Finding a job during a recession requires you to remain flexible in your approach. While your ideal job may not be available to you immediately, it's important to be able to adapt to an ever-changing economic condition. Your flexibility can help you access a wider ranger of job opportunities.
Job hunting is always challenging. But it gets even more challenging during a recession. Without a proper plan and guidance, you may struggle for months to grab a job opportunity in this challenging job market.
Jobs are available, despite all the layoff or recession headlines, so don't let fear stop you from pursuing another job.
If there's nothing you can do to reenergize yourself, such as raising your hand for an interesting new project or finding a way to connect to the work you're already doing, a new job may be the best way to reenergize your interest in the work.
Be nice to your co-workers, work hard, and genuinely contribute to the company's vision and bottom line, always thinking about how you can save or make your employer money. If you do these things, you'll increase your chances of keeping your job during a recession.
In general, a recession lasts anywhere from six to 18 months. For example, the Great Recession that started in December 2007 lasted 18 months. But the recession prompted by the pandemic in 2020 only lasted two months. When a recession is on the horizon, it's impossible to know how long it will last.
The productivity rise during the recent recession came mostly because employees worked harder, not because employers kept good workers and got rid of laggards. During the Great Recession, the aggregate number of hours worked in the United States fell 10.01 percent, but output dropped only 7.16 percent.
In 2023, layoffs have yet again cost tens of thousands of tech workers their jobs; this time, the workforce reductions have been driven by the biggest names in tech like Google, Amazon, Microsoft, Yahoo, Meta and Zoom. Startups, too, have announced cuts across all sectors, from crypto to enterprise SaaS.
Quiet quitting is a softer approach than outright leaving a job. The term isn't literal but a play on words. Rather than workers quitting jobs, they are quitting the idea of going above and beyond. Unhappy with some aspect of their current company or role, they choose only to complete the bare minimum.
Retail, restaurants, hotels and real estate are some of the businesses often hurt during a recession. While such services “may enhance our quality of life, they're not necessary to maintain our basic standard of living,” Kantenga says.
Though the economy occasionally sputtered in 2022, it has certainly been resilient — and now, midway through 2023, the U.S. is still not currently in a recession, according to a traditional definition.
Finding a new job is rarely an easy or quick task. Instead, it is a process that can often take months to navigate to conclusion. Unfortunately, many job seekers never bother to think about the amount of time they will need to secure new employment, and that can create unnecessary hardship and stress.
Look at WARN notices in your state
WARN notices get their name from the Worker Adjustment and Retraining Notification Act of 1988, a labor-protection law that requires companies with 100 or more employees to provide a 60 calendar-day notice of planned closings and layoffs.
In addition to reviewing an employee's performance history, many companies also consider workers' potential to adapt and take on new jobs in the future. One CEO told me it's really down to a one-on-one assessment of performance in determining who you're going to keep.
What are the biggest tech layoffs of 2023? Amazon layoffs lead the 2023 numbers with 16,000 roles cut as of mid-May. Layoffs at Alphabet, the parent company of Google, total about 12,000.
17951), co-authors Hilary Hoynes, Douglas Miller, and Jessamyn Schaller find that the impacts of the Great Recession (December 2007 to June 2009) have been greater for men, for black and Hispanic workers, for young workers, and for less educated workers than for others in the labor market.
Higher interest rates that often coincide with the early stages of a recession provide an advantage to savers, while lower interest rates moving out of a recession can benefit homebuyers. Investors may be able to find bargains on assets that have decreased in price during a recession.
Fewer jobs and higher unemployment abound
One unfortunate truth of recessions is that millions of people often lose their jobs. As spending slows and the economy shrinks, business profits go down, too. To keep their profit margins afloat, they often slow hiring and start firing to trim the budget.
Recessions can last for a few months to a few years. The classic symptoms of a recession include: Drops in household spending. Significant job loss.
The Australian economy entered a recession after GDP fell 0.3% in Q1 2020 and a whopping 7% in Q2 2020 - the steepest contraction in the nation's recorded history. Prior to this economic anomaly, the last time Australia endured a recession was 1990-1991.
Will there be a recession in 2023? Most economists still expect a recession in the second half of the year. They say the Fed's high interest rates eventually will be felt more profoundly by consumers and businesses.
Tech and media layoffs have gotten the most headlines lately. But combined, the two high-profile industries account for only about 5% of U.S. employment, according to the U.S. Census Bureau. Other industries are also cutting jobs, including the auto industry, manufacturing and financial services.