Getting things done during an economic downturn
With the pandemic weighing heavily on the global economy and the resulting negative impact on the Sri Lankan economy, it is very likely that labor market angst and desperation will continue to haunt the job market. The local economic downturn is inevitable – so awareness and preparation can help you mitigate it.
Conventional wisdom says that an economic downturn is not a good time to change jobs and that employed professionals should simply squat in their current jobs and try to avoid being made redundant. But staying put could potentially hurt your career more than looking for a new opportunity.
As the world adjusts to what is now the “new normal”, to say that today’s economy is intimidating would be an understatement. It can be difficult to be optimistic during an economic downturn. But it’s to your disadvantage that you let go of your dreams.
One of the biggest career mistakes people can make during a recession is believing that they have to put their career goals or dreams on the back burner. Recessions absolutely create career challenges and obstacles and alter your immediate work needs. You will likely need to be flexible, but that doesn’t mean you have to give up on your career goals. Careers are not linear, they are fluid. An open mind would create opportunities.
While it may be briefly beneficial, at least mentally, to ensure that you, your industry, or your business is safe from layoffs, this thinking can be harmful in the long run.
In general, we must always grow, change and improve ourselves, our habits and our businesses to continue to be successful. This is even truer in times of economic downturn. While the news of layoffs can be daunting, it’s important to remember that there are employers who are hiring. Having the mindset that no one hires can ruin your career during a recession.
In times of low economic growth, such as 2009, people are more likely to stay with their current employer for fear of instability or lack of opportunities in their industry. But when the job market tightens as it is now, changing jobs becomes more common. Those who previously felt “stuck” in less than ideal roles with little upward mobility; low wages, toxic crops or long commutes now feel comfortable exploring other options.
Because it is more difficult for employers to attract and hire qualified candidates in a healthy labor market, they are more likely to seek qualified and experienced workers directly. Plus, when the going gets tough, employers need the best workers to help the business. For almost all problems, people are the best medicine. So even if someone is not actively looking for a new job, they may consider changing jobs if another employer offers them an attractive opportunity.
There are several reasons why you might choose to pursue an opportunity with a different employer. And while competition varies across job types and industries, a stronger job market usually means you’ll have a better edge when it comes time to negotiate an offer.
Companies hire even in very bad times, but not in abundance. Career advancement requires persistence and resilience, especially in times of recession. Keep an eye out for opportunities that enhance your career. It’s one way to get ahead of the challenge. The same job in the same company is too dependent on the macro environment. So, change can be to your advantage when your talent and ability can successfully respond to macro deterrence.
Keep an eye out – be visible
More than keeping an eye out, make sure you apply consistently. Not everything you apply for doesn’t have to be your dream job, it just needs to help you get there. Especially during social distancing, the idea of networking can seem distant.
But staying on good terms with colleagues and relationships with industry is of the utmost importance, even during a recession where people often do not voluntarily move. Even in the worst economic times, there are employers hiring and many more looking to hire in the future. When people are not active in their research and in their networks, they become invisible to these employers. Prepare for success by continuing to attend networking events and contact your coworkers, even if you don’t feel like they are much of a help. After all, according to Frank, you never know what opportunity is right around the corner.
Well 50% of jobs are opportunities that people find in the so-called hidden job market. That is, jobs are not posted or advertised. This means that people who find these jobs are referred by people they know, hear about them in professional organizations, and are asked to move from a volunteer or entry-level position to one. job.
The most common mistake I see is not being ready to start a job search if necessary. It’s much better to be prepared for a layoff and not need it, than to be laid off and not be ready. Better job openings with increased earnings, the evolution of the industry to mix and match capabilities, upward mobility, easier commutes and flexibility are several key reasons. In previous generations, people who would otherwise have changed jobs chose to stay with their current employer instead because they believed that too many job hopping on a resume could make them appear inconstant or disloyal. However, as Millennials become the majority of the workforce and take on more leadership roles, and Gen Z enters the workforce, perceptions about changing jobs are changing rapidly.
Deciding whether to stay with your current employer or seize an outside opportunity is rarely a straightforward decision. In many cases, there are many factors you all need to consider before reaching an informed conclusion. There is no right or wrong time to change jobs. It all depends on where you are placed and where you want to be placed. What is essential is to be smart and rational in decision making without letting your emotions drive you. Keep in mind that there is no such thing as easy life and easy jobs. With this conviction, you will make the right judgment.