Now it’s quite challenging finding a job in any environment let alone a recession but now we’ve got the added stress of a technical recession looming that changes the landscape of your job hunt, in this article we will cover a couple of things to do to increase your chances of securing that dream position even though most of the companies seemed to be freezing their recruitment and firing up to 10% of their workforce.
First let’s understand what a recession is and how that affects the job marketplace…
The definition of a recession is “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.” which out of last week the US have confirmed that we are in a technical recession.
During this temporary economic decline, a lot of companies are quite sensitive to bring on new talent through traditional recruitment and staffing channels as they have the added pressure of firing up to 10% of their workforce to ensure that payroll remains low so that they could economically survive an uncertain financial marketplace.
It’s not all doom and gloom! there is an opportunity here to take advantage of! now even though companies are stopping the traditional talent acquisition processes and laying off certain departments they still need to remain competitive. This is done through their internal hiring systems and building a network of people in these companies has never been more important to have as this is what could generate that interview in a contracting job marketplace.
Elon Musk seeks 10% job cuts at Tesla over ‘super bad feeling’ about economy
Email to executives also calls for hiring freeze at electric car maker, which has 100,000 staff worldwide
So, imagine the traditional channels are closed but the non-traditional channels of communication remain open due to ensuring that the highest possible talent is found not just from an experience perspective but from a culture and soft skills perspective which companies are struggling with immensely!
So how does this help you?
Networking, Networking, Networking! It’s incredibly important to remain in communication with hiring managers and decision makers in every company slash industry that you’re interested in as this not only increases your chances of the non-traditional hiring process but also increases your chance of being a competitive candidate in a tough economic landscape.
Not only do you have exposure to internal positions which are most likely hidden from any job boards or what you can find online or through LinkedIn, but you also have the exposure of understanding how these companies operate and what departments are available as well as new projects that could be emerging!
it’s not what you know it’s who you know! happy hunting!