The current economic downturn has left many people feeling uncertain about their career. Some have lost their jobs, while others are worried about being laid off. For those who are still employed, many are feeling anxious about the future of their company and their own job security.
”It doesn’t mean workers can no longer look for better opportunities, but I would hesitate to leave a job if I had no immediate prospects,” Stephanie Aaronson, vice president and director of the Brookings Institution’s Economic Studies programe, says.
She recommends that you do some research “on-the-job“ looking for a way to “make the exchange without a period of unemployment.” Your chances of finding a new job remain high, and there is still a potential payoff to doing so.”
According to ADP data, job-switchers’ pay increased by 8.7% year on year in the first quarter of 2022, while job-holders’ pay increased by 6%. Aaronson adds that job seekers should “Be Prepared” to put in the effort in interviews, which is more than you might expect given recent stories of hiring managers competing for talent.
Making a career shift or changing companies during a recession can be a scary proposition. But it can also be a great opportunity to make a positive change in your career.
Few things to consider if you’re thinking about making a company change:
1. Job security: One of the biggest concerns people have during a recession is job security. If you’re thinking about changing careers or companies, it’s important to consider the stability of the new position. Look for industries that are growing or are less likely to be impacted by a recession.
Ask this questions to yourself,
Is the company I’m considering impacted?
How does the new organization handle adversity?
What is the worth of the skills I’m bringing to the company?
2. Financial security: Another important consideration is your financial security. If you’re thinking about changing careers, make sure you have a solid financial plan in place. Consider the cost of living in your new city and the salary you’ll be earning in your new position.
Ask yourself, “How long can I go without getting paid?”
3. Personal fulfillment: It’s also important to consider your personal fulfillment when making a career change. If you’re not happy in your current position, a change may be just what you need. Consider what you’re passionate about and look for a career that will allow you to pursue your passions.
4. Timing: Timing is everything when it comes to making a career change. If you’re thinking about making a change, it’s important to consider the current job market and the state of the economy. If you’re making a change during a recession, it’s important to have a solid plan in place.
5. Support system: Finally, it’s important to have a strong support system in place when making a career change. Talk to your family and friends about your plans and ask for their support. Having a positive support system will help you through the transition.
Few Tips you can look into when decided to change career:
- Carefully consider your options: If you are considering a company change during a recession, be sure to thoroughly research your options. There are numerous factors to consider, including the company’s stability, pay and benefits, and company culture.
- Network: Make connections with people who work in your field and who may be able to assist you in finding a new job. Attend industry events and job fairs, and use your personal and professional networks to your advantage.
- Update your resume: Make sure your resume is current and tailored to the types of jobs you want. Highlight your abilities and experience, and include any relevant keywords.
- Be adaptable: Be open to different types of jobs, locations, and companies. Consider both temporary and contract positions, as well as full-time employment.
- Maintain a positive attitude: Job searching can be a difficult and frustrating process. Maintain your positive attitude and focus on finding the right job for you.
Changing a company can be scary during Recession period. If you’re thinking about making a change, consider the factors above and talk to your family and friends about your plans.
