While that extra $600 bucks a week in your unemployment check is sweet, you could be mistiming the job market by not jumping back in NOW! Just like investing in an upswing, waiting to see if the CARES Act expires on July 31st before approaching your old or a new employer for a job could cost you. Here is why:
You could lose out on hitting the job jackpot. Two out of three people are estimated to be making more on the CARES Act than on regular pay, so many aren’t feeling the urge to jump back into the workforce. Now could be your big opportunity to scoop on the job you have always wanted!
For example, according to CNET, Apple, Amazon, and Microsoft, each has several thousand jobs listed right now. If you have excellent technical skills, but offshore talent has previously made the STEM field ultra-competitive, COVID travel restrictions could mean that local applicants could be more attractive than ever to tech employers. Get out and sell your skills or let an expert recruiter like those at Partnership Employment help find you the perfect job.
You might risk losing a fantastic job and your benefits.
If your boss wants you back on Monday, you’ll most likely have to accept or risk getting reported and losing unemployment payments. Unemployment benefits are payable only when you do not have a job and if you can show you are actively looking for work. Unless you qualify for specific exemptions, e.g., you are sick, have no one to take care of your kids, or are caring for a family member with COVID, turning down a rehire could result in a loss of unemployment benefits, leaving you with nothing.
Secure a job now in case unemployment drags on.
Though unemployment is expected to average 15% throughout the fall, the CBO anticipates a “rebound in hiring and a significant reduction in furloughs” (“CBO’s Current Projects,” April 24, 2020). Also, there could be a spike in hiring as business owners who took out Paycheck Protection Program (PPP) loans must replace employees who decline rehire offers to comply with the loan term’s 24-week window. Since the PPP’s June 30 rehiring deadline has changed to December 31st, the third and fourth quarter could be extremely competitive, so pitch for the job you want now.
There will never be a better time to shine like a star!
Admit it; you are getting bored binge-watching Netflix all day long. As the pandemic drags on, people who stay home are more at risk of the effects of social isolation, including depression, anxiety, mood disorders, lowered immune systems, and even shortened life expectancy. Getting hired now means that with fewer workers and more tasks to be done, you can re-engage in the workplace in a way that gets you noticed while helping you feel like a productive, contributing member of society again!
It’s the right thing to do for America.
If you are one of those demanding that Congress renew the $600 weekly unemployment bonus, pause, and think about those who haven’t been so lucky. Throughout COVID, low-income workers like those in grocery, essential food services, utilities, delivery, and sanitation, have sacrificed so others can order off Amazon, surf the internet, and scarf down pizza delivered right to their doors. If we are ever to get the economy re-opened, it will take all of us, working together, to repay the nearly $3 trillion CARES Act bill and put this country on the road to prosperity again. If your home situation allows it, answer the call when your company needs you and go back to work. We are truly all in this together!
Let Partnership Employment help you find the perfect position at the right time. Begin here to sign up for Job Alerts, submit a resume, or explore your next career move with an experienced team member. If you are between jobs and hoping for a fresh start, look no further than the career experts at Partnership Employment. From entry to executive level positions in a variety of industries, they will work hard to ensure you are back enjoying professional and economic independence!
