Tips from a Recruiter: Economic Recession & Layoffs
The past few weeks have been tough for many, namely those affected by the massive layoffs of some major companies. We’re seeing record high inflation and financial stress, but are we actually in a recession? Close, but not yet.
While people are bracing for an economic downturn, much of the impacted workforce was part of “over hiring” during the recovery from COVID’s impact. And while no less stressful, that has been part of the ebbs and flows of the job market for years. The good news is that companies are still hiring, and unemployment numbers remain low, hovering around 3.5% at the end of 2022.
What can the unemployed (or unsteadily employed) do in this time of uncertainty? Here are a few tips:
- Reduce Your Immediate Spending: If you are unemployed, curb your spending to reflect the modified income. Hopefully either a severance payment or unemployment can tide you through until you land a new job, but be smart about your immediate spending habits.
- Keep Applying to Jobs: More activity equals more opportunity, so review job boards and postings daily. Apply to those you’re qualified for and make connections with people from your industry or specialty field. Just don’t give up.
- Stay Positive: This is hard, especially after a layoff. It’s ok to nurse the wounds of losing your job and take some time to process the situation. But the sooner your positive attitude returns, the better. Maybe it’s an opportunity to do something new! Maybe it’s the nudge you needed to apply to higher level roles! Whatever the case, try to remain optimistic and open.
- Consider Contract Work: There are so many reasons to consider contract work – higher hourly pay, learning new skills, getting your foot in the door, building your network, etc. It might not be the permanent dream job you want, but you never know what could come from it.
The economy is uncertain and none of us know what could happen throughout 2023, but hopefully considering these tips can help you weather the storm.