Unemployment is stressful, but job-hunting during an economic downturn can significantly increase that stress. According to Blogs.IMF.org, we are in the greatest economic downturn since the Great Depression. There are fewer jobs available, and the ones that are, have a reduced salary. Or are those ideas just myths?
News Flash…While there may be fewer jobs available in some industries, others are thriving. And the ones that are thriving, are paying higher salaries for quality employees.
What You Need To Know During an Economic Downturn
If you know where to look and how to approach the job market, an economic downturn might be the best time for you to be job hunting. Here’s what you need to know:
Focus on Growth Industries
When the economy is struggling, there are always a few industries that are thriving because they’re needed more. Think about what people are using more of, what their habits are, what kind of businesses are they frequenting. This will give you some insight into the types of companies that are thriving and looking for help.
Instead of emailing your resume to every job opening you find, choose a few select companies you’d like to work for and focus on pursuing them. Even if they don’t have any current openings available, they will need to keep your resume on file and you could be the first to know about a new opening, even before it’s posted in some cases.
Talk to People
Your friends, your family, your former co-workers, even your former clients. They all know people and those people know people. It’s much easier to find a job through your network of connections. Tell people about your experience, skills, and past positions. This will help them to make quality connections for you.
If a job is not available in your field or there’s a possibility your current field might not fully recover, consider freelancing. Start your own company focusing on your area of expertise. Since you don’t have the overhead and payroll of your past employer, you can charge a lower fee. Just don’t make your rates too low, you have expenses you have to cover as well and your time is valuable.
Consider a Temporary Position
While it’s not ideal, a temporary position can help you get through an economic downturn until you can find a better position. Some larger corporations offer temporary positions that later convert to permanent ones. Or take a job in another industry. Even if it’s not what you want to do, you’ll learn new skills and earn a paycheck.
Keeping a positive attitude can be the hardest thing to do, but it will help you get through this challenging time. And, that positive attitude will shine during interviews and give you a leg up above other applicants. Stay focused on the positive things in your life and the things you have control over. Everything else, you can’t worry about it. Even when there’s a 10% unemployment rate, that means there’s 90% employment. You just have to find the right opportunity for you.
It’s stressful to be job hunting during an economic downturn, no doubt, but staying positive, keeping your options open, and thinking outside the box will help you survive and thrive.
If You Need Help
If you need help updating your resume or practicing for an interview during these hard times, consider reaching out to me, Rachel at Career Find to assist you.