Find a Great Job During a Recession

Economies go through cycles of boom and bust, and when an economy contracts, it is called a recession. Since companies' revenue decreases, they often cut costs by limiting raises or letting employees go. Unemployment inevitably increases, and as more people apply for fewer jobs, the competition for each position increases substantially. Greater competition for each job makes it more difficult for any individual worker to get hired, which can be discouraging. Maximize your chances of getting hired by knowing how to find the jobs which are available and what to do when you find one you like.

Steps

Beginning Your Search

  1. Understand your skills and qualifications. Determine the best qualities in yourself that your employment would bring to a company.
  2. Look for industries on the rise. Although the economy as a whole suffers during a recession, there are always exceptions to the trend. When you are looking to change jobs, try to target industries on the rise. Every industry requires a wide range of skills; chances are that you can find a fit for your skills somewhere.[1]Understand that changing industries may mean relocating and new training.
    • For instance, even though most attorneys work at law firms, almost all large companies employ lawyers as well. An attorney looking to change jobs in a poor job market should target in-house counsel positions at companies in growth industries. Attorneys may also be able to change their specialties, those who focus on bankruptcies and reorganizations tend to fare well during a recession.
    • Consider if there are any companies in your own industry that happen to be thriving. There may be opportunities in these companies as they expand by acquiring weaker competitors during a recession.
  3. Target a company before you target a job. Since you should be looking to find positions in growth industries, you should target specific companies in those industries. Different applicants have different needs, so there’s no one-size-fits-all solution to finding which companies an applicant should target. Instead, think of what you want out of the job and find companies which can offer you those things.[2]
    • For example, you may be looking for an employer who can offer stability and security, and should, therefore, target large, well-established companies. If you are looking to quickly advance your position within a company, target start-ups, and other aggressively expanding enterprises.
  4. Tailor your resume to the specific job you’re applying for. One of the most common mistakes applicants make is having a one-size-fits-all resume. Accurately or not, companies don’t look at themselves as interchangeable. Each feels they bring a unique value to the marketplace. In order to stand out, you need to try and recognize what they feel is unique and play to those qualities.[3]
    • For example, large, established companies have complex organizational structures and specialized jobs. If you were applying to a company like that, you should make your resume highlights things like reliability and the ability to work as a part of a team. A start-up might be looking for an employee who is creative, multi-talented, and able to switch gears at the drop of a hat.
  5. Show them what you can deliver. No matter what job you apply for, you should talk about accomplishments in concrete terms instead of giving a job description. This is even truer during a recession when companies are even more focused on revenue than they are normally.
    • For instance, instead of saying that you “sold houses in an upscale market for a new home construction firm,” say that you were “ a multi-million dollar producer, landing in the 90th percentile of aggregate sales each year.”

Landing the Job

  1. Be flexible. Even though there’s always work to be found, job-hunting during a recession is going to be more difficult. The economy is shrinking and there is less of a need for employees. Decide what is most important to you, salary, working conditions, benefits or other considerations. If you want to find a job, you’ll probably have to compromise on some of these things. While it’s always hard to make an adjustment, you can acquire new sets of skills and broaden your network of professional colleagues by accepting positions with slightly different skillsets than you already have.[4]
  2. Highlight the benefits you bring to an employer. When there are fewer jobs to be had, more people are going to be applying for each opening, meaning employers will have their pick of more highly qualified candidates than they would have during stronger economic times. Therefore, make every effort to be the perfect candidate. Do your best to analyze the needs of that particular company and what they need in that position and present your experience, temperament, education and accomplishments in a light consistent with those needs.[5]
    • Forget about the fact that there’s no such thing as a “perfect” applicant. Each time a company has a job opening in a recession, they are swamped with dozens, if not hundreds, of applications. In the first round, resumes are only given very superficial consideration. There’s a good chance that applicants that don’t seem to check all the right boxes won’t be given a second or third look, much less get an interview. It’s better to “fudge” the truth a little bit and explain it in the interview than it is to not get an interview at all.
  3. Use networking to your advantage. Getting a personal introduction or recommendation from an acquaintance or former co-worker will always improve your chances over an unsolicited resume. Tap your network and see if someone you know can help you make a connection to a new company you are interested in.
  4. Show you can have an immediate impact. When the economy shrinks, businesses may rely on temporary hires, contractors, and consultants to handle temporary in infrequent bumps in demand. One of the advantages these types of employees bring to a company is their ability to perform the work with minimal training. Nonetheless, a long-term employee is generally of more value to a company than a temporary worker. They generally have more expertise, produce higher quality work, and are more motivated than temps or contractors. Show the company you can hit the ground running, and you’ll be in a much stronger position relative to a consultant or contractor than you might otherwise have been.[6]
    • Even if you've just been hired as a temporary contractor or consultant, if you perform well this can lead to full-time employment.
  5. Keep on looking. It isn’t uncommon for employers to evaluate a new employee more stringently during the first few months of employment—and you should be evaluating them as well. It’s best to keep your options open, even after you’ve started your new position.[7]At the same time, don't spend so much time looking for another job that it detracts from your performance at the one you've got!
    • This can have benefits even if you decide to keep your new job, as you may be able to leverage a better paying job offer into higher pay in the position you have... though trying to pull this off when you're still a new hire may not be the best choice.

References