As labor market demands continue changing, redesigned job skills are working their way to the top of employers' desired skill sets for employees.
With nearly 14 million Americans currently looking for work, giving your resume an update has never sounded better! We have cultivated a list of the most coveted and in-demand job skills you should focus on developing as you prepare for a changing COVID influenced world.
Employers look for employees who possess both hard and soft skills. Hard skills are those that involve technical knowledge, while soft skills deal with personality traits.
Digital Hard Skills
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The global workforce was already amidst a technological revolution, but when COVID took the reins, the skill sets needed for digital work priority seemingly overnight.
According to LinkedIn, data literacy–which is the ability not only to read and understand data but also to apply that data in a meaningful way–is the most important skill set businesses look to attain. Special skill sets in statistics and probability are a great asset to any job in the data field.
Computer programming is now, more than ever, becoming a job skill that employers desire. But you don't have to have a programming degree to pick up some basic coding skills that might help you go far. Codecademy offers free basic beginner classes that teach you how to code from the comfort of your home.
Having proficiency in computer programming languages can also get your resume noticed. According to Indeed, Python is the highest demanded program language for jobs right now. Blockchain technology, a job skill that has never even appeared on LinkedIn's top skill demands before this year, debuted as the highest demanded skill for 2020. The up-and-coming Blockchain technology, which is generally associated with cryptocurrency, is now being sought for use by businesses who are looking for innovative ways to implement new technologies.
Similarly, jobs dealing with artificial intelligence have shown the highest rate of increase in any industry in the United States this past year. Proficiency in developing algorithms and robotics can get your resume noticed fast.
Finally, affiliate marketing has been one of the fastest-growing marketing sectors that businesses are developing. Business spending on affiliate marketing grew from $4.2 billion to $6.8 billion annually between 2015 and 2020. Practice and understanding of search engine optimization (SEO) and search engine marketing (SEM) are crucial job skills that can help you grow a business online. And if you have no experience with SEO, learning about it can be done for free and easily through sites such as Moz or Yoast. Familiarity with online analytics such as Google and Adobe analytics will also help your resume get it noticed.
High Demand Soft Skills
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Employers have always desired some level of cognitive skill from employees. Logic and reasoning are important in a world where it seems easier to find fake news and misrepresented data, and being able to objectively sort through what is credible and what is not is a coveted job skill in today's world.
Adaptability and Resilience Skills
The baby boomer generation was accustomed to holding lifelong jobs, often having the same workplace and requirements throughout an entire career. In today's world, the majority of millennials prefer–or are forced into–job-hopping, so being willing to adjust to change in an increasingly changing workforce will get you far.
With jobs shifting to remote work-at-home settings, leadership skills will become a top job skill throughout the workforce. People who show self-management are more likely to adapt to working from home and are capable of engaging fellow teammates more effectively.
Artists who make a career out of their passions have long felt undervalued at what they do. But if recent closures and shutdowns have trained the job market's interests on anything good, it's been creativity, as businesses have all been forced to think outside of the box.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.