4 Tips to Recession-proof Your CareerJul 18, 2022
Chances are, you have heard the warning signs: Economic experts are predicting a Recession very soon, especially in light of current inflation.
How will this impact your career? And what can you do about it?
1. Watch Your Industry
Depending on your industry, the impact on your career in a Recession can vary wildly. For example, we are already seeing a lot of layoffs, rescinded job offers, and hiring freezes in the IT and tech industries. Similarly, pharmaceutical companies that went whole-hog into covid research are cutting a lot of staff, especially as their head-long pursuit of the pandemic left them overstaffing in one area and lacking diversity in others.
One of our favorite tactics for finding long-lasting jobs is to look for solid, growing industries and then find your ideal position within them.
Career coaches used to say: “Do what you love, and the money will follow.”
We prefer to say, “Find the money and do what you love within it.”
Consider this: Many jobs are industry-agnostic. Therefore, finding the more stable industries in the current economic conditions makes it possible to find a long-term and satisfying job you love within those fields.
For example, one of our clients was a successful Director of IT who was having a hard time finding a role after a layoff. So rather than targeting tech companies, we found ways to apply his passions – helping businesses scale up – in several different industries. Once we proved that his talents could be used to grow firms regardless of the field, he landed a top-notch job offer.
2. Don’t fall for the hype
However, not all industries are suffering. In fact, according to CNBC, companies are still in a “red hot” hiring mode as workers leave their ranks thanks to the Great Resignation.
- As reported by the US Labor Department, there were nearly 11.3 million job openings on the last business day of May 2022.
- Unemployment is at 3.6%, and Colorado is at 3.5% as of May 2022 (Colorado Department of Labor). At the beginning of 2020, the national rate was 3.5% - the lowest it had been since 1969.
- People are still quitting their jobs in droves. About 4.3 million people voluntarily left their jobs in May 2022. (US Labor Department.)
- Layoffs are at a historic low of 0.9% in May 2022. This means that most employers are holding on to their employees.
Yes, changing economic conditions may very well change these figures. Bottom line? NOW is still the best time to look for a job.
Don’t compete where everyone else is
Do you know how many job seekers I speak to every day that want to work remotely? Practically every single one!
If you want to compete in a job market, offer things the competition won’t do. (No, I’m not talking about creepy “quid pro quo” situations.) However, if you are willing to work in the office or split your time into a hybrid role, you can land lucrative positions that others overlooked.
3. Always be looking – and prepared
Do you know who finds the top jobs? People who are looking for them. And not just the easily found posted jobs. Instead, you need a multi-faceted job search strategy that includes posted jobs, hidden jobs, and networking.
When opportunities present themselves, you need to be ready to jump. That means your resume, LinkedIn profile, and cover letters must be polished BEFORE a job is posted.
Most HR folks start screening candidates within 3-5 business days after posting the job. Most quality resume writing services will take time to complete and polish your materials. If you already have your materials ready to go, you can spend less time stressing the application and more time tracking down and connecting with hiring managers.
4. Get a professional opinion
Not sure how your resume or job search strategies measure up to the competition? Schedule a complimentary 30-minute consultation with one of our career coaches.
Iacurci, Greg. “The job market is still ‘red hot’ despite recession fears, as the Great Resignation continues.” CNBC.com, July 2, 2022. https://www.cnbc.com/2022/07/06/hot-job-market-and-great-resignation-persist-despite-recession-threat.html
Murfett, Andrew. “Is the tech war for talent over?” LinkedIn News, June 2022. https://www.linkedin.com/news/story/is-the-tech-war-for-talent-over-4827217/
Colorado Labor Market Indicator / LMI Gateway. https://www.colmigateway.com/
Wondering how effective your job search is? Schedule a complimentary 30-minute consultation with one of our career coaches, Donna Shannon or Dia Kline