How To Find a Job During a Recession in 10 Steps (With Tips)
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When there is an economic recession, finding a job can be a challenge. Successfully securing a new job requires patience, determination and the willingness to adapt to new working conditions and processes. Learning how to find a job during an economic downturn can help you navigate any potential challenges with patience and expertise. In this article, we discuss what a recession is, explore how to find a job during a recession and review some tips to help you during your job search.
What is a recession?
A recession is a significant economic downturn. Though not as severe as economic depressions, recessions usually bring about a decrease in gross domestic product (GDP), which measures the value of goods and services that industries produce within a specific time frame. Therefore, if the GDP is low, the value of those products can significantly lessen, which can put a strain on businesses. This strain may lead to businesses changing their organizational structures to preserve their finances, which may result in the elimination of some positions or staff layoffs.
Characteristics of a recession may include the following conditions:
Falling stock market
A recession can sometimes cause the stock market to fall. As investors become more uncertain about current economic conditions, they are more likely to grow anxious about their stock portfolios. To preserve their portfolios before a decline, they pull out their investments, which can prompt other investors to do the same.
Private sector spending decline
The private sector refers to aspects of the national economy that the government doesn't directly control, such as private businesses. During a recession, the private sector is much less likely to spend money on infrastructure and other business properties. This often prompts the government to put money into the economy instead to boost consumer confidence.
Consumer spending decline
With consumers having less confidence in the economic system, they are more likely to lower their spending habits. People may save their money in anticipation of an emergency. If consumers are spending less, this can reduce business profits.
High unemployment rates
High unemployment rates can sometimes indicate that there is a recession. Because consumers spend less during an economic downturn, some companies go out of business or lay off employees because they are not bringing in enough revenue. This means that there are more people seeking jobs during a recession, even though there are usually fewer job openings available during these times.
Increased number of bankruptcies
With higher unemployment rates and less consumer spending, businesses and individuals may not be able to support their normal functions. Some people may go bankrupt and have to foreclose on their homes. Businesses that go bankrupt may have to close down permanently or receive federal assistance.
How to find a job during a recession in 10 steps
Here are 10 steps to help you find a job during an economic recession:
1. Prioritize lucrative and growing industries
The first step to finding a job during an economic downturn is to look towards industries that are least affected by a recession. There are some industries that may not see any substantial changes during a recession and may actually see growth because of the services or products they provide. You can think of these fields as growth industries or recession-proof industries. Some growth or recession-proof industries may include the following:
Education
Business
Research and development
Information technology
Legal
Energy
Government
Healthcare
Food manufacturing
2. Identify companies to apply to
During an economic downturn, it's important to focus more on companies and job-specific skills rather than a job title. This is because the duties you're able to fulfill may not align with the professional title you are accustomed to holding. By considering other job titles, you might find a greater number of jobs to which you can apply.
To do this, research companies that are offering jobs with the unique skills that you possess. Read job descriptions thoroughly, even if the job title doesn't seem like an ideal fit for you, so that you understand the specific daily functions and responsibilities of the role.
3. Look to other fields
If your career or industry does not thrive during a recession, consider looking for work outside of your field. If you understand your transferrable skills and knowledge, you can more easily identify positions you're qualified to fulfill in a new industry. While a complete career shift can be challenging, knowing what you have to offer other jobs can help you apply more strategically and confidently.
4. Create an action plan
With an action plan, you can clarify your career objectives and organize your search and application efforts. For example, you might identify the values you want your next employer to embody, or you might create a schedule for how many job applications you plan to complete each week. Consider every aspect of your plan and make sure to describe each step in detail so you know what you need to accomplish.
5. Contact your professional and personal network
It's often helpful to contact people within your professional or personal network when there is an ongoing recession, as these individuals may know about job opportunities that are not advertised online. You can use both personal and professional social media to signal that you're open to new work opportunities. Using this time to expand your network is also beneficial, as you may eventually have the opportunity to assist another person who is looking for work.
6. Write a strong cover letter and resume
When job opportunities are limited because of a recession, it's important that you craft a strong cover letter and resume to help differentiate yourself from other applicants who may have have similar qualifications. A cover letter is a supporting document that you include with your resume to help emphasize your enthusiasm for a position and state why you are qualified.
Your resume should demonstrate your work history, skills and relevant achievements. You can also include technical skills on your resume, such as computer programs and additional languages that you're comfortable using in the workplace.
7. Consider temporary work opportunities
Temporary jobs only last for a specific amount of time and may only include limited job responsibilities. You can apply for temporary jobs at career facilities called temporary staffing agencies, which assess applicants' skills and qualifications before connecting them with an employer that is seeking temporary personnel.
The length of time that a temporary job lasts is likely to vary depending on the company and the work they need you to complete, but performing well at a temporary job can help you expand your professional network, which may assist you in eventually finding full-time work.
8. Pursue freelance work
Freelance work can be profitable, but it may require some prior preparation. The primary goal of freelance work is to provide a unique product or service that consumers value enough to become repeat customers. Whether you start making jewelry from your home or transcribing audio files, it's important to determine that your financial returns exceed the upfront cost of starting your new freelancing business, as this allows you to start generating profits as soon as possible.
9. Relocate to an area with more job opportunities
Depending on the job opportunities in your geographic area, it can sometimes be suitable to move to a place where there are more diverse career options for you to pursue. This is especially true if the type of job that you want is challenging to access or is unavailable in your region.
For example, if you want to work as an information technology consultant, you may find that there are more jobs for that type of work in big cities rather than in small rural towns. You might use resources like the U.S. Bureau of Labor Statistics to determine which states or areas employ more individuals in your field.
10. Expand your skill set
You may have access to a wider range of jobs when you learn new skills. There are many ways in which you can develop your current skill set without taking on debts. You might seek out free resources online, check out books from the library or listen to podcasts that discuss the skills in which you're interested.
Tips to help you find a job during a recession
Here are some tips to help you secure a new job during an economic recession:
Maintain a positive attitude
Remaining positive can help you stay focused on your primary task of finding a job. When you practice positivity, you are more likely to remain motivated, which can help you fulfill the steps in your action plan. If you secure a job interview, your continued positivity may be noticeable to others, which may help emphasize your adaptability and determination.
Have patience with the job search process
Finding a new job can be a long process, so it's important remain patient and diligent in your efforts. When you are patient, you are less likely to become flustered or overwhelmed by your circumstances. Continue working towards getting a new job, but consider taking steps to make sure you don't experience fatigue. Just as you might schedule a certain number of applications to submit during the week, you can also schedule time to relax and engage in your hobbies. This can help restore your mental energy.
Be flexible
Finding a job during a recession requires you to remain flexible in your approach. While your ideal job may not be available to you immediately, it's important to be able to adapt to an ever-changing economic condition. Your flexibility can help you access a wider ranger of job opportunities.
Build a portfolio
Depending on the type of job you are pursuing, such as editing or graphic design, building a portfolio of your work can help you demonstrate your capabilities to potential clients and hiring managers. You can include a link to your virtual portfolio on your resume and your professional social media accounts, and you might bring samples of your work to a job interview. Asking previous clients if you can use them as references may also help you demonstrate your skills and reliability to prospective employers.
All the best!
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