Job Search during an Economic Slowdown

Whether you are the newest customer service representative or a senior executive with a lofty title and compensation to match, you should stay up to date with national, and sometimes international, economic conditions. It’s not necessary to spend hours pouring over financial or economic magazines. Just stay up to date, even with local newspapers, news channels, or trade journals.

If you’re contemplating a change in job in the near future, knowing that a boom or slowdown may be coming can give you an edge on your decision. Even if you’re not considering a job change, you need this information to evaluate and assess your current position. An economic slowdown may place your current position at risk, as many employees have learned.

Should you be thinking about entering the job search market, you should understand the effects of an economic slowdown. As with all downward business cycles, there will be difficult realities to face. Consider the common actions taken by many companies during economic problems. These actions could affect your job or career. Companies often:

• Cut back on research and development.
• Freeze wages, incentives, benefits, and/or overtime.
• Contemplate layoffs, hiring moratoriums, plant and office closings.
• Postpone new locations, branches, construction, leases, and/or improvements.

The key is to avoid being surprised. Be aware, knowledgeable, and as prepared as possible to face these conditions. There is nothing you can personally do to stop or change these business trends. They have happened in the past and will continue in the future.

You should realise that, although the newspapers, TV news, radio news, business magazines, and economic “experts” all tend to paint a doom and gloom picture, most companies still need to function efficiently, sell products and services, conduct marketing programs, and, at the least, maintain break-even bottom lines. They need competent employees, even if there are less of them. This need may open new doors for career opportunities.

One reality never changes during economic slowdown periods. You should plan on your job search taking longer than in normal or expansion years. Understand that the basic theory of supply and demand always works. Translated to the job market, demand for employees typically goes down during periods of economic stagnation or slowdown, while the supply of candidates either remains the same or, because of layoffs and cutbacks, increases. With more candidates to select from, companies tend to take longer to evaluate and decide which people to hire. Depending on the level of the slowdown, the compensation package may even go down from former levels.

Here are some things to consider before getting down on yourself:

• It’s not personal. When these conditions exist, it’s often easy to start believing that you’re not the superstar you thought you were. Not true. The added time, analysis, and consideration of potential employers is typically a function of having more qualified candidates to consider.
  
• Don’t give up your principles, but be prepared to be “flexible”.     Assuming you’re not desperate to have a job, any job, maintain your self confidence and unwavering belief in your professional ability. At the same time, be realistic. You may or may not be offered the same or higher compensation that may have been available only months before. If the opportunity is exactly what you were seeking and the ability to progress is evident, go for it. Even if the compensation is less than you believe the job is worth.
  
• Be prepared to go the “extra mile”.  In your position, give more than you’re paid to give and soon, you will be paid more than you’re asked to give. There is not a successful business professional on the planet that would argue with this philosophy as it works. It’s never more important than in times of economic turmoil.
  
• Look for new opportunities. Often, during economic difficulties, companies try different approaches to improve business. These operating or marketing changes sometimes create new opportunities for employees. Your skills and expertise may be perfect for one of these new openings.

Positive mentality will serve you well in your job search, particularly in periods of economic slowdown. If you’ve not received an offer after the past few interviews, remember the company did not make a personal judgment on you or your skills. They simply decided on another candidate that they felt would be a better fit. They may be right and have done you a huge favour. At your next interview, you should still believe you are the best ever at your profession. That feeling will come across to the interviewer and will give you the confidence you need to succeed.

You still should remember that personnel budgets often “shrink” quickly during periods of economic slowdown. It’s not because of you or any shortcomings. These business cycles happen regardless of what we want or, certainly, what our employers would like. The key is to be aware of these conditions, preferably before they exist, and understand what they may mean for you.

Be prepared for a job search that may be longer than you believe is necessary. Look for new opportunities that may exist because of these conditions. Don’t take any rejection as a personal judgment of your expertise. Maintain your belief that you are the “best ever” at your job. Be ready to give all that you’ve got. This effort, although sometimes not immediately apparent, will not go unnoticed. Your career may actually accelerate during these negative economic periods. Remain optimistic.