Time to Read: 3 minutes
Job Search During a Recession:
- There is no right or wrong answer for deciding to job search during a recession.
- Be realistic in your expectations and be flexible within in your search.
- Reevaluate the industry and job you are searching for during this time.
Should you stay, or should you go? The word “recession” is alarming and uncertain. It is during these times of possible recession the population is unsure what to do when it comes to investing, buying house, and/or looking for jobs.
The Job Market
It is said a high unemployment rate is the ultimate gauge of an economic downturn. According to MarketWatch, the unemployment rate stood at pre-COVID levels in July at 3.5% – the lowest since 1969. The rate at which the labor market has bounced back from the pandemic is significant. It took 2-1/2 years for the labor market to recoup from the COVID-19 pandemic. For reference, it took the labor market around six years to recoup from the Great Recession (2007-2009). Companies are hiring and jobs are available.
Finding a Job During a Recession
There is no right or wrong answer on whether you should job search during a recession. With that, a job search during a recession is more about taking the right steps to protect yourself stay on track towards your career goals. As you job search, asses what job and industries are you seeing the most. Are you already job searching within a recession proof industry? There is no full protection for anyone from a recession, however, some jobs and industries fare better than others, which is often out of your control.
As you head into your job search, be realistic with your expectations. A recession is a societal phenomenon; everyone is experiencing the same. The job boards might not be humming with a plethora of openings. If that is the case, stay with the search, but also use this time for skill development while job searching, especially if you are unemployed during your job search. In-progress skill training is fair game to go onto your resume.
Step out of your comfort zone through the jobs you apply for, and the employment types you entertain. Consider contract work. Times of recession is where contract work is the most available. Once hired, keep an eye on the job boards for at least 30 days after your start your new job. Should the job not work out, you still are fresh on what opportunities are out there. If you are working on assignment, it is wise to keep up with your search at almost full capacity to ensure you flow into the next assignment when your current contract ends.
Job Search Support with Profiles
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