During a downturn, it’s more necessary to concentrate on companies and job-specific talents than on a job title. This is because the responsibilities you’re capable of performing may not correspond to the professional title you’re used to. You might be able to uncover a larger number of job openings if you examine different job titles.
To do so, look for firms that are hiring people with your specific skillset. Even if the job title doesn’t seem like a good fit for you, read job descriptions attentively to learn about the role’s precise daily activities and responsibilities.
Look to other fields
Consider seeking for jobs outside of your field if your career or industry does not prosper during a recession. You can more quickly locate roles you’re qualified to fill in a new industry if you understand your transferrable abilities and expertise. While making a total career change can be difficult, knowing what you have to offer other jobs will help you apply with more confidence and strategy.
Create an action plan
You can clarify your professional goals and organize your job search and application activities with an action plan. You might, for example, define the values you want your next workplace to uphold, or make a plan for how many job applications you’ll submit each week. Consider every part of your strategy, and make sure to spell out each step so you know exactly what you need to do.
Contact your professional and personal network
When there is an ongoing recession, it is often beneficial to contact people in your professional or personal network, as these people may be aware of job openings that are not publicized online. You can utilize personal and professional social media to indicate that you’re looking for new work. It’s also a good idea to use this time to extend your network, since you might be able to help someone else who is seeking for job in the future.
Write a strong cover letter and resume
When job chances are scarce due to the recession, it’s critical to write a great cover letter and CV to set yourself apart from other applicants with similar qualities. A cover letter is a document that goes with your resume to assist you express your interest in a position and explain why you are qualified.
Your CV should highlight your professional experience, talents, and accomplishments. Technical skills, such as computer programs and extra languages that you are comfortable with in the office, can also be listed on your resume.
Consider temporary work opportunities
Temporary jobs are only available for a set period of time and may have limited job duties. You can apply for temporary jobs with temporary staffing agencies, which evaluate candidates’ skills and qualifications before matching them with an organization looking for temporary workers.
The length of a temporary employment will likely vary based on the firm and the work you’ll be doing, but doing well at a temporary job might help you develop your professional network, which may help you find full-time work in the future.
Pursue freelance work
Freelance employment can be lucrative, but it may necessitate some planning ahead of time. The basic purpose of freelancing employment is to offer a one-of-a-kind product or service that clients value enough to return. Whether you start producing jewelry at home or transcribing audio recordings, it’s critical to make sure your financial returns outweigh the expense of establishing your new freelancing business, as this will allow you to start making money as soon as feasible.
Relocate to an area with more job opportunities
Depending on the work chances in your current location, it may be necessary to relocate to a location with more diverse professional opportunities. This is especially true if the job you seek is difficult to find or is not accessible in your area.
If you wish to work as an information technology consultant, for example, you could find that there are more opportunities in big cities than in tiny rural villages. To find out which states or locations employ the most people in your sector, check tools like the US Bureau of Labor Statistics.
What are the best careers to have during a recession?
8 industries with the best job security during a downturn
- Health-care services. People get sick and require medical care regardless of the state of the economy, thus the demand for health-care occupations is fairly stable, even during a downturn.
Is it difficult to get work during a recession?
While people are understandably nervous at the moment, it’s vital to remember that while finding a job during a recession is difficult, it’s not impossible. According to the Associated Press, the US unemployment rate rose to 14.7 percent in April as a result of the COVID-19 crisis, with 20.5 million jobs lost in a month.
In a downturn, how do you look for work?
The global credit crisis and a stagnant home economy have made this one of the most difficult times in recent history to find work. Approximately 14 million individuals are currently unemployed, according to the Bureau of Labor Statistics, nearly double the number since the recession began in December 2007. And, while the unemployment rate in January 2011 decreased to 9%, the lowest in nearly two years, it is still high by historical standards.
To be a successful job search in this environment, you must be calm, patient, and proactive, and you should attempt any (or all) of these suggestions.
When Jack Hinson was let off from his position at a prominent Internet content firm in Austin in mid-2008, he made his job search a top priority. “It’s critical to focus your time and efforts on possibilities that you’re passionate about and have the best possibility of succeeding,” he says. “Choose a few companies that interest you and pursue them, whether or not they have current opportunities.”
Focus on growth industries and places, according to Brent Berger, a Las Vegas-based scenario planning and strategy consultant. “Take a look at the energy,” he says. “With oil prices like they are, the demand for low-cost fuel and heat is growing. And any employment that helps people feel better is recession-proof. Similarly, as the next chapter of the war on terror unfolds, the National Guard, Border Patrol, homeland security, and the defense sector as a whole will prosper.”
Hinson’s new job came through an old acquaintance. “About a year ago, I chatted with the company’s founders and stayed in touch,” he continues. “Then I happened to run into one of them at a networking event.” So go through your connections in your Rolodex or on social media for business and let them know you’re looking.
Samantha Rubenstein, a public relations account professional in San Francisco, began looking for work precisely as the economy began to falter. She received a fantastic offer from Atomic PR after three months. She credits her accomplishment to more than just studying the firm. “She describes her preparation as “learning how to talk about oneself in a meaningful and effective way.” “To prepare for the interview, I made a list of possible interview questions and drew out bulleted replies to use as talking points.”
Russ Carr, a St. Louis-based designer and writer, has twice had a position lined up only to have it snatched away when the firm lost a key account or decided to divide the responsibilities among current staff. Carr began freelancing to supplement his income. “I haven’t given up looking for a full-time job,” he admits, “but freelancing has certainly kept food on the table.” “If you’re in a field that encourages it, don’t hesitate to do it.”
If freelancing isn’t an option, consider temping. “Consider interim staffing to fill a temporary spot for work that needs to be done regardless of the economy,” says Ronald Torch, president and CEO of the Torch Group, a Cleveland-based marketing staffing agency. Alternatively, you may work as a temp for a company that interests you. “Many of these possibilities pay well and can help you pay your bills until you find a permanent job,” he explains.
“Felicia Miller, assistant director of career services at the Art Institute of Las Vegas, advises, “Don’t overlook the personal touches.” “Don’t use a template cover letter; instead, tailor each letter to the talents and attributes the organization seeks. After the interview, always write a thank-you note or email. Use this email to go over any sections of your interview that need improvement.”
According to Carol Vecchio, founder and executive director of Centerpoint Institute for Life and Career Renewal in Seattle, the most important thing when looking for work in severe economic times is to keep a positive attitude. “Even in a job environment when unemployment is 10%, there is 90% employment,” she explains. “Each month, approximately 3 million jobs are available in the United States, and each job seeker is looking for one. “Those aren’t bad odds.”
In a tough economy, it might be difficult to obtain a good job, but following even a handful of these guidelines will increase your chances of landing one. “Remember, it makes no difference how many jobs there are or aren’t,” Vecchio says. “You’re just on the lookout for the proper one.”
In a downturn, how do you make money?
During a recession, you might be tempted to sell all of your investments, but experts advise against doing so. When the rest of the economy is fragile, there are usually a few sectors that continue to grow and provide investors with consistent returns.
Consider investing in the healthcare, utilities, and consumer goods sectors if you wish to protect yourself in part with equities during a recession. Regardless of the health of the economy, people will continue to spend money on medical care, household items, electricity, and food. As a result, during busts, these stocks tend to fare well (and underperform during booms).
What is your best guess for the length of your job search?
“Receiving a job takes on average 3-6 months from start to finish, and you have an 8.3 percent chance of getting a job interview from one job application,” says Cidnye Work, a FlexJobs Career Coach.
What effect does where you reside have on your income?
Given that a small number of metro areas in the West and Northeast have the greatest earnings, we can expect a large number of individuals to relocate to these areas. 8 However, earnings are not the only factor that individuals consider when deciding where to live and work.
The lower cost of living in other parts of the country is one reason why many people opt to live and work outside of high-wage areas. A lower cost of living, which includes less expensive housing, food, education, transportation, and other products and services, allows the same dollar of pay to go further. A worker in a metro area with a low cost of living (for example, Dallas) would think twice about taking a marginally better-paying job in a metro area with a higher cost of living (e.g., San Francisco).
However, the cost of living in the San Francisco metro region is not expensive simply because the population is dense or because residents earn a high wage. Land-use limitations, for example, have contributed to drastically rising rents and property prices, restricting the number of people who can benefit from high-wage city employment prospects. 9 As a result, economic growth in the United States is limited, and income disparities exist across the country.
What does this entail in terms of individual employees? We can see how much higher or lower the cost of the same bundle of goods and services is in each location relative to the national average cost using the Bureau of Economic Analysis’ (BEA) regional pricing parities (RPPs). The RPP is generated using prices from the Consumer Price Index and housing rents from the American Community Survey; the RPP for each place shows how much higher or lower prices are in that location (in percent terms) than the national average.
Table 1 depicts 12 regions with similar yearly median wages ($40,505) but varying cost of living, demonstrating how much cost of living can vary across the country. The cost of living index of Santa Fe, New Mexico (0.2) is slightly lower than the national average. In comparison, the cost of living in AuburnOpelika, Alabama, is almost 15% cheaper than the national average, while it is nearly 4% higher in Atlantic CityHammonton, New Jersey. When adjusted for cost of living, $40,505 in wages in AuburnOpelika, Alabama, is worth $47,900, however the same $40,505 in Atlantic CityHammonton, New Jersey, is only worth $39,100.
Figure 4 displays the relationship between median annual earnings and the cost-of-living index by location and area.
10 Take note of the evident upward sloping relationship: better-earning places (the x-axis) have higher living costs (the y-axis). In fact, no region with a cost of living above the national average has a median income of less than $32,000, and no location with a cost of living below the national average has a median income of more than $50,000. The cost of living rises by one percentage point for every $1,000 in additional wages. Moving from a $40,000 to a $50,000 median pay locale, for example, would result in a cost-of-living index that is 10% higher, offsetting 44% of the additional compensation. In addition, metro areas in the West and Northeast have greater living costs than metro areas in the South and Midwest, as shown in the graph. After adjusting for cost of living, the highest salaries are found in the Northeast and Midwest.
While income taxes may not vary as much among countries as the cost of living, they are a significant factor to consider when comparing incomes. Variations in taxation, on the other hand, may be more difficult to interpret than differences in cost of living. High-tax states spend a portion of their surplus revenue on public assets that inhabitants appreciate, partially offsetting the burden of income taxes. Figure 5 plots unadjusted median annual wages versus earnings adjusted for both cost of living and federal and state income taxes by region, demonstrating the impact of these adjustments. 11 To be clear, this figure does not represent the whole extent of the local tax burden, which can be affected by sales taxes as well as the relative weight of income and property taxes. The figure shows a clear upward sloping association between locations with high unadjusted profits and locations with high adjusted earnings. However, the relationship is not one-to-one: taxes and the cost of living erode part of the greater wages. In other words, greater living costs and taxes lessen, but do not erase, high-wage cities’ labor market advantage.
How can I find a good job?
While an interview allows an employer to learn more about you, it also allows you to learn more about them. Make a list of questions you have about the organization and the position you’re seeking for before going in for an interview. Here are a few things to ask yourself to see if this job is a good fit for you:
Find a mentor or career coach
A mentor or career coach can provide you with the advice and support you need to find your next job. If you’re looking for a mentor, look for someone who has a lot of expertise in the field you want to work in. Inquire about this person’s own career path so you may learn about the measures they took to land their current position.
If you’re looking for a career coach, try if you can discover one that specializes in the area where you believe you need assistance. Find someone who has expertise helping people develop specific abilities, such as interviewing skills, if you think you could improve your interviewing skills.
Test it out
Find ways to try out the job titles that interest you before fully committing to one. This advise is particularly useful for students or those considering a career shift. Applying for internships is one method to do this. Internships can help you decide if you enjoy a particular job, industry, or firm, in addition to helping you construct your resume. Make the most of your internship by learning and asking questions.
Job shadowing is another technique to get a feel for a job. See if you can spend a day or two shadowing someone who is doing your dream job. Take note of their obligations and whether you’d be interested in taking on comparable responsibilities.