recent article from Datanami talks about how there’s room in the projected $100 billion ERP industry for more players than just the big companies like Oracle, SAP, and Microsoft.

Realities of Employment in 2023

Currently, the tech job market presents a unique blend of opportunities and challenges.  As you seek employment, the market’s landscape demands adaptability and strategic thinking.  The competition is fierce.  Securing a job requires a combination of skills, experience, and networking.  

While the uncertainty of the economy has prompted many companies to take on more conservative and less aggressive hiring practices, this daunting current reality can also present an opportunity for job seekers like you to shine.  To stand out, you must stay ahead of the curve, keep up with new technologies and how they apply to the ERP world.  Carefully tailor your resume to showcase your skills that align with the evolving demands of the industry.

Creating Opportunities

In the words of George Bernard Shaw, “Don’t wait for the right opportunity: create it.” To stand out in this competitive job market and this uncertain economy, you must embrace proactive approaches.  Here are a few tips to point you in the right direction:

• Skill Enhancement: invest in continuous learning to remain relevant.  Upskilling and reskilling will not only broaden your expertise, but also make you an invaluable asset to potential employers.  And it doesn’t matter if you’re an Implementation Consultant, a Project Manager, a Sales Executive, or a System Administrator.  There’s always more to learn about your position and your industry.
• Networking: forge connections within the industry.  Networking can lead to unexpected opportunities and provide insights into emerging trends and job openings.  You can connect with any of us at DyNexus to get information about industry trends, job openings, and other job placement programs.
• Entrepreneurial Mindset: think creatively and identify gaps that you can fill.  Whether through freelance work, consulting, or personal projects, taking an entrepreneurial approach can lead to a unique career path.
• Adaptability: embrace change and showcase your ability to adapt to new technologies and paradigms.  Demonstrating your flexibility can set you apart from other candidates.

Conclusion

As the global and local economies navigate through uncertainties, the job market will also continue to evolve.  The predictions versus the reality of a recession, especially in the tech industry, highlight the importance of adaptability and creativity.  In a world where opportunities are abundant yet competitive, job seekers like you have the power to shape your destinies by seizing the present moment.  By staying ahead of the curve, upskilling, networking, and fostering an entrepreneurial mindset, you can transcend limitations and create your own opportunities.  So ask yourself “What can I do to make myself more relevant, current, and hirable?” and don’t worry about asking, “Where’s the job recession?”