Finding jobs during an economic downturn can be challenging, but with the right strategies, it’s possible to succeed. Here are some tips to help you navigate the job market in a down economy:
1. Be Flexible and Open to Opportunities
In a tough economy, jobs may be scarce, and competition can be fierce. Flexibility is key. Consider expanding your job search to industries outside your normal background but requiring the same skillset. Additionally, contact the premier job agencies in your area. They often know of opportunities not listed job boards.
2. Network, Network, Network
Building a strong network of friends is essential. Connect with former colleagues, mentors, and industry professionals. Over 60% of all jobs filled are filled through networking. Let people know you are actively seeking new opportunities and keep expanding this group.
3. Leverage Online Job Boards and Social Media
Take full advantage of online job platforms, but be aware they are more times than not a “black hole.” However, they should be included in your wide net called “marketing your skills.” Employers often scout for candidates online, so a polished, professional online presence can be a powerful tool in your job search.
4. Tailor Your Applications
In a competitive market, sending out generic applications won’t cut it. Tailor each resume and cover letter to the specific job and company you are contacting. Highlight the skills you have they are listing as important in their job position advertisement.
5. Be Persistent and Stay Positive
Rejections are inevitable, especially in a down economy, but persistence is key. Looking for a job is a job in itself. Set aside and dedicate time every day to job hunting. Approach it like going to work and never let up. Keep refining your approach, learning from setbacks, and continuing to apply for positions. Stay positive—attitude matters in a job search, and employers are more likely to respond to candidates who convey resilience and enthusiasm.
While finding a job in a down economy can be difficult, staying flexible, continuously building your skills, and utilizing your network will increase your chances of success.
To date, employees who changed jobs in 2020 or 2021 have averaged a 28% pay increase. Compare that to employees who remained in their jobs. They only averaged a 17% pay increase since that time. Which one were you?
As recent as this last quarter, workers who changed companies averaged an 8.5% annual increase from June, according to the Federal Reserve Bank of Atlanta. This pay raise marked the biggest median increase for current job hoppers in more than 20 years. The median annual increase for workers who remained at the same job – was only 5.9% in July.
Robert Half’s survey results show that 53% of people aged 25-40 are planning on changing jobs within the next 6 months. Of those, 65% said the move was for higher pay and 39% said for better advancement opportunities.
According to recruiters and economists, companies are willing to pay a premium to fill open positions with talent. In July, near record levels of people changed jobs, 4.2 million, according to the Department of Labor. One-third of those who changed jobs cited inflation issues as a major factor in their career decisions with 46% calling it a contributing factor.
Where are you in this mix?
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Experts have predicted employee shortages for years, but they did not factor in the acceleration of these shortages by COVID-related issues. The result? It’s a job-seekers market. You can’t lose!
If you are considering finding new employment, NOW is your best chance ever to land the job YOU want. Why?
- Job openings are at an all-time high.
- Job candidate availability is at an all-time low.
- Your competition is at an all-time low, making it easier for you to get noticed.
- Pay rates are at an all-time high!
In the past, it was difficult to get the attention of the best companies if your skills and experience were not top-of-the-class. Not so anymore. Not only are firms accepting candidates with less experience, but many are training candidates to meet their requirements. It’s a win-win for everyone! Work at a great company and obtain valuable training while enjoying top pay! That’s a super opportunity.
Additionally, employers today do not want to lose strong job candidates to other companies, so they are hiring candidates much quicker. Job hunting has never been easier or faster, and with some serious wage improvements.
Want a sampling of what I am talking about? Look at a few of these openings.
