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.”
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 find 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.
Prioritize lucrative and growing industries
The first step in obtaining work during a recession is to look for jobs in industries that are less affected by the slump. Some industries may not experience significant changes during a recession and may even experience growth as a result of the services or goods they supply. These are what you may call “growth industries” or “recession-proof sectors.” The following are some examples of growth or recession-proof industries:
During a recession, do individuals hire?
When it comes time to hire for your next position, building relationships with possible candidates allows you to raise awareness for your firm and more successfully pique their interest. Furthermore, a candidate’s contact with you will hasten the recruiting process; prospects who are familiar with you and your brand will move through the hiring funnel more quickly.
Focus on active and passive prospects
Hiring managers frequently prefer passive candidates to active job hunters. In a downturn, though, it’s crucial to keep in mind that many outstanding applicants may be unemployed, making them active job hunters. Your company will miss out on significant hiring possibilities if you overlook active prospects.
Also, keep in mind that active hires are more responsive, especially in a down economy where work chances may be few. As a result, an active applicant is more likely to be closed sooner than a passive candidate.
Don’t hinder business growth
During a recession, many businesses put their hiring efforts on hold. While putting all recruiting on hold may appear to be the most cost-effective decision, it may actually hurt your organization. While certain parts of your business may be shrinking, others are likely expanding and requiring additional personnel to keep up.
Instead, consider selective hiring, which allows you to employ for roles that will help your company succeed while putting non-essential tasks on hold. This will allow you to take advantage of a once-in-a-lifetime opportunity to acquire elite personnel while also propelling your company forward.
Think twice before doubling down on freelancers
Because of the current state of affairs, several businesses are turning to independent contractors rather than full-time employees. While this may be a necessary answer for some, don’t rely on freelancers to fill a full-time position without careful assessment.
During a recession, who suffers the most?
The groups who lost the most jobs during the Great Recession were the same ones that lost jobs throughout the 1980s recessions.
Hoynes, Miller, and Schaller use demographic survey and national time-series data to conclude that the Great Recession has harmed males more than women in terms of job losses. However, their research reveals that men have faced more cyclical labor market outcomes in earlier recessions and recoveries. This is partly due to the fact that men are more likely to work in industries that are very cyclical, such as construction and manufacturing. Women are more likely to work in industries that are less cyclical, such as services and government administration. While the pattern of labor market effects across subgroups in the 2007-9 recession appears to be comparable to that of the two early 1980s recessions, it did have a little bigger impact on women’s employment, while the effects on women were smaller in this recession than in previous recessions. The effects of the recent recession were felt most acutely by the youngest and oldest workers. Hoynes, Miller, and Schaller also discover that, in comparison to the 1980s recovery, the current recovery is affecting males more than women, owing to a decrease in the cyclicality of women’s employment during this period.
The researchers find that the general image of demographic patterns of responsiveness to the business cycle through time is one of stability. Which groups suffered the most job losses during the Great Recession? The same groups that suffered losses during the 1980s recessions, and who continue to have poor labor market outcomes even in good times. As a result, the authors conclude that the Great Recession’s labor market consequences were distinct in size and length from those of past business cycles, but not in type.
Which industry is immune to the downturn?
A recession-proof business can be extremely profitable for people in both good and bad times. Whatever the state of the economy or the stock market, certain company concepts, such as those listed below, have a good possibility of succeeding despite the rest of the financial doom and gloom.
Many well-known or historically successful enterprises were founded during economic downturns. The Walt Disney Company was created in the late 1920s, at the commencement of the Great Depression, and the Hewlett and Packard electronics company was founded in the late 1930s, during the second recession.
Rising interest rates and shifting GDP pose far less of a threat to the finest recession-proof enterprises mentioned below than they do to most other businesses, with many of them having the ability to do even more business than usual.
Food and Beverage Business
Because everyone still needs food and drinks to live, the food and beverage business is one of the most recession-proof industries. Because it is not a luxury that can be put aside in difficult times, enterprises in this area can thrive even in a downturn.
During a recession, who benefits?
Question from the audience: Identify and explain economic variables that may be positively affected by the economic slowdown.
A recession is a time in which the economy grows at a negative rate. It’s a time of rising unemployment, lower salaries, and increased government debt. It usually results in financial costs.
- Companies that provide low-cost entertainment. Bookmakers and publicans are thought to do well during a recession because individuals want to ‘drink their sorrows away’ with little bets and becoming intoxicated. (However, research suggest that life expectancy increases during recessions, contradicting this old wives tale.) Demand for online-streaming and online entertainment is projected to increase during the 2020 Coronavirus recession.
- Companies that are suffering with bankruptcies and income loss. Pawnbrokers and companies that sell pay day loans, for example people in need of money turn to loan sharks.
- Companies that sell substandard goods. (items whose demand increases as income decreases) e.g. value goods, second-hand retailers, etc. Some businesses, such as supermarkets, will be unaffected by the recession. People will reduce their spending on luxuries, but not on food.
- Longer-term efficiency gains Some economists suggest that a recession can help the economy become more productive in the long run. A recession is a shock, and inefficient businesses may go out of business, but it also allows for the emergence of new businesses. It’s what Joseph Schumpeter dubbed “creative destruction” the idea that when some enterprises fail, new inventive businesses can emerge and develop.
- It’s worth noting that in a downturn, solid, efficient businesses can be put out of business due to cash difficulties and a temporary decline in revenue. It is not true that all businesses that close down are inefficient. Furthermore, the loss of enterprises entails the loss of experience and knowledge.
- Falling asset values can make purchasing a home more affordable. For first-time purchasers, this is a good option. It has the potential to aid in the reduction of wealth disparities.
- It is possible that one’s life expectancy will increase. According to studies from the Great Depression, life expectancy increased in areas where unemployment increased. This may seem counterintuitive, but the idea is that unemployed people will spend less money on alcohol and drugs, resulting in improved health. They may do fewer car trips and hence have a lower risk of being involved in fatal car accidents. NPR
The rate of inflation tends to reduce during a recession. Because unemployment rises, wage inflation is moderated. Firms also respond to decreased demand by lowering prices.
Those on fixed incomes or who have cash savings may profit from the decrease in inflation. It may also aid in the reduction of long-term inflationary pressures. For example, the 1980/81 recession helped to bring inflation down from 1970s highs.
After the Lawson boom and double-digit inflation, the 1991 Recession struck.
Efficiency increase?
It has been suggested that a recession encourages businesses to become more efficient or go out of business. A recession might hasten the ‘creative destruction’ process. Where inefficient businesses fail, efficient businesses thrive.
Covid Recession 2020
The Covid-19 epidemic was to blame for the terrible recession of 2020. Some industries were particularly heavily damaged by the recession (leisure, travel, tourism, bingo halls). However, several businesses benefited greatly from the Covid-recession. We shifted to online delivery when consumers stopped going to the high street and shopping malls. Online behemoths like Amazon saw a big boost in sales. For example, Amazon’s market capitalisation increased by $570 billion in the first seven months of 2020, owing to strong sales growth (Forbes).
Profitability hasn’t kept pace with Amazon’s surge in sales. Because necessities like toilet paper have a low profit margin, profit growth has been restrained. Amazon has taken the uncommon step of reducing demand at times. They also experienced additional costs as a result of Covid, such as paying for overtime and dealing with Covid outbreaks in their warehouses. However, due to increased demand for online streaming, Amazon saw fast development in its cloud computing networks. These are the more profitable areas of the business.
Apple, Google, and Facebook all had significant revenue and profit growth during an era when companies with a strong online presence benefited.
The current recession is unique in that there are more huge winners and losers than ever before. It all depends on how the virus’s dynamics effect the firm as well as aggregate demand.
Even in a downturn, how can I make my career more successful?
To be sure, it’s a difficult time, but here’s where two experts recommend you start.
- Spend time developing your network and making contacts rather than trying to sell something.
How can I land a fantastic job?
This 30-day procedure revolves around this technique. It’s simple to become distracted or upset if you don’t have it, depending on how your search goes. This should serve as your primary to-do list and backup plan.
Block Time Into Your Schedule
Finding a job can often feel like a full-time job in and of itself. You can’t simply send applications whenever you feel like it.
Consider your schedule and set aside a reasonable amount of time. At least one hour every day is required. If you have time, you can do two or three hour chunks. Don’t forget to take a few hours off or even a full day off from your job hunt to avoid becoming burned out.
Put Your Checklist to Work
Depending on your seniority and sector, your checklist will be different. Applicants pursuing managerial roles, for example, will require extra time to construct a functional CV that highlights their accomplishments. Networking or practicing interview skills might be a preferable option for recent graduates.
Make a schedule for these tasks and treat them as if they were real work. Even if you’re disheartened (or lazy) certain days, keep going. Allowing your mood to control your behavior isn’t a good ideawhat that’s this list is for.
Learn to Deal With Rejection
It’s better to learn how to deal with rejection now, rather than later when you’re on the receiving end. Preparation reduces the likelihood of you wallowing for days.
Allow yourself to experience rejection’s sting. Then have some fun with your buddies to distract yourself from your worries. Rejection does not equal “going back to square one.” It’s not the case. You’ve already written a rsum and a cover letter for the position. You conducted a few interviews and established a solid foundation for your professional network. You’re not starting from the beginning.
Consider things from the perspective of the employer. Is there anything in the interview that they might have found offensive? Is your resume uninteresting? As you continue your job hunt, work on strengthening these points.