A tighter labor market forecast for the region may have CEOs losing sleep, but there's an upside for workers: Now may be an opportune time to seek a promotion or to make that next career move.
"If you are feeling stagnant, bored or generally unhappy and restless, it is a very good time to look elsewhere," said Kay Blassingame, a career counselor at VocationPartner in St. Paul. "Since boomers are retiring, many senior positions are opening up and it is a great time to advance in many industries."
The Twin Cities area in October, with a 2.3 percent unemployment rate, tied with Nashville for the nation's lowest jobless rate, according to the Bureau of Labor Statistics. As a result, employers have said they are having to get creative to hire new employees and try harder to keep those they have.
Government in particular is facing a massive retirement wave and has been recruiting very actively, Blassingame said. But not all growth is across the board, she warned. Some companies might be turning to technology to address labor shortages.
Freda Marver, a career and executive coach at Begin Again Coaching in St. Louis Park, encourages midcareer professionals to continually track job listings "to see what's out there" and get an idea of the qualifications needed for positions they may seek in the future.
Also, she said, they should network with friends, associates and colleagues. The key is to begin investigating before the formal search begins.
Marver estimates that about a third of her clients make a total career change, a third stay in the same career but find a different employer, and a third end up staying with the same organization.
For those who decide not to change companies, she said, sometimes that means figuring out a different way to manage expectations or engage in the work, or learning new skills or a new way to communicate with a manager.